Innovation and Commercialization

Innovation & Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1 Explaining the context for innovation and determine the difference between invention and
innovations.......................................................................................................................................1
Significance of innovation in the organisation.......................................................................2
LO 2 Explaining the different types of innovation..........................................................................5
4P's of innovation...................................................................................................................5
Frugal innovation and usages in organisation........................................................................6
LO3 New product development and innovation funnel...................................................................8
LO 4 Evaluating the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..............................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation refers to the process through which individuals identifies solutions for the
existing problem or the common problem through which all are going through. Whereas,
commercialisation is considered as the launching or introduction of new product or services at
marketplace which will satisfy needs and requirement of customers in right direction. It is also
termed as the way through which company can easily approach targeted customers and also fulfil
their monetary requirements (Aarikka-Stenroos and Sandberg, 2012). The present project is
based on YOYO Drinks which mainly offers Mango Lassi in United Kingdom. The company has
gained huge success in the starting of its three years after the launch of Mango Lassi but with the
increase in number of customers it has faced decline in sales at the entrance of fourth year. This
report will provide information on innovation and invention along with their difference. Also,
various types of innovation with their pros and cons. There is discussion about 4P's of innovation
as well as frugal innovation. There are various type of tool and techniques that are applied by
organisation for their product intellectual property rights.
LO 1 Explaining the context for innovation and determine the difference
between invention and innovations
Innovation is considered as the translation of specific idea into a valuable commodity or
service which satisfies customer's need and also influences them to pay for the same good
willingly. The main purpose of innovation is to enhance sustainability of the company by
satisfying requirements of customers effectively. It also contributes in gaining competitive
advantage at marketplace for attaining success. As YOYO Drink's sales decreases due to more
competitors, so it decided to introduce Tutti-Frutti chocolate lassi.
Innovation is the act of creating, developing and launching of new and various tools
which are processed which are not present in the market (Bogers and West, 2012). Scientific
ideas which have been developed through research work which changed to tangible product. For
existing product which is been concerned with new method and process for improvement in the
product.
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Difference between innovation and invention
In Table 1 you can see a compare between innovation and invention.
Innovation Invention
Innovation occurs when there is a recreation of
an existing product or service (Micheli and et.
al., 2012)
While innovating new products it must be
ensure that it should be creative and attractive
for stimulating new customer as well as for the
existing customer.
Invention occurs when a completely new
product or service is being launched for the
first time.
They are the set of ideas, methods and process
which aid to development of new product or
services (Kim and et. al., 2014)
The skills, knowledge about mar It includes Scientific technology which requires
roles and responsibilities to perform any task or
objectives.
To increase value of something which is
already existing is called to be innovation
(Inauen and Schenker-Wicki, 2012).
Invention means methods which are been used
by the business for creating a unique product
Whole organisation is adopting this activity for
development.
Research and development departments are
places where invention activities usually take
place.
Significance of innovation in the organisation
The creation of new ideas and then implementing them in the existing business leads to
achievement and growth. Innovation plays important role for the organisation and it also is a key
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