Innovation and Commercialization

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................2
LO1..................................................................................................................................................3
P1 Innovation and it's importance to organization compared to invention..................................3
P2 Organization vision, culture, leadership and teamwork shaping commercialisation and
innovation....................................................................................................................................4
LO2..................................................................................................................................................6
P3 4 P's of innovation along with use of innovation funnel for examining and shaping
innovative ideas...........................................................................................................................6
P4 Developments in frugal innovation and examples of their uses in organizational context. . .7
LO3..................................................................................................................................................8
P5 Importance of commercial funnel along with application of development of new product
processing for innovation of commercial purposes. ...................................................................8
P6 Innovation business case for organization along with practices for raising fund from the
market. ........................................................................................................................................9
LO4..................................................................................................................................................9
P7 Different tools for organization for developing, retaining along with protect knowledge
along with intellectual property. .................................................................................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................11
1

INTRODUCTION
Innovation and commercialization is the process where innovation state the process of
translation of an invention or an idea for development of further finished goods and services for
the purpose of creating values for the purpose of selling and earning from their customers. Tesco
Plc. is British multinational general merchandise and groceries retailer dealing in supermarkets,
hypermarkets, superstore and convince shops. The study will explain innovation along with it's
importance to the organization comparing with invention. The study will further show
leadership, teamwork, culture and vision of organization shaping commercializing and
innovation thereafter. Further it will discuss 4 P's of innovation along with used to examine and
module innovation as well. Further development in innovation along with examples for
organizational context. The study will also show need of commercial funnel along with
applicability of development of new product processing for commercialising innovation. The
report will also provide innovative business case to access enormous funding. Finally, several
tool's foe development for organization for retention and protection of knowledge along with
protecting intellectual property.
2

LO1
P1 Innovation and it's importance to organization compared to invention.
Innovation is process of making product better and new. The type can also be further
processed for performing actions and services in new ways. At times in business innovation
includes making concepts of involvements. The process goes far beyond research labs for users,
suppliers and further the consumers (Bashmakov and et.al., 2015).
Innovation Invention
Innovation is the process of creating something
new by modifying existing products that can
satisfy market needs.
Invention means creating a new product that
was never used before by anyone.
Innovation is not a new discovery hence it is
not a scientific process (Block and et.al.,
2016).
Invention approach is scientific as it focuses on
developing new original things hence inventor
also requires specific skills
Importance of innovation to organizations.
Economic growth
The process of innovation in Tesco will lead to increase of market value of services and
goods of developed by economy at a particular time. Te type will lead for Tesco to invest and
develop their existing market and ensure better results out of it. The type will lead to effective
production of services and goods and will further help the development of practices leading to
effective and efficient business needs and requirements. The type will hep in the retention of
customers where they focus on attainment of their ultimate organizational objective and generate
extra and surplus income for further growth and expansion purposes (Brown, Gregson and
Mason, 2016).
Increase well being
The type for Tesco will lead to increase of living standards of people for the achievement
of higher satisfaction level where the focus on rise in GDP ensuring wealth inequality and
greater income. Practices of innovation will lead to development and new technologies and
innovation and further will lead to development of their products and services ensuring well
being of individuals (Carayannis, Cherepovitsyn and Ilinova, 2016). The practice will lead to
effective practices that led to the development and efficiencies in the living conditions of human
3