Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Contents
INTRODUCTION.......................................................................................................................................4
LO 1............................................................................................................................................................4
P 1 Comparison of innovation and invention...........................................................................................4
P2. Innovation shapes vision, leadership, culture and teamwork.............................................................6
P 3 The 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas.......................................................................................................................................8
P 4 Developments in frugal innovation and provide examples of how it is used in an organizational
context...................................................................................................................................................10
P 5 Importance of the commercial funnel and the application of new product development (NPD)
processing for commercialization of innovation....................................................................................11
P 6 Innovation business case for an organization, including ways to access funding............................12
P 7 Different tools that organizations can use to develop, retain and protect knowledge and intellectual
property.................................................................................................................................................15
CONCLUSION.........................................................................................................................................16
REFERENCES..........................................................................................................................................17
Books and Journals................................................................................................................................17

INTRODUCTION
Innovation is the new term for new ideas, new imaginations which are in a form of
method or device and creative thoughts. Innovation can help the organizations to reach their
unarticulated needs, existing market needs and new requirements. Innovation and invention are
not similar, there is a practical involvement of invention in innovation so that the impact on the
society and market is more better. Commercialization is a process where new products or
production method is introduced in the market. There are many products which are being
produced by the invention department or the research and development department which are not
practical for growth in the market. The research and development department requires money
and time for making their department work. The products which are being introduced in the
market have to be customer friendly and exactly what they want and their needs. Land rover is a
British brand which produces four wheel cars which offer premium and luxury sports vehicles.
Land rover is a multinational company which manufactures cars by Jaguar land rover. Tata
motors has been its owner since 2008 and in the past few years Jaguar land rover has built land
rover in United Kingdom, China, Brazil, Slovakia and India. The report will be focusing on the
changing taking place in the company due to innovation and commercialization. The company is
coming out with electrical cars which will be a great idea for the company. The ideas, methods,
process, thinking and coming up with this car will be discussed further.
LO 1
P 1 Comparison of innovation and invention.
Innovation is a very important feature which is required in a company or an organisation
because the world is constantly changing and so should the companies if they want to expand in
the market. Land rover is giving not just luxury to the customers but all the upgraded features
which are required for the company to grow. The company is coming up with electrical cars
because they want to keep the environment change which is taking place and want to contribute
to save the disaster (Fecher and et.al., 2018). Land rover is a company tries to give the best of
facilities to the customers. The company makes sure that they are giving any default technologies
or defect in the car. The invention of this new electrical car was taken up by the other companies

long back but the company is still trying to get innovation in the invention so that they are unique
in their work like they have always been.
Innovation Invention
Innovation is done in the already existing
product or in products which are just
invented. This is done so that the customers
like the products or they are interest in
product at least.
Invention is when a new product is just
discovered for the very first time. Inventions
are done so that the customers can get more
and more of varieties in the products.
This requires a skill of technical, strategic and
marketing because the customers have to like
the product no matter what. Innovations are
done so that the present product can look
better for the customers so that they can
expand the market area.
The skills which are required for inventions is
science because only experiments can lead to
a new product. Inventions are done basically
so that the customers can have varieties in
products and they are more options than they
ask for.
Innovation involves the entire organization
and all the departments of the organization
because they all have a say in the innovation
of the products which the organization is
producing.
Inventions are done by the research and
development department and no one else has
a say till the product is not invented.
Feedbacks on the product which is invented
can help the product to innovate and then
become better (Witell and et.al., 2016).
There is a need which is felt from the
organization to improve or get a change in the
already existing product because they might
not be doing so good as they had thought it
would (Zhen, 2017).
There is a need from the organization to
invent new products so that the company can
expand itself in different products or varieties
of products which no one else has. It gives
uniqueness to the company if they invent new
products.
Land Rover has already put it’s uniqueness in
the brand they have by giving the customers a
safe and luxurious drive. This is not the first
time some company is coming up with an
electrical car but this company is not just
Inventions in the electric car would be LED
headlights, Comfortable seats, Auto sunblind,
air bags, ISOFIX, Emergency breaking, etc.
There are many more features which are
being added in the car which is an invention