Innovation and Commercialisation in Business Organizations

This report discusses the importance of innovation and commercialisation in business organizations, including the different sources of innovation and how they are processed within organizations. It also covers the success or failure of innovation in online grocery retailers and produces a detailed business case for innovation.

Submission Front Sheet
Programme BTEC Higher National Diploma (HND) in
Business (RQF)
Unit and Title Number Innovation and Commercialisation (Unit 8)
Unit RQF level/Code Level 4: D/618/5042
Credit Value 15
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EXECUTIVE SUMMARY
Innovation plays a very important role for the business organisation not only to grow
in the competitive market but also develop a different image in the market. It is very
important for the business organisation to develop the innovate their product on regular
basis in order to improves their sustainability in the market. The following report is going
to discuss about the importance of innovation for the organisation and its sources. This
report also discussed about the business case and the use intellectual property rights in
order to protect the innovation.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
Discuss the ways in which different organizations source and foster
innovation, using specific examples............................................................................5
Differentiate between different types of innovation and how they are processed
within organizations.........................................................................................................9
Critically analyse the success or failure of the innovation in each online
grocery retailers...............................................................................................................14
Produce a detailed business case for innovation for an organisation, including
risks, benefits and ways to access funding.............................................................15
Explicit action plan for the innovation.......................................................................16
Suggestion of funding channels for the recommended innovation, supported
by analysis of business value for potential investment.......................................18
Evaluate the different tools that organization can use to develop, retain and
protect the knowledge and intellectual property....................................................19
CONCLUSION.............................................................................................................................23
REFERENCES............................................................................................................................24

INTRODUCTION
Innovation in business basically is a process, ideas, or an approach to
conceptualise the product that an individual or organisation undertakes. Innovation is
also defined as completely redesigning or improving the product or services by the
business innovator (Adams, Freitas and Fontana, 2019). Here the selected organization
for understanding the concept of innovation effectively is Fresh Direct Company. In
respect of the organization the firm came under the category of retail sector and the
provide their services and products through online mode. The report will cover discuss
the way in which different organizations source and foster innovation, using specific
examples. It further covers differentiate between various types of innovation and how
they are processed within organizations. It also covers suggestion of funding channels
for the recommended innovation, supported by analysis of business value for potential
investment.
Company overview: -
Fresh direct is basically online grocery shop which deliver their services within
the united states. The respective organisation was founded in 1999 almost around 23
year ago by Joe Fedele and Jason Ackerman. The firm provide employment to around
3000 employees and provide excellent services to their customers. In 2019 the revenue
of the company is around 600 million dollar. The selected firm directly buys the product
from the farms and deliver the fresh products to the customers (Allataifeh and
Moghavvemi, 2021).
Importance of innovation in organisation: -
Innovation plays a very important role within the business organisation in order to
adopt and overcome from the challenges. Importance on the different types of
organisation has been discussed below: -
For example, like innovation for the TESCO company is very important, this helps them
in serving the business as well as the customers in a very effective manner. TESCO is a
well-known food retail brand all across the globe so in order to make their presence on
the market the management of the company regularly focus on the products and the
process of innovation. Replenishment application system is being considered as the

main and effective innovation for the company. This system collects the data from the
checkout points and transferred to the supply department.
Discuss the ways in which different organizations source and foster innovation,
using specific examples
Sources of Innovation
Write about 7 sources of Innovation ( Peter Drucker’s)
Innovation is basically a systematic process which assist the business
organisation in achieving a successful position in the market. With the help of this they
can implement they can effectively implement the new ides make effective changes in
their existing goods and services. This improves firm goodwill in the market and helps
them in attaining competitive advantage in the desired industry. Following are the
different sources of innovation which is mentioned below: -
Inside sources: -
 The Unexpected: - this is being considered as that type of innovation that
happened unexpectedly and firm attain new heights in the market (Battisti, 2019).
The individuals of the firm paid focus on the development of new as well as
innovative idea which assist them in attaining successful position and enjoying
benefits in the future.
 Incongruities: -This innovation is developed when the need is incongruent with
the supply or an individual attempt to resolve the existing incongruities. For

example, like the number of cars has been grew and this result in the shortage of
parking area. So in attempting to solve the incongruity between the car parking
and number of increasing cars, the smart cars are born.
 Market Structure: -an existing structure of the market also give rise to
innovation. The entire structure of the firm can be improved by the management
and while improving the structure they might be able to develop various ideas.
This can also help them in attaining a systematic growth in the industry.
 Innovation based on the processed need: - this also been considered as the
most suitable source of innovation within which different types of ideas are
implemented by the firm to achieve the great result. Necessity is being
considered as the mother of invention as well as innovation (Beck, 2020). The
individuals of the firm try to fulfil the need in new manner through new products
and mechanism.
Outside Sources: -
 Changing in perception - Dynamic opinions concentrating things can alike
facilitate fourth innovations. People are changing their perception regularly during
the time of purchasing things, company need to analyse that type of changes in
the consumer perception to bring out the innovation according to current
servings.
 Demographics – In respect of pay level, human resource, age ranges and
population are changed many times on regular basis of big organizations.
Unifying demographic information, with division and focusing is a good and
powerful technique for preciously fulfilling the necessities of potential market in
time.
 New Knowledge: -The new knowledge as well as skill can also be considered
as the biggest source of innovation. Each and every year new areas are
discovered or added in the existing one on the bases of existing knowledge. This
can also assist the firm in attain successful position in the market.
Sources of Innovation in different organisations

In context to Fresh Direct this type of online retail based company and this organization
used different types of tools or method in aspect of fostering and sourcing the business
in their functions are described below –
Innovation In
different
organisation
Fresh direct TESCO Schwan's
organization
Rogers's
innovation
diffusion Theory –
Within this theory
there is diffusion of
thoughts as well as
ideas which are
developed over a
time of span. With
the help of this the
organisation can
effectively get
momentum in the
market and offer
best quality services
to their consumers.
Different types of
strategies are
developed by the
management of
Fresh Direct which
improved their
various ideas to offer
high quality products
to the consumers
(Birch, Chiappetta
and Artyushina,
2020). New ideas
are implemented by
the firm in which
helps them in
becoming more
profitable within the
market.
In context to the
TESCO, immense
amount of
competition has
been given by the
firm to their
competitors through
developing different
types of new ideas
as well as
technological tools.
Due to this, they are
able to attain
successful position
in the market.
In relation to the
Schwan's
organization a
systematic flow of
work has been
implemented by the
company
management which
helps them in
diversifying their
business in the
different regions.
Technology
Acceptance model
: -this model assists
In the recent time,
the management of
the Fresh Direct has
The performance of
the TESCO
management has
The management of
the Schwan's
organization

the firm in adopting
the different types of
new ideas which
helps the firm in
becoming new more
profitable in the
industry. The
process which are
implemented by the
firm is fasten in
proper manner
through
technological
advancements.
implement the digital
infrastructure within
their workplace that
assist them in
achieving success in
the industry. So,
technological tools
are utilized by the
company
management in
order to attract the
large base of
customers towards
them.
been increased in
the market which
improves their
growth. New
methods are
adopted by the firm
in their production
function in order to
earn more profits.
provide their
products as well as
services to their
customers as per
the change in the
customer’s
preferences.
Technology are
used by the firm in
diversifying theory
business functions in
various regions. So
with the help of
innovative ideas the
firm is able to earn
more profits (Chou,
2019).
But in aspect of Schwan's organization it is also a one type of retail company who
facilitates their services and goods to customers through online mode and this firm is
dealing with wide range of services and products to users in committed time. The
authority of this organization is also concentrating on fostering innovation in the
functions of business –
Characteristics of innovative organisation: -
 Customer focus: -The key purpose of any business is to innovate the products
according the customer's taste and preference which helps them to be successful
(Ehls, Polier and Herstatt, 2020). Their innovative ideas help the customers to be
more satisfied and this will lead business to be what customers wants, what they
need. As at the end customer preference should be the focus of the company.

 Unique strategy: -The innovative company has to develop the relevant strategy
in order to be more clear towards the goals and objectives. As the company
should be able to adopt the unique strategy so that it makes you different from
that of your competitor.
 Continuous development: -The innovative business keeps on innovating new
products and services, they don't see innovation as the end. This is one of most
important factor that innovative company focus on to achieve mission and
objectives.
Challenges which are faced by the innovative organisation: -
 The innovative business requires high skilled manpower so to make the
employee familiar with the new innovation, the company should provide training
to the employee. It may lead to the high investment in arranging the training for
the employee time and again. Due to this the employee may not feel motivated
towards doing any new innovative work.
 If the innovative company fails to make the proper strategy against adopting and
making proper use of innovation, then it became difficult for the company to
manage the resources and sustain in the market (Epstein, Huang-Saad and
Duval-Couetil, 2020). So, developing strategy according to the innovation is a
challenging part for the business.
Examples
 Apple is one the multinational company that is involved in making the innovation
regarding software products. The has innovated so many products such as multi
touch function, laptop trackpad, 3D touch which are being popular day by day
and customers are being attracted towards its innovation very rapidly.
 Telemedicine become more innovative in during the pandemic as it changed the
way the medicines was practice d. As through telecommunication technology the
medicine were given to the people who were at long distance as it established
portal to communicate.

Differentiate between different types of innovation and how they are processed
within organizations
 Disruptive innovation – It is basically a type of innovative technique and in this
strategy various types of advanced technology are heavily utilized by company.
With help of heavy use of technology organization easily increased their profit
margin and productivity at maximum level within short duration (Kempton, 2019).
The main highlight of this type of innovation is that this type of innovation is
mainly utilized or adapted by start-up companies in the segment of unnoticed
category within market.
 Incremental innovation – In this phase gradual and ceaseless increment of
products and services are involved. Due to the effective use of this type of
enhancement in current business functions, products and services firm is able to
stopped the stagnation when it effectively involved in market place (Lowe and
Feldman, 2018).
 Sustaining innovation – In comparison with other innovation it is highly strategy
regarding safeguarding the position of business in market for long duration. It is
highly focusing on small type of enhancement regarding products and services in
aspect of sustaining consumer satisfaction level. It also assists the manager of
both companies for upholding the position in market effectively (Materna and
Galieriková, 2019).
After the above analysis, it concludes that disruptive innovation is the suitable and
effective strategy for Fresh Direct in aspect of running various business functions
effectively. In this type of innovation authority is highly focusing on utilizing advanced
equipment's which supports them delivering best quality services and goods to
customers for long time. Due to the use of advanced and updated technology like
artificial intelligence assists the organization for running their whole functions smoothly
and also for identify the desires of customer's in quick manner (Obwegeser and Müller,
2018). Due to the effective use of various types of technology and this type of
innovation organization is able to fulfil the requirements or needs of the customers in
time.

But in aspect of Schwan's here authority need to focus on sustaining innovation in
their services and product effectively. Due to focusing on this type of innovation
company easily sustain their position in market for long duration. Therefore, in this type
of innovation top level management is focusing creating small type of change in their
goods and services rather than higher for sustaining their goodwill in minds of users for
long time. The main motive of using this type of innovation by firm is to develop strong
popularity in their product and services within low time by adding new and attractive
specifications (Shin, Kim and Jeong, 2018). For sustaining various types of change
effectively here authority of this company are utilized Block chain in their activities
regarding keeping fairness in their services towards consumers.
4 PS of innovation: -
This is basically innovative strategy which assists the company management in
designing the leverage innovation to drive the success of organisation. The PS of
innovation has been discussed below: -

1. Paradigm innovation: - this is basically the shifting of an underlying mental
model through change. This is being considered as the most common and the
most important form of innovation (Singh, 2020).
2. Process innovation: - this may be defied as making the changes in the way of
creating the things as well as delivered. This made a huge impact on the
profitability as well as efficiency of the firm. For example, like Wal-Mart invent
store within a store concept in response to the big box discounters.
3. Position innovation: - this change is related to the product and the services
which are introduced by the company in the market. For example, like AIRBNB
before moving into the general and traveller industry they position themselves
around conferences.
4. Product innovation: - this is being considered as the first thing which came in
the mind when the individuals talks about the innovation and conveys innovation
which are offered by the organisation (Sorenson, 2018). For example, like
Microsoft word processor in comparison to the Word Perfect is very poorer when
it first came in the market. By making changes in the product on regular basis by
the management this allows them to enjoy the competitive advantage in the
market.
Developing a Business Case
Process of Innovation - New Product Development (NPD Process)
It is basically referring to introducing new type of goods and services, sources of
supply and methods of production. In the innovation process different types of steps are
involved which are explained below –

 Idea generation and mobilization – In the stage of idea generation various
different types of ideas are created and applied by workers in the activity of
brainstorming. In context to Fresh Direct, authority required the support of their
workers in aspect of using various ideas. Due to the effective use of different
types of ideas and creativity company easily delivered unique and high quality
products to customers for long time.
 Screening and advocacy – In this stage the main role of organization is to
analyse the utilized ideas in the product for understanding its correct feasibility.
Due to conducting effective analysis management easily identified the potential
advantages and difficulties in their product and services. Therefore, in this phase
both organizations comprehend their problems which is determined at the time of
analysing the ideas.
 Experimentation – This stage assists the organization for analysing the
sustainability of various ideas effectively through both offline and online mode. In
this phase with help of effective experimentation unique type of ideas are easily
created which is arranged according to practicability and output of original ideas.
 Commercialization - In this phase the management of both organizations is
concentrating on developing their effective value in market regarding their
services and products (Thomas and Maine, 2019). Therefore, if the utilized ideas
of both organizations are worked in effective manner then definitely firm easily
develop an effective business plan which is ready for implementation. With help
of effective business plan company is able to sustain their vision, mission and
objectives in market for long time.
 Business analysis: - this stage is being considered as the most important stage
form the product development point of view. In this stage several decisions in
relation to the product has been taken. In relation to the chosen organisation, it is
very important for them to paid focus on the sales, cost and profit which are the
most important component of business analysis.

 Product development: - in this stage the idea which is written by the company
management on the paper has been converted into the product. The product is
developed as per the need as well as the requirements of customers. In relation
to the selected organisations, if new product is offered by the firm in the market
so it is very important for them to give the better satisfaction services to their
customers.
 Diffusion and implementation – It is the final process in the innovation and in
this phase various innovative ideas are finally implemented by top level
management. This procedure provides supports to online retail companies in
aspect of identifying the needs and wants of customers in quick manner. It leads
to enhance the success rate of organization at maximum level within low time.
Critically analyse the success or failure of the innovation in each online grocery
retailers
From the critical evaluation of above mentioned information it is understood that
innovation is a very important part of company for maintaining their goodwill in customer
mind for long time. Innovation is also important for achieving competitive advantage in
market and between competitors for long duration. Probable risks may be defined as
those risk which neither have certain reason behind their occurrence nor have certain
time to occur. These types of risk could be associated with any project at any time.
Some examples of probable risk are damage by fire, flood and other natural calamities
The other important point is that in innovation both companies are highly focused
technology. Because with help of technology firm easily developed or produced best
quality product within low time according to the needs and desires of customers. In
relation to Fresh Direct, it concludes that this firm required to develop changes in their
goods and services for sustaining their performance at higher rate in market in long
term. For creating various changes here management utilized AI technology because
with help of this technology firm is able to make modifications quickly. The other main
advantage for using AI is that management easily identify current needs, demands of
customer within low time. But in context to Schwan's company management always
applied innovation with help of utilizing Block chain in business functions. The main
motive of using this type of innovation by company is to solve the problems and queries

of customers within low time. The various types of innovative ideas will support the
organization for gaining data about current environmental situations, locations and
others.
Produce a detailed business case for innovation for an organisation, including
risks, benefits and ways to access funding
In respect of recommendation authority must use commercial funnel for for
enhancing innovation in their goods, procedure and services. The main aim for utilizing
this type of strategy by company is to identify and qualify their merchandises to
customers. It also supports in breaking down the journey of users from awareness stage
to buying stage. It also refers to the chronological procedure in aspect of attracting the
consumers in large number towards products and service. In relation to both firm the
Fresh Direct and Schwan's company they utilized for enhancing the sales and
performance in business -
 Attract – It is the first step where Fresh Direct can attract the consumers with
help of identifying the demand and needs of specific services and products. But
in aspect of Schwan's organization they can attract consumers with help of
solving their issues and complaints in time and with effective solution. It assumes
that consumer did not have any idea about the services and goods of company
and due to this brands are required to utilize various techniques for promoting
their ideas. Therefore, both companies should utilize cost effective techniques for
attracting their clients effectively.
 Convert – This stage aimed to converting the strangers into which assists the
customers for testing and experiencing the goods and services of organization. It
is identified that consumer have low awareness about organization and therefore,
firm required to develop beneficial techniques for upholding their strong
connections with various organizations. Schwan they can utilize emails and
phone calls for developing strong network with the various customers. But in
aspect of Fresh Direct, management must utilize their social media pages
effectively for develop strong connections with their clients in long term.

 Close – This stage aims to deal with wide range of products for boosting the
sales and revenue in the activities of business. In context to Fresh Direct they
increased their sales with help of facilitating best quality products and services to
customers through online mode(Ueasangkomsate and Jangkot, 2019). But in
aspect of Schwan's they are dealing with problems and queries of customers and
according to their problems management is providing best solutions to them in
low time.
 Delight – It is final step for online retail companies where they achieved their
customers for enhancing portfolio effectively. They are also delighted with the
exploitation of services.
Explicit action plan for the innovation
Business case may be defined as a document which assist the business
organisation in making the decision in proper manner with the aim to make the best
choices form the different ones. In relation to the Fresh Direct company business case
has been discussed below: -
Business case
 Executive summary: - An effective business case has been developed for the
chosen business organisation within which various ways has been found in order
to reduce the complexities as well as the competition. Innovation is being
considered as the most important for the success of the business organisation
and it is very crucial for all types of business organization to paid focus on this. In
relation to the Fresh Direct, a fresh and healthy drink has been introduced by the
firm. The drink which is developed by the firm is full of nutrients which energies
the person who consumes the drink. This innovation assists the company in
overcoming from the different challenges.
 Problem definition and analysis: - It has been identified that the sales of the
company have been decreasing and this is the most important issue which are
faced by them. The reasons behind this may be that they only deals in one
healthy drink and also the immense competition.

 Solution: - The best solution in order to face this problem in proper manner is
that they have to launch various types of healthy drinks in the market so that
large base of customers can attract towards the firm. In order to assure the
success of innovative idea innovation funnel must have to be used by them
which may result in enhancing their popularity and sales.
 Description of project: - The process of innovation in relation to the healthy
drink products, the management must have to make sure that all the resources
utilized in proper manner. Some important resources are R&D experts, technical
experts, flavours, equipment and many more.
 Market research: - Effective market research has been done by the company
management and the respective company is going to target all types of
customers as well as the market segments. The motive of the company is to
reach each and every age group of customers.
 Innovation risks: -
▪ Better quality – Better quality of services and products are highly
essential for fulfilling the wants of customers quickly. Assuming that they
marketed effectively that should result in high profit.
▪ Increasing productivity and reducing cost – Mostly innovations intends
to limit the expense and cost. This might be completed by enhancing the
production capacity or the flexibility in business which enables it for
utilizing the economies of scale.
 Financial analysis: -This is being considered as the most important part of the
business case. funding plays a very important role in introducing the new product
in the market. Different types of financial institution have been identified by the
firm from which they can get the capital. The options which are present in front of
Fresh Direct company for fulfilling its capital requirements has been discussed
below: -
 Bank Loan: - this is being considered as the most common way to raise
the fund. The firm have to submit different types of documents like ITR,

revenue, profits, bank statement and many more to bank in order to get
the fund.
 Loan from family and friend: -the requirement of fund can also be
fulfilling by the respective firm by taking loan from their friends and family
members. In this, repayment of the loan can be done flexibly
Risk involved in innovation -
 Competition – Innovation provides competitive advantage if challengers did not
have the potentiality to duplicate it in their own business. Whilst, patents offered
various kind of protection legally, the fact is that different types of innovative
services, product and procedures are problematic to protect (Zhang, Song and
He, 2020).
 Uncertain commercial returns – It understood that innovation did not
mandatory to involved guarantee for upcoming revenue and portfolio.
Suggestion of funding channels for the recommended innovation, supported by
analysis of business value for potential investment
The growth of business has traditionally assists by banks, venture capital and
angel investor. But sometimes the traditional techniques are not always good or
suitable. Therefore, in today's time the system of potential opportunities funding is
effectively modified. The various types of sources for generating fund in business
functions are -
 Crowd funding – It is basically defined as the collaborative system which is
essential for managing the wealth of every individual network and also for
exploiting this fund which lend to company. One of the major benefit in the aspect
of crowd funding is that here threats are limited for every stakeholder. It is also
very significant for conducting vital research before utilizing this technique. The
various advantages and disadvantages of this source are
 Family and friends – Borrowing cash from friends and family provides an
ineluctable emotional factors for investment which could be risky. The members
of the family may have more desire for having control over organization. It leads
negative impact on the performance of company effectively. Nonetheless many

business entities do successfully enhance funds from family and friends and
enjoying a range of connected goodness covering less aggressive repayment
plans.
 Peer to peer lending – It is also a one type of source which is used by
organization for borrowing money in required amount. In this method internet
plays the important role for increasing this type sites and there is huge amount of
players in market place. Peer to peer lending is worked in the form of umbrella
that encompasses diverse situations. For example, investor and enterprise are
those who used this type funding strategy effectively.
 Angel investors – It is also a one type of method where start-up and other type
of enterprises borrowed money for running their activities smoothly. These type
of sources are worked independently and sometimes as a part of big investment
group Here the involvement of risk takers are very high and those have long term
insight for value development and for undertaking banks on the company
instead.
Evaluate the different tools that organization can use to develop, retain and
protect the knowledge and intellectual property
Intellectual property is basically referred to rights of ownership which is essential
for developing as positive output with help of their original ideas. Due to the effective
use of intellectual property company is able to sustain their reputation in market for long
time. The intellectual property is protected in various ways –
 Copyrights – The main motive of using this type of method is to safeguard the
artistic and written work of the creator in long life. The various types of artistic
and creative are comes under the category of tangible resources of fresh ideas of
creator. That means ideas themselves can be a protector. Copyrights protect
various types of sources which includes novels, manuscripts, paintings, song
lyrics, sound recordings, photographs etc. In aspect of patents creator develop
the original work but registration offered copyright owner with exclusive and
improved rights.
Advantages: -

 Prevention of monetary losses: - this is being considered as one of the biggest
advantage which is enjoy by the author of original work If they copyright
registration. This, assist or protect the firm form the losses which are arises from
the copies made of original content.
 Legal Protection: - Copyright also give shelter the published work. Without this,
this become difficult for the owner to prove in the court if any case arises. It,
would not be easy for them to prove themselves right.
Disadvantages: -
 Limited protection: - this is the biggest disadvantage of the copyright. This
offers the limited protection to the individual. The copyright protect the expression
of an idea not protect the concept.
 Limited duration: - the protection which is given by the copyrights to the
individuals or the firms is no last forever. On the basis of the different factor the
duration of the copyright is depend.
 Trademark – It assist the organization for protecting symbols, logos, phrases
and words that recognized one's services and goods. It also shows that
trademark is highly essential for IP protections for company. The benefit of
trademark is that here owner have the option for enjoying sole ownership and
have full right for taking any type of decision. It also facilitates users for
identifying the company goods with help of brand symbol. But it also fact that it
also comes under the category of weakest property right.
Advantages
 The company have the sole ownership of the products and services that it
provides which helps them in creating loyal customers.
 The customers can easily differentiate the products through the trademark and
no competitors can use this mark for their products.
Disadvantages
 Once the company gets the trade mark according to its product and services
then it is necessary for the company to renew on time otherwise it will get
collapsed.

 The trademark has limited protection that is provides to products and services of
the company as it may get difficult while marketing the products because it is
very critical aspects.
 Patents – The main key in the aspect of protecting the patent is that invention
must be new and novel which shows one cannot patent something that already
exists. It facilitating the right for create barriers in various aspects. It includes
selling, copying, manufacturing and importing the invention without permission.
Due to developing these type of barriers protection is highly increased for
creators work in long term.
Advantages: -
◦ The advantage which is associated with the patent is that this gives rights to
an individual or a firm to stop others from copying, producing, selling or
importing the innovation without permission from the author.
◦ Along with this, this also allow the licensor to give license of their patent to
use. This can also be act as a source of revenue for the firm.
Disadvantages: -
 Applying for the patent is very time consuming as well as lengthy process. As
technology or market is very dynamic in nature, so this can overtake the
innovation by the time an individual get the patent.
 Applying for patent is very costly in nature. There are different types of fees as
well charges must be charged from the person who apply for the patent.
 Trade secrets – It is also a one type of intellectual property where organization
maintained their information confidentially and secretly. It is totally depend on the
economic advantage which might be gone should trade secret be stolen by a
rivalry. Here advantage is that trade secrets overcomes the disclosure of trade
secrets from others.
It has been recommended to the Fresh Direct that Patent can be used by the firm
as an intellectual property in order tom protect their rights. By utilizing this, the firm can
protect their fresh juice drink from copied. Along with this, they can also use this right as

a source of income by giving rights to the licence of producing the juice. This not only
increases the market share but also increases their revenue.

CONCLUSION
After analysing the above information, it concludes that innovation plays the
major role for replacing and recreating something in existing services and goods of
company. Innovation is also important for fulfilling the needs and desires of customers
in time. Innovation is also defined as a tool or method which provides support in aspect
of reducing the competition and also for attracting the new customers in large numbers.
There are different types of innovation methods which is adapted by the organization
and it includes radical innovation, disruptive innovation and other. The report will have
covered a business plan which is prepared for both online retail organizations to foster
innovation in their business.

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