Innovation and Commercialization

INNOVATION AND
COMMERCIALIZATION

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Innovation vs Invention..........................................................................................................1
Different sources of innovation...................................................................................................4
P2 Organizational vision, leadership, culture and teamwork can shape innovation....................4
LO 2.................................................................................................................................................5
P3 Explain the 4P's of innovation................................................................................................5
P4 Frugal innovation....................................................................................................................7
LO 3.................................................................................................................................................8
P5 Commercial funnel and application of new product development.........................................8
P6 Innovation business case.........................................................................................................9
LO 4...............................................................................................................................................11
P7 Tools that organization can use to develop, retain and protect knowledge and intellectual
property......................................................................................................................................11
CONCLUSION..............................................................................................................................11

INTRODUCTION
The market is increasing rapidly due to globalization and which helps tom increase the
efficiency of business and make them more potential in market to grow. With the increase in
demand there is a rise of high competitors in the market which is impacting the operations and
profit margins. To overlay this impact many business adopt innovation to improve their
efficiency of their products. Innovation is the process of upgrading the products and services
according to the specific needs and wants of customers to increase their satisfaction level and
also increase probability in market. This also helps businesses to achieve competitive advantage
and maintain high customer base effectively. Commercialization is the process to attain
proficiency in business activities to attract more customer and increase their efficiency to sales in
market.
This report has a detailed information about different factors and model of innovation and
commercialization to increase the market share of businesses. The main maim of their report to
increase the knowledge of innovation by understanding the techniques and methods to make
business commercially driven. Report discusses importance of innovation and innovation funnel
to share effective ideas. 4P's of innovation is explained in reference to innovative ideas of
BigBelly organization. In addition, report highlight New product development process of
innovation and identifies factors to establish intellectual properties of business.
LO 1
P1 Innovation vs Invention
Invention and Innovation are two critical key aspects that can effect an organization’s working:
Definition:
Invention can be defined as the occurrence of a new idea for service or product which has
never been presented before. In other word, entering of new service, product line or device which
is totally based on study and practical. It requires creative mind and experiment, so it is not
complex process.
While innovation is the process of execution idea for service or product for first time
(Zihare and et.al., 2018). In simple word, value addition to a service or product line, device and
introduces in innovative market. It requires extensive study and research, so it is complicated
process.
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Concept: Invention generates original idea and it works on theory while Innovation implements
new idea through experiment.
Skills required: Invention requires scientific skills for generating new idea or device. On the
other hand, innovation is overall set of marketing, technical and strategic skills (Laužikas and
et.al., 2016).
Activities: Invention is limited depend on R&D department. While innovation is highly
dependent on R&D department because it spreads widely across the company.
Significance: Invention gives theme to science and existing theories. It helps company to
introduce different idea which can grow company in high level. Additionally, it creates platform
for innovation, so it also known as building block for innovation. Invention concerns with
individual product or procedure. It is highly requires for stimulated business which always
looking for creativity. It requires more talented person who has creative mind. For example when
a person has creative mined then enable to create invention (Lindström and Silver, 2017). It
gives unexpected result which can favourable or unfavourable.
Innovation plays significant role in organization growth because it supports company to
improve existing product or services according to customer requirements. It helps company to
offers equal opportunity to talent who can lead innovation at workplace. While innovation
concerns with combination of wide variety products or procedures. So, it requires in high level
within company. It requires wide variety of talent. For example when organization wants to
change in existing product, in that situation before taking further step for innovation.
Organization analyse its growth and profitability that requires high level skills which includes
marketing, planning etc. Innovation helps to develop technology that can support company to
offer standard level services to customers. Thus, innovation gives technical advantage to
company. It is very important for BigBelly to innovate their products so that there are better use
of bins and the organization can achieve their objectives which so to make the world a cleaner
place to stay in.
Different sources of innovation
Big-belly is an innovative system which is introduces by New York city. The main goal
of this innovation to handle tuns of rubbish which can't dump out in rubbish ground. It is
recyclable machine which recycle waste product into reusable products. There are various
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