Innovation and Commercialization

Innovation and
commercialization

Table of Contents
Introduction.............................................................................. 3
Main body................................................................................. 3
P1 describes Innovation and examines its importance with respect to organisation
in comparison with invention......................................... 3
P2 elucidate how organizational vision, leadership, cultural and team work can
figure in innovation and commercialization.................................. 5
P3 4Ps of innovation and use of innovation funnel 6.............................6
P4 Development of Frugal innovation .............................................8
P5 Importance of commercial funnel and the process of new product
development............................................................................. 9
P6 innovation business case for Organizational including numerous source of
funds ....................................................................................11
P7 different tools to retain intellectual property for longer period ...... 13
Conclusion 14
REFERENCES

INTRODUCTION
Innovation indicates some thing new along with some creativity as it involves some art or
introduction to some new features in the things. Also it is considered as new method of thinking.
Innovation is tends to be associated with business as well as to technology. On the other hand
Commercialization is the activity which is linked to corporate and business. Its main purpose is
to increase the customer base by using various tools of marketing and promotion which helps to
make the product and services familiar to audience. As both the elements plays significant role in
business and leads to increase chances of business survival and growth. The organization that
was selected under the project is essence drink. Akshay Kumar is the founder of the organization
. Before two only he has stated his company with the innovative drink known as Healthy mango
lassi. With this product the business entity increase its sales and widen their capacity of
distribution. In this project various different topics are discussed such as innovation and their
importance in comparison to the term invention. How leadership, vision, culture and team work
can shape commercialization as well as innovation. In the reports discussion on 4 p’s of
innovation are also done and innovation funnel use are also explain to shape the idea which is
innovative. In which manner frugal innovation are tends to be develop are also explain by giving
most suitable example. Importance of NPD and commercial funnel are also briefly discuss in
context to innovation commercialization. For the purpose to assess funding Innovation business
case are tends to be build. Different tools are tends to be used in the organization for the purpose
to protect, retain as well as develop intellectual property and knowledge (Kralli, 2020)
TASK
P1 Define Innovation along with explaintion of their importance in context to the organisation in
comparison with invention?
Innovation means something completely new to you with respect to creation of goods and
services or adding some features and characteristics in the existing products and services.
Company on continuous basis make innovation in their product in terms to provide satisfaction
to their clients in a better and significant way and also to provide many benefits to the
organization that attracts or force consumers to purchase products & services from market and
achieve competitive advantage. Different innovative techniques of innovation are implemented

by entity to sustain in the market for long duration of time period. Organization Essence Drinks
develop new innovative healthy drink with innovative features and qualities in order to meet the
demand of customer and raise chance of their survival by increasing their sales and revenue(
Bereuter, 2028 )
Importance in terms to innovation
Higher satisfaction to consumer : Organization try to innovate those products which are already
available in the market or produce new drinks in terms to fulfil customers need in most
appropriate and effective manner. The basic requirements must be fulfilled by the Essence
Drinks through the new healthy drink project. Products become successful due to their energy
level as it leads to make an individual fit and healthy. It is beneficial for the business entity to
make variation in the existing products which supports to attaining high level of satisfaction and
engaged their customer for long term. This helps them to get the loyalty from their customers
which directly or indirectly raise their brand value in the market. If the organization received
positive response from audience/ clients than it tends to gain high revenue and results to motivate
their workforce to improve their performance and increases productivity.
Competitive advantage can be gained: In the situation of competition every company try to
defeat other competitive firms in the open market by makes available innovative products. The
Essence Drinks organization also tends to make innovation in the healthy soft drink that leads to
boosts up the immunity level of person as it leads to provide tough competition to existing
companies which is their rival and helps o increase their share in the competitive market by
attracting large part of audience (Lacasa., 2018)
Enhance the market share: Business entity uses innovation in their drinks which supports to
capture wide market ratio by attracting large customers towards their offering products in an
unique and innovative way. With their healthy soft drink it tends to expand their business in
Global market because it is capable enough to boosts up at maximize level the immunity power
of person who consume it on daily basis. To determine success rate of the project organization
do various research