Innovation & Commercialization INTRODUCTION

   

Added on  2021-01-01

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Innovation andCommercialization
Innovation & Commercialization INTRODUCTION_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explain innovation & identify its importance to firm in comparison with invention............1P2 Explain how organisational leadership, vision, teamwork and culture can shape innovation& commercialisation...................................................................................................................2TASK 2............................................................................................................................................3P3 Explain 4Ps of innovation and use of innovation funnel to examine & shape innovativeideas.............................................................................................................................................3P4 Explain developments in frugal innovation & give examples of how it is utilized in anorganisational context.................................................................................................................4TASK 3............................................................................................................................................5P5 Explain significance of commercial funnel and application of new product developmentprocessing for commercialisation of innovation.........................................................................5P6 Develop an innovation business case for a firm including ways to access funding.............6TASK 4............................................................................................................................................7P7 Evaluate various tools that Mr Green can use to develop, protect, retain knowledge &intellectual property....................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONInnovation is the procedure & result of developing something new that provides somevalue to consumers. It is a new idea that is implemented by firm in order to grow and maintaintheir existence in market for long term. Bringing innovation within business organisationprovides high competitive advantage to company over its rivals (Abou-Ras, Kirchartz and Rau,2016). A new feature is added in existing good to make it innovative so that it can satisfy needsof customers in more better manner. In the present assignment, given organisation is HealthyJuice which was established 2 years ago. Firm enters in market with milkshake and now providesvarious smoothies, drinks and juices. The report covers innovation, invention,commercialization, innovation funnel, frugal innovation etc. as well as their significance. It alsoinvolves the way in which vision, culture, teamwork and leadership can shape innovation &commercialization. Apart from this, an innovation business case is developed and different toolsare evaluated by firm to develop, protect and retain intellectual property and knowledge. TASK 1P1 Explain innovation & identify its importance to firm in comparison with inventionInnovation concept deals with process of transformation of idea into valuable goods.Innovative products assists businesses in catering needs of customers in more effective and bettermanner. It also helps in maintaining strong position of firm in market by providing it ancompetitive edge over its competitors. The way toward changing over a thought into conclusiveproducts or administrations that makes an incentive for client or for which potential purchaser isprepared to pay is known as Innovation (Caniëls and van den Bosch, 2011). As far as business, itcan be depicted as actualizing new thoughts, making dynamic products or enhancing presencebenefits keeping in mind the end goal to increase high focused edge in the market. Advancementgo about as an impetus that makes an incentive for the business substance. That esteem in thelong run comes driving more income through present channels or by creating new incomeopenings that eventually prompts spare cash and time or both. So, the procedure of Innovationprompts create higher benefit for firms. Besides, it additionally encourages the association toadjust and develop themselves inside the market in a Healthy way. It by and large alludes to theway toward changing and making more compelling item, thoughts and process. As indicated bythe insights reports, it has been made sense of that organizations that develop makes more viable
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work process and have better execution and efficiency. Healthy Juice is a 2 year old start-uppropelled by Mr. Green. The association mostly bargains in offering just a single drink i.e. oneHealthy milkshake. Firm earns significant profits from last two years but as the 3rd year starts,their products sales are decline. As firm enters in its third year, organization faces real decreasein its deals a productivity proportion (Cao, Appelbaum and Parker, 2013). So as to manage suchcircumstance, the firm has chosen to install advancement by presenting new scope of beverages,smoothies and juice. Subsequently, it dispatches numerous variations of juices that is comprisedof at least two than two organic products. For instance: Purple mangosteen juice made up of realfruit pulp. Apart from this, it embed advancement by propelling different items like smoothies,healthy beverages with various variations. Following are a portion of its focal points: Makes an incentive for organization and also for clients Higher lead age and benefit Consumer loyalty level increments Enhances general execution and profitability It is considered as the most ideal approach to create USP for particular item or process.Difference between Innovation and Invention: Innovation Invention It manages increasing the value of somethingthat as of now exists.It is connected with making of whole new itemor administrations. It requires logical abilities. It requires set of specialized, minimal andadvertising abilities. It is for the most part related with single itemor process. It alludes to the blend and amalgamation ofdifferent products and process.P2 Explain how organisational leadership, vision, teamwork and culture can shape innovation &commercialisationVision: For Healthy Juice, vision statement is “To provide high quality of juice to peopleworldwide which administers them various health benefits and contributes in their healthy life”.Healthy Juice is a firm that offers milkshakes to customers (Carayannis, Cherepovitsyn andIlinova, 2016). The firm is established 2 years ago and earn significant profits in market but, as
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