Innovation and Commercialization (Solution)

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain the term innovation and how it is different from invention ................................1
P2 How company's vision, culture, team work shape innovation and commercialization ....2
TASK 2............................................................................................................................................4
P3 Innovation mix and use of innovation funnel ...................................................................4
P4 Development stages of frugal innovation .........................................................................5
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of new product development ............6
P6 Building a business case....................................................................................................7
TASK 4 ...........................................................................................................................................8
P7 Different tools of intellectual property rights ...................................................................8
CONCLSUION ...............................................................................................................................8
REFERENCES................................................................................................................................1

INTRODUCTION
The concept of innovation can be viewed as converting a creative thought into final
goods and services and then offering to target customer that further create value for them (Amit
and Zott, 2012). In terms of business, it refers to the process of developing more effective and
efficient workflows, product and processes that gives high competitive edge to respective firm.
By doing innovation, business entity can meet customer' requirement in an appropriate manner.
The selected organization for this report is Unicorn Grocery which is small co-operative store
located in UK. The report cover innovation mix framework, application of new product
development, sources of funding, various tools of intellectual property rights.
TASK 1
P1 Explain the term innovation and how it is different from invention
The idea of innovation means transformation of a thought into item or service for which
purchasers will pay. A creative idea or though is exceptionally fundamental for any innovation or
business person are require to unify innovative ways and new thoughts for getting things done in
various way. Bringing innovation inside company to enjoy high competitive advantage in the
marketplace. It helps with making business activities distinctive from others. Its commitment is
high in progress and additionally development of firm.
There is a contrast amongst innovation and invention. Bringing advancement inside
organization doesn't mean it is simply an invention (Difference Between Invention and
Innovation. 2016). It alludes to the procedure of change and adjusting according to the changes
that happens in environment. Innovation helps with conveying such products or services that
totally meets customer needs and requirement (Ariga and et. al., 2013). If company embed
innovative culture, then its workers become creative and their ability for solving various
problems improves efficiently. It is trusted that sustainability of a business association very
depend on innovation. Thus, firms are require to always improve in their products and services
for long term survival in market. The achievement key of each business association is one of its
creative and unique thought (Bagchi-Sen, 2010). For example: Both Apple and Virgin are
constantly doing innovation in their products just to rule the market. Recently Apple has
launched X series in which they used most smartest and powerful chip ever used in market. It;s
screen has been radically redesigned so as to make it more attractive and eye-catching. In case of
Unicorn Grocery, innovation is going to take place in the form of launching its own mobile
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application. The company has figured out that, now a days almost 80% of the population prefer
to purchase product through online website. Thus the need for developing own mobile
application emerges. So, its management has takes decisions for launching a mobile application
so that time, efforts and energy of firm as well as its customers can be reduced (Davila, Epstein
and Shelton, 2012). Following are some of the importance of innovation:
 Higher benefit and deals are yield by organization.
 Expanded inspiration, maintenance of workforce and adaptable enlistment.
 Help in growing great brand picture or brand.
 Enhanced efficiency and additionally execution of organization and decrease its cost.
 Needs and wants of customer satisfied in an effective manner.
Innovation Invention
 It usually takes place when
modification or improvement needs to
be done in existing product
 It can be viewed as a modern idea that
is applicable to present situation
 With the help of this, firm can
effectively deliver goods and services
as per customer requirement.
It usually occurs when company develop
something that is exceptionally new in the
market.
It can be perceived as a practical aspect and
easily assessed by people.
Invention deals with alteration of novel notion
in substantial idea.
P2 How company's vision, culture, team work shape innovation and commercialization
Unicorn Grocery is a small corporative store, headquarter in England, UK. It is
equitably controlled and overseen by its individuals (Drucker, 2014). The organization for the
most part bargains in offering new, dried and processed food and drink that is comprised of
natural fixings or organically made. It also sells in offering general basic grocery products, body-
care and household products. Keeping in mind the end goal to adapt up to other contention firm,
the organization has chosen to do innovation through introducing its own mobile application
through which they can pitch their item to target client. The explanation behind doing this
innovation is on the grounds that in present day time, the vast majority of the client want to
purchase merchandise by means of online stage.
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