Innovation and Commercialisation Assignment Solution (Doc)

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION......................................................................................................................... 3
TASK 1........................................................................................................................................ 3
P1 Innovation and its comparison with invention......................................................................3
P2 Shape of commercialization and innovation through different factors.................................5
TASK 2........................................................................................................................................ 6
P3 4P’s of innovation and innovation funnel.............................................................................6
P4 Frugal innovation................................................................................................................ 8
TASK 3........................................................................................................................................ 9
P5 Commercial funnel and the process of new product development (NPD)...........................9
P6 Build an innovation business case for the organisation.....................................................10
TASK 4...................................................................................................................................... 12
P7 Tools and techniques use to protect and retain knowledge and intellectual property........12
CONCLUSION........................................................................................................................... 13
REFERENCES.......................................................................................................................... 15

INTRODUCTION
Innovation and commercialization are two important aspects of any organisation
as they increase the sales and profit for the company. Innovation is a new idea or
thought which can be used to develop new products or services. This involves
application of different knowledge, imagination, and information (Arora and et al, 2013).
In relation to business context, superiors think new ways which can enhance their
business and implement innovative ideas so that they can produce something different
from their competitors. In this case study, Daniel Green is the founder of Healthy Juice
and started his company in order to sell health milkshake. With his innovative thinking,
Daniel has achieved dramatic rise in his sales in first year. In the third year, there has
been a significant decrease in sales. This assignment will focus on comparison of
innovation and invention and importance of innovation. Different forms of innovation and
approaches which Mr. Green can take into considerations are mentioned in this
assignment.
TASK 1
P1 Innovation and its comparison with invention.
As described above, innovation is a process of generating or developing
something new which has unique qualities and no one has seen it before. It has
distinguished qualities from other products and has the capacity to attract large number
of customers at the same time. Innovation is important in current situation, because
every company is developing something new on a daily basis, to maintain the current
position in the market, it is important to innovate something new (Pinkse and Van den
Buuse, 2012). With the help of innovation, company can lead from its competitors and
can gain desired success. In the case study, Daniel Green has started a new company
which offers milkshakes to their customers. With his new formula of milkshakes, he has
encountered a drastic rise in his sales and attracted large number of customers towards
his product. Mr. Green has innovated something different from others, which is the
reason he was capable enough to sell hi product in large amount. Customers are mainly
attracted towards new and unique products and this encourages sales f a company. In
the case study, in the third year, Mr. Green has encounter decrease in sales of

milkshakes because of entry of competitors. It is necessary for Mr. Green to develop
some new ranges of milkshakes in order to gain attention of customers again.
On the other hand, inventing a product is totally new to customer as well as
customers. Below are some differences between innovation and invention-
BAISIS FOR
COMPARISON
INVENTION INNOVATION
Definition Invention is defined as an
idea for a process or
product that is new to
everyone.
Innovation is related to the
implementation of ideas for
a product or process for the
first time.
What is it? Something new is created. Changes are done in
existing products.
Concept It consists of an original
idea.
It is practical
implementation of idea.
Occur when When new idea occur in the
mind of scientist.
When existing product
require improvement.
Concerned with Single process or product. Combination of various
process or products.
Above are some comparison between innovation and invention. Some of the
importance of innovation is mentioned below:
Create a competitive advantage: It is necessary for Mr. Daniel to introduce some
new ranges of milkshakes in order to achieve competitive advantage over its
competitors (Robinson and et al, 2013). This helps him to stand in the market and able
to attract customers. With the help of new ranges, he might gain lead for his rival teams.
Implement best method: Implementation of best strategy is necessary as this
give benefit to the company. If Mr. Green think of something new and implement that in
his production, then he can maximize his sales and thus gaining profits for his company.