Innovation and Commercialization

Innovation and
commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Explantation of the innovation and difference between innovation and invention................1
Importance and values of innovation to organisation.............................................................2
Several kind of innovation with a concentration on disruptive and incremental innovation. 3
4P's of innovation and how they supports capability and management of innovation...........4
Innovation funnel and NPD process to drive new innovative ideas ans products..................5
Analysis of frugal innovation and how organisations are using it.........................................6
PART B............................................................................................................................................7
Covered in to PPT..................................................................................................................7
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation indicates to the process of converting and translating the new thoughts and
ideas in to goods and services which have some value and customer are also ready to pay for
that. In context of an business organisation, innovation refers to those ideas and thoughts which
are used by the management of the company to make something new and innovative which help
in fulfilling and providing satisfaction to the needs and demands of the customers (Bashmakov
and et. al., 2015). Innovation mention to new concepts or products which drives from an
individual to make improvement in the business of a firm. This assignment based on ESSENCE
drink which is a food and drink company which operated its business in UK and offer Mango
Lassi product in the market of UK. This firm generate revenue in three year at time of
establishing nut after fourth year, the sales of the company started to decrease cause of it
competitors. In context of overcome this problem, the management of ESSENCE drink decide to
make innovation in its products which are currently provide by it in the market. This report will
explained about the various aspects of innovation and 4P's of innovation. Further will discussed
about frugal innovation and importance of commercial funnel. Different tools and techniques of
intellectual property rights will also defined in context of provide protection ton the innovative
products of ESSENCE drinks.
PART A
Explantation of the innovation and difference between innovation and invention
Innovation can be defined as a process that can involve multiple activities to uncover new
ways to do things. Innovations create bigger opportunities and are critical for the survival,
economic growth and success of a company. It helps in developing new concepts. Whereas
invention refers to the process of creating or making up something new which have some value
and help in fulfilling or satisfying the needs and demands of the customers. In order to realise
innovation, leaders should be open-minded and collaborative. Innovations are able to set the
organisation in a different paradigm in order to identify new opportunities and best method to
solve current problems (Bernstein, 2015). Innovation in ESSENCE Drinks will help in increasing
the likelihood of company succeeding and can create more efficient processes that can result in
better productivity and performance.
Comparison of innovation and invention
1

Basis Invention Innovation
Meaning Invention refers to the occurrence of
an idea for a product that has never
been made before (Chun and et. al.,
2015).
Innovation refers to implication of new
idea for product for the very first time.
Skills required Invention is set of scientific skills as it
needs experimental knowledge.
Innovation is set of marketing,
technical and strategic skills.
Occurrence Invention occurs when new idea
strikes in the mind of scientist.
Innovation occurs when a need is felt
for the improvement of product.
Activities Invention is limited to R & D
department because it needs research.
Innovation is spread in each and every
department or across the organisation.
Importance and values of innovation to organisation
Innovation is refer to the process of manufacturing innovative products which are
affiliated with the process and effective thoughts. In ESSENCE drink, innovation mention to
new and innovative thoughts which are help in producing dynamic goods and better services.
Innovation is beneficial because it help in increasing agonistical benefits from the market. In
ESSENCE drink, the management of the company can use innovation to create various values
and importance, the determination of it is as mentioned below:
Solve Problems Easily- The company need to come up with creative answers to solve
problems in their business. Many times they will face problems that don't seem to go away. They
need to think out of the box to find an answer which they have never come up with. By this way
ESSENCE Drinks find a creative solution to make their business better.
Creative Development- Qualities of innovative nature are essential for new businesses
today. A company can achieve growth by learning how to be creative. They need to learn this
business skill to make things of value from their creativeness. When they have this business skill
they will find that it opens up all kinds of opportunities and gives them the potential for a new
market and helps them to keep with the current trend (Datta, Mukherjee and Jessup, 2015).
Increase productivity- In ESSENCE drink, if the management of this company adopt
and utilize innovation by launching its existing products in different flavors like banana,
2