Innovation and Commercialization

Innovation and
commercialization

Contents
INTRODUCTION...........................................................................................................................3
Analysis of organization vision, leadership, culture and teamwork and how innovation can get
in shape with all this functions...............................................................................................5
Analysis of 4ps of innovation and innovation funnel in context to organization...................6
Analysis of the development in frugal innovation and examples that how it use in organization
context....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is the process of generating new ideas, in context to new service new product
new techniques. Commercialization is the process which involves different task and activities to
bringing new products and services into the market for creating higher revenue. CEO innovation
commercialization is the process of making best efforts and activities to introduce in a nation
such as innovative products and services into the market for creating market awareness of that
product and customers for that too to make highest sale (Rasmussen, T.E. and Eliason, J.L.,
2017)(Zahedi, A.E., 2018)(Zhang, J., 2018)(Bodlaj, M. and Čater, B., 2019) . That is important
to make effective innovation and commercialization steps for meeting competitive ages over the
competitors’ similarities. Essence drinks is the beverage company which is developed before 3
years, the concept of mango lassie in UK. When Akshay Kumar was the founder of company ye
decided to make more innovation for meeting the competitive wages and increasing the sale. In
this report different concepts of innovation and commercialization are going to be considered in
context to the organization. In order to understand the main aspects of innovation through which
effective innovative concepts of drinks can be produce. Such as innovation and its important in
comparison to invention, role of the organization function in innovation and commercialization,
4Ps of innovation, innovation funnel, frugal innovation all these tools are going to be evaluated
in context to develop effective innovation recommendation for organization.
Explanation of innovation and determination of its importance to Organization in
comparison with invention.
Development of new business project and method ideas in order to make new market
approaches from that is called innovation. This is the application of creative and out of the box
thinking into the development of new value developing approaches. In context to the essence
drink, small scale organization. Innovation is there only way to get out of competition forces by
meeting the competitive edges through that. Below is a brief explanation of innovation and
invention along with its importance and comparison.
Innovation- this is the individual our collective creative skills approach which lead into
the development of new ideas or methods for creating unique changes on any project, process
etc. That is important for all business organizations, such as in context to Essence drinks that was
the great contributor of higher sale and profit. Because 2 year ago their product concept was very
innovative with the mango flavored lassi concept. Now it is important to make more innovation

in the flavor of lassi due to the presence of Higher competitors, with copy products (Koch, S. and
Guceri-Ucar, G., 2017).
Invention- this is application of practical approaches and skills to convert innovation
ideas into new product. Invention is the process which involves in the conversion of innovation
into new unique inventive products and services. Innovative concept of lassi was the key in
context selected organization. Which was the leading source of invention in the form of new
unique beverage product. Invention is the important process or approach which use after the
innovation for making it real and tangible. Searches innovation is this starting point of new
product who is the core of new product development giving the creative ideas and invention is
the for that stuff of converting those ideas into reality. The selected organization want to make
changes in their existing products in order to meet competitive edges so that is different from
invention and considered as the need of innovation.
Comparison between innovation and invention
Innovation Invention
This is the method of reading
new valuable and effective
changes on existing products
to make higher profits and
customer attraction.
This is day process of
developing new and
completely unique product
into the market (Buenechea-
Elberdin., 2018).
There is a need of critical
thinking analytical skills,
technical and processing
knowledge to make changes
on existing process and
product for effective benefits.
This needs various inventive
skills for developing new
products into the market such
as scientific skills and out of
the box thinking.
This is the process of
increasing the value of
existing products and
functions or approaches of
business.
This is the process of
introducing new products and
services.
This involves the This involves focus on