Innovation and Commercialisation in Business - Desklib

This report discusses the importance of innovation and commercialisation in business, different sources of innovation, 4P's of innovation, and the use of innovation funnel to shape ideas. It also provides insights into organisational vision, leadership, culture, and teamwork for innovation and commercialisation. The report includes an example of Essence Drinks and their plan to launch a new product. Subject: PRO181 Unit 8 - College/University not mentioned

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK...............................................................................................................................................4
P1 Explanation of Innovation and its importance in compare to invention................................4
Importance of innovation.................................................................................................................5
P2. Explanation of organisational vision, leadership, culture and team work shape innovation
and commercialisation................................................................................................................5
M1. Analysation of different source of innovation and ways in which organisation foster and
develop environment and culture of innovation .........................................................................6
P3. Explanation of 4P's of Innovation and use of innovation funnel for examine and shape
innovation ideas .........................................................................................................................7
P4. Explanation of development in frugal innovation and provide example of how to use it in
context of organisation ...............................................................................................................8
M2. Analysation and application of innovation funnel in context of organisation.....................9
M3. Appraise role of frugal innovation in context of organisation.............................................9
Conclusion.....................................................................................................................................10
Task 2.............................................................................................................................................10
Introduction....................................................................................................................................10
P5. Explanation of importance of commercial funnel and application of new product
development in process for commercialisation of innovation .................................................10
P6. Building an innovation business case for organisation includes access funding................12
M4. Building detailed business case which includes details of how to measure overall
effectiveness of using appropriate techniques available to test, improve and iterate ..............14
P7. Evaluation of different tools used by organisation to develop, retain and protect
knowledge and intellectual property ........................................................................................15
M5. Present support evidence based evaluation of these different tools in context of wider
business environment ...............................................................................................................15
CONCLUSION .............................................................................................................................16
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation refers to a process of introduction of new ideas, products, service, technology
in market for business development. In a business, innovation can be done by making
improvement in existing products, service and process (Ardito, 2018). Innovation provide
various benefits to business as it allows the business entity to gain competitive advantage in
market and allow the company to expand its market share. This report includes example of
Essence Drinks which is founded by Akshay Kumar. This business is planning to launching a
new product which is healthy Grapes lassi to its customers and provide them opportunity to
earn more profit in market. This project report includes study of innovation and determination of
difference between invention and innovation. It also includes explanation of different types of
innovation in business which are beneficial for business growth at the market place.
TASK
P1 Explanation of Innovation and its importance in compare to invention
Innovation: Simply said, innovation is the process of improving or replacing something
for the good of it. Every firm needs to innovate in order to stay competitive in the marketplace.
This allows customers to receive fresh and unique products from the firm, resulting in increased
consumer interest in the brand. It is not necessary for innovation to imply the creation of a new
product; rather, it may be achieved by combining different characteristics or incorporating some
novel qualities into an existing product. It's all about adding something fresh to the company's
offering.
Invention: Invention refers to the process of developing something which has never
been introduced before. It can be a device, process, contrivance or any experiments. The
invention helps a business to introduce something new in market on basis of problems faced by
customers. Invention can be done through research and development as it require scientific skills.
Invention necessitates thorough market and other field study before developing a new process
technique. In the context of a business, invention refers to the introduction of a completely new
product to the market in a way that has never been done before. People are surprised or shocked
by invention, and it provides fresh reserves for individual employees' new ideas.
Difference between Innovation and Invention-
Innovation Invention

Meaning The term "innovation" refers
to a technique or concept that
has never been employed
before by any company.
The distinction between
invention and innovation is
that invention refers to a new
concept that has been
developed in the mind of an
individual for the first time,
whereas innovation refers to a
new idea that has been
formulated in the mind of an
individual for the first time.
Occurrence In the case of a business
owner who has identified the
need to innovate in order to
achieve growth and profit,
innovation is typically
connected to a product or
service.
Invention is the process of
using a scientist's ideas to
create a new product with a
unique feature.
What is it? In order to generate a new
feature for the firm,
innovation can be done in
either an existing product or a
different and unique product
in an inventive method.
Invention is distinct from
existing ideas in that it focuses
on the production of new ones
that are entirely different from
those that have previously
been established in the market.
Importance of innovation
An organization's ability to innovate is critical since it helps them in a variety of ways. The
most significant advantage of innovation to an organisation is that it increases the company's
ability to respond to market changes and aids in the discovery of new possibilities. In addition,
innovation allows a company to gain a competitive edge by delivering better products and
services to its consumers. The third reason for the relevance of innovation in a company is that it
aids in the achievement of corporate growth objectives. Innovation aids organisations in

increasing their production and, as a result, their profitability, allowing them to accomplish their
growth objectives.
P2. Explanation of organisational vision, leadership, culture and team work shape innovation and
commercialisation
In the United Kingdom, the Essence drink firm offers a unique product called healthy
mango lassi. The company's product is new in the UK market for many people, and they have a
strong reputation for offering something original to clients. It is critical for the firm to do
effectively in the market in order to attract more and more consumers. This will necessitate
organisational adjustments in order for them to share their invention and commercialization
there. In order to achieve the necessary adjustments, the firm must focus on its vision, leadership
culture, and teamwork, which are critical components of adopting innovation in the organisation.
The following are some of the ways that an organization's vision leadership culture and
teamwork may affect its innovation and commercialization:
Vision: Vision of Essence Drinks is to increase their market share in different countries
with optimum enthusiasm (Fartash, Jahangirnia and Sadabadi, 2021). It is aiming at providing
healthy Grapes lassi to their customers in order to differentiate their products and also for
establishing goodwill for the company. Vision of company is to develop innovative products in
market for providing solution to problems of customers. The organisation is formulating various
practices which are essential for business for growth and success in market. These practices are
related to sustainability, ethics which create positive image of organisation in market.
Leadership: Leadership refers to process of influencing others in order to attain goals of
business. Leaders encourage employees which helps them to attain their goals and objectives.
Essence Drinks is an organisation which is providing variety of lassi specially Grapes Lassi to
their customers which helps them to differentiate their products from those of competitors.
(Hobbs, 2017). It is important for business to have leaders as these leaders provide guidance to
employees to adopt changes and innovation in their business. Leaders ensure organisation is
utilising their resources in effective manners and also helps to allocate resources effectively. It's
also critical to explain innovation to employees in such a way that it results in positive change in
the firm. Leaders must be able to effectively communicate the changes that the company intends
to undertake in order to avoid potential disputes as a result of the changes.

Culture: Organisation culture refers to collection of expectation, practices and values
which guide action of team members. It is one of important aspect which plays important role in
business. Essence drinks is maintaining positive culture in their organisation which promote
innovation in their organisation. It is an important factor which helps in providing shape to
commercialisation and innovation. This positive culture in organisation of Essence Drinks helps
to increase retention of employees, increase productivity of employees and also enhance brand of
company.
Team work: Team work refers to collaborative efforts of group which aims at achieving
common goals. With team working, business can complete work in effective and efficient ways
(Indradewa, Tjakraatmadja and Dhewanto, 2016). Management and leaders of Essence drinks are
focusing on promoting team work in their organisation which helps them to attain business goals.
It motivates workers and employees to work with dedication and mutual understanding in order
to attain goals of company. To bring innovation to the market with new flavoured lassis, the
Essence drink firm must operate as a team, with all of the company's teams doing team work
rather than solo labour.
M1. Analysation of different source of innovation and ways in which organisation foster and
develop environment and culture of innovation
There are several sources of innovation, including unanticipated events, demographic
shifts, new product and service expertise, and so on. The sources of innovation are extremely
beneficial to an organization's development of an innovative culture and environment. In the
instance of SMS Drinks, the sources of innovation will assist management in coming up with the
concept of giving more flavoured lassi to consumers in order to increase market growth and
competitive advantage. To build a good culture and environment of innovation, a company must
take many measures. The first is to lead from the front to their workers so that they can
comprehend the leaders' thinking. The second is to inspire and encourage people to think beyond
the box.
D1 Critically analyze how Innovation is developed, embedded and measured in an organizational
context.
Companies must have creative and talented workers in order to promote innovation in their
organisations. These individuals will assist the business in providing better innovative ideas and
implementing them in the organisation for the improvement. However, introducing new ideas

and applying them in the business does not end the process of innovation. Leaders must inspire
their workers to embrace the changes brought about by innovation in the organisation so that
innovation may be effectively implemented in the company's products and services. In the case
of essence company , employees are expected to provide ideas that will help the company deliver
greater consumer pleasure, and leaders are expected to inspire their staff to accept the changes
brought about by innovation. Following the deployment of innovation, companies must manage
and measure their innovation process, which is measured using the organization's budgeted and
actual performance.
P3. Explanation of 4P's of Innovation and use of innovation funnel for examine and shape
innovation ideas
In the recent times the importance of innovation for a business organisation has increased in a
significant manner. The business organisation should focus on innovative practices in order to
gain competitive edge in the marketplace. Four P's of innovation are important for business
development and for increasing profitability of the business. The four Ps analysis of Essence
drinks is mentioned below in detail:
 Paradigm- It is considered as intangible force in the innovation and development which
is helpful in overall development of the business (Mukherjee and Saravanan, 2019). The
paradigm is related to assumptions, values and ethics which are determined by a business
organisation in a short period of time. It is important for an innovative organisation to
develop a precise knowledge of paradigm for achieving competitive edge in the
competition.
 Place- In the corporate world place is considered as innovative location and design which
is essential in selling a product at the marketplace. The place is considered as a
geographical location selected by a business to sell different products at the marketplace.
It is important for Essence drinks to select appropriate place for the business in order to
gain competitive edge in the corporate world. Essence Drinks is providing their products
to various food market and stores which is easily accessible for customers.
 Product- In functioning of a business organisation at the marketplace, product is the
main and final commodity which is produced by a business organisation. Essence Drinks

is selling different variants of lassi like Grapes Lassi, Mango lassi in market which helps
them to earn profit in market. The essence drink company has chosen to provide a variety
of rivers and their lassi, which is not only an improvement on their current product but
also a good move in the firm's relationship with its consumers. In order to reach these
goals, the firm must put in a lot of effort, which will help them succeed.
 Process- The process is the final stage in development of an innovative product and
service which includes whole cycle of development.. Essence drinks has chosen best
process for manufacturing products in order to gain customer satisfaction and
engagement. Essence Drinks is adopting new technology which helps them to increase
their productivity in market and also reduce chances of error in hteir operation process.
This process usually necessitates the development of a new machine, such as in the case
of an Essence Drink company, which must use new machines in order to provide
different flavour Lassis to their customers, as well as offer different packaging for
different products, which is also a part of process innovation.
Innovation Funnel and its use:
Innovation funnel refers to a mechanism which includes continuous stream of innovative
ideas and prototypes that are screened for viability. Funnel management is an approach which is
used by companies in order to decide which ideas are more realistic and which are not (Momaya
and Lalwani, 2017). Innovation funnel is used for finalising action plan and strategies of
company. It includes large numbers of ideas which are analysed in order to test viability of
project. Business identify different innovative ideas among which most viable ideas is filtered
out by management of company. Essence drinks are identifying various new ideas for their
business in innovation funnel which helps to identify ideas that best suits to requirement of
business. Any firm needs an innovation funnel to find the finest ideas for the organisation so that
they may earn more from the market. It is critical for a business to consider the opinions of its
employees and to finish the study by examining their thoughts in order to implement a successful
creative concept. Essence Drinks wants to introduce new tastes to the market for its consumers,
but in order to make a successful shift in the organisation, they must first determine the taste that
customers want.

P4. Explanation of development in frugal innovation and provide example of how to use it in
context of organisation
Frugal Innovation: Frugal innovation refers to process of reducing complexity and cost
associated with products and services (Olivari, Jolly and Undseth, 2021). In this, company is
focusing on removing non-essential features, attributes from products. These products are sold
by business in developing countries where people are focused with price of products instead of
features. In this, companies is designing their products with increasing durability as there is
increase demand of durable product in market.
Use of Frugal Innovation:
Frugal innovation provide opportunity for business by converting limitation of resources
into advantage as company can remove non required features from products which saves their
cost and can offer this product in new target segment. Frugal innovation helps company with
quality products to compete with other marketing players. The frugal innovation can be used in
emerging market for targeting bottom income people and add functional incorporation for
providing benefits to different users.
Essence drinks can implement frugal innovation in order to earn more profit. This frugal
innovation can be used by companies in order to improve their performance and increasing
satisfaction of customers (Song, 2016). It allows company to provide their products in different
counties by making changes in their product. This organisation can change their packaging,
ingredients and production process in frugal innovation.
Examples of Frugal innovation used in company
 Essence drinks can use resources from local market for production of good and service
which helps to reduce cost of company. As company can buy fruits and milk from local
areas of UK instead of exporting it from different countries.
 Company can develop new flavours of fruits in lassi which helps them to differentiate
their products and also reduce cost of company.
 Essence drinks can also change their packaging as company is currently providing their
products in glass bottles. This packaging can be replaced with plastic bottlers which can
be recycles easily and provide opportunity to business to decrease their cost as plastic
packaging is cheaper than glass packaging.

M2. Analysation and application of innovation funnel in context of organisation
Innovation funnel is an important process which is adopted by business while adopting
innovation. Application of innovation Funnel helps Essence Drinks to selects best ideas which
are suitable for their business requirement (Szulczewska-Remi and Nowak-Mizgalska, 2021).
Business get numbers of ideas from their customers, employees, management, competitors and
suppliers. Business managers needs to analyse all ideas collected by them from different sources
in order to select one best ides. Managers of Essence drinks are getting different ideas form
different sources like from customers, suppliers, competitors, employees. They are adopting idea
of different flavours in lassi like Grapes lassi, mango lassi, banana lassi which suits to
requirement of customers of having healthy lassi.
M3. Appraise role of frugal innovation in context of organisation
Frugal innovation is used by business in order to eliminate unnecessary features in
company to make products more affordable for business. This process allow company to make
cheaper variants of products as they are removing some features which provide new market to
company. It plays important role in business of Essence drinks which are as follows:
Reduce cost of company: Frugal innovation helps Essence Drinks to develop cheaper
products by reducing their features which ultimately decrease cost of product (Szutowski, 2019).
Convert limitation into opportunity: Frugal innovation helps business to convert their
limitation of resources like finance, raw material, technology into opportunity as they can
eliminate some feature which allow them to sell these to their customers in affordable prices.
Conclusion
From above mentioned project report, it can be concluded that innovation includes new
ideas, product, services or improvement in existing products and service. Innovation provide
competitive advantage to business and also provide them opportunity to earn more profit in
market. It helps business to attract more customers and allow them to expand their marketing
share. Organisation has their vision, mission, team work and leadership which helps them to
provide sharp to innovation and commercialisation. Business adopt innovation funnel in order to
select best ideas among available which suits to requirement of company.

Task 2
Introduction
Innovation refers to practical implementation of ideas which results in introduction of new
products and service. It provides various competitive advantage to business which helps them to
increase sales and profit of company (Treanor, 2019). Commercialisation refers to process of
introducing new products into market which includes production, distribution, sales, marketing,
customer support and other things. This project report includes study of Essence Drinks which is
a UK based organisation. This organisation is providing different flavours of lassi to their
customers. This project report includes discussion of process required for commercial funnel
along with new product development. It consist business case along with different source of
accessing funds. It also includes evaluation of different range of method for protecting ideas and
also understand advantage and disadvantage to business.
P5. Explanation of importance of commercial funnel and application of new product
development in process for commercialisation of innovation
Commercial Funnel: Commercial funnel refers to marketing term for reflecting journey of
customers for purchasing a product. There are various steps to be included in this which depends
on sales model of company. It is used in marketing and sales of organisation which helps
managers to understand and visualise process of sales and also measure success of overall
conversion between different steps of funnel (Vesperi, 2017). It is important for business to
understand sales funnel as it is useful for visualising journey of customers from awareness to
conversion. It provides useful framework which helps to analyse business and also identify areas
for improvement. Importance of commercial funnel for business of Essence Drinks for various
reason which are mentioned below:
 It helps to select a marketing strategy: Commercial funnel helps entrepreneur to
understand various marketing tools and business model in order to get success. There are
some marketers which are focusing on customers who has made decision related to
buying product as it is easier for them to convert them in actual sales. Essence Drinks
should focus on these customers which has made decision related to purchase of their
product.

 It helps to relate with customers: Ways of business to describe their products, produce
content and talking to clients are different which create effect on of sales of product.
Sales funnel helps Essence Drinks to relate their products and service with customers
which make it easier for them to sell their products.
 Increase sales: Commercial funnel helps business to develop different marketing
strategy which helps to understand customers. It helps business to convert needs of
customers into actual sales. It also helps Essence Drinks to increase sales of company
which ultimately increase their profit.
New product development: New product development refers to a process which includes
various activities through which companies invent, develop, conceptualise and launch new
products in marketplace (Webb, Cruz and Walsh, 2017). It includes innovation, cross functional
teams, decision making and product strategy. There are various steps which is to be included in
this process of new product development. These steps of in context of Essence Drinks is
mentioned below:
Idea Generation: Idea generation refers to a process of systematic search for new product ideas.
Essence Drinks is developing numbers of ideas for their business. Managers of Essence Drinks
can generate ideas from different source like customers, competitors, suppliers and employees.
Idea Screening: Idea screening is a process which helps to filter various ideas in order to find
out best ideas which suits to requirement of business. Managers of Essence drinks in this step are
filtering ideas on basis of requirement of customers. As in idea generation they get various ideas
and among which, they has selected ideas of providing lassi in different flavours like Grapes
Lassi in order to overcome of competitiveness in market.
Concept Development and testing: In this process, managers of Essence Drinks are developing
product concept from attractive ideas. Product concept is a detail version of new product ideas
which includes information related to products as in this managers of Essence Drinks contain
detail of Grapes Lassi and also test to check feasibility of idea.
Marketing strategy development: This step includes process of designing initial marketing
strategy for products of company which helps them to introduce new product in market.
Marketing strategy adopted by Essence Drinks are related to price of Grapes lassi, planned sales
of product, promotion and many more.

Business analysis: Business analysis is a strategy in which management of an organisation can
evaluate attractiveness of new products. In this, management of Essence Drinks analyse whether
Grapes Lassi can generate sufficient profit for business. They analyse different aspect of product
like cost, profit and sales.
Product development: Product development refers to a process which is concerned with actual
product development. In this stage, manager of Essence Drink can develop actual product which
is Mango Lassi in order to sell it in market.
Test marketing: Test marketing refers to a process which includes product and proposed
marketing programme which are tested into realistic market setting. In this manager of Company
test whether Grapes lassi will generate profit and can be purchase by customers or not.
Commercialisation: It is last step in new product development process in which introduction of
new products is done in market. This stage incurred various cost on products like advertising,
sales promotion and other marketing efforts. Managers of Essence Drinks needs to invest in
various marketing activities in this stages in order to increase awareness of Grapes lassi in
market of UK.
P6. Building an innovation business case for organisation includes access funding
Executive Summary Essence drinks is an organisation which is planning to introduce new
products which is Lassi. They are provoding lassi in different
flavours like Grapes lassi and other flavours (Wimschneider,
Agarwal and Brem, 2020).
Objectives  To increase sales and profit of company.
 To introduce innovation in market to enhance satisfaction of
customers.
Solution For attainment of these objectives, Essence Drinks can introduce
new flavours in market which helps them to differentiate their
products from competitors. They are providing flavours like Grapes
Lassi, Banana Lassi, mango lassi.
Innovation Essence Drink is introducing innovation with helps of introducing
new flavours in their lassi product which includes use fresh Grapes,
mango and other fruits. It helps to enhance taste of their customers

and also to increase satisfaction of customer.
Research Company is conducting various research in market which helps them
to gather various information related to demand, requirement, needs
of customers. This research helps Managers of Essence drinks to
understand requirement of their customers and also allow them to
products products in that manner.
Funding Essence Drinks can use bank loan and Angel investor for funding of
their business.
Benefits This innovative idea provides various benefits to Essence drinks as it
helps them to attain their business objectives and also to enhance
satisfaction of customers by consuming new flavours of lassi.
Segmentation, targeting and positioning
Segmentation :- Essence Drink conducts segmentation for their innovated product, Grapes lassi.
For this purpose Essence Drinks can conducts market survey and prepares list of buyers which
require new flavours in lassi. It can adopt Geographic segmentation in order to sell their
products.
Targeting :- Essence drinks select segment of buyer who require different flavours of lassi and
demanding of healthy drink. Essence Drinks produce an innovative product which is Grapes
Lassi in order to satisfy needs of customers.
Positioning :- Positioning refers to setting of distinct image of brand in the minds of segmented
buyers. Essence drinks knowledges their segmented buyers about their innovated products by a
way of advertisement. They are positioned their products as healthy drinks which is provided by
company in different flavours.
Marketing mix of Essence drinks
Product :- Essence drinks provides vast variety of drinks and juices such as mango lassi,
pineapple lassi, grapes lassi and many types of shakes to their customers in order to eanr profit.
Price :- Essence drinks is followed the discrimination pricing policy in their organisation. Which
means that it charges different prices for each type of product. Essence drinks charges low price
for their juice section and higher prices for the soft drinks and hard drinks section. The price
parameters is different in innovated products like grapes lassi.

Place :- Essence drinks operates their business operations in those areas where they maintain a
effective supply chain. Essence drink analyse the geographical areas where the demand of their
product is high and make efforts to satisfy the demand of that geographical area.
Promotion – Essence drinks applied the digital marketing techniques to advertise their products.
It contains social media advertising, advertising campaigns in the segmented areas.
SWOT analysis
Strength Weakness
Company is new ideas of innovation. They
also has efficient employees which provide
them competitive advantage in market.
There is increasing competition in market
which create threat for profit of company.
Opportunity Threat
Essence drinks can expand their business in
different countries on basis of their innovation.
Organisation is facing threat from Brexit as
due to which government of UK has made
changes in their rules and regulation.
Ways of accessing funds: Business require funds for various reason from purchase of raw
material to paying salary to employees. In order to carry out day to day operation effectively,
business require sufficient amount of funds. There are different ways through which an
organisation can access their funds. These sources of funds for business are mentioned below:
Crowd Funding: Crowdfunding refers to practice of funding to a venture or a project
with accessing small amounts of money from numbers of people through internet. It includes use
of small amount of money from vast network of people through social media platforms (Wood,
2016). Essence Drinks can raise funds through this source as it is easy to accessible and provide
funds within less time.
Bank Loan: Bank Loan is a source of fund which is borrowed by a person or business
from bank. Raising funds through loan provide various benefits to Essence Drinks as it provides
them funds with lower interest rate and easy terms and condition. Bank loan provide flexibility to
spend money as angel investor and venture capitalist put restriction of spending money (Aliu and
Aigbavboa, 2021). It is costly source of funding as it creates burden of interest on business which
increase their cost of raising money.

Angel Investor: Angel investor refers to individual who offer funds to start-up
companies in exchange of share in business. These investors provide various benefit to Essence
Drinks like they are offering valuable knowledge and also provide guidance to their business. It
does not create burden of interest on business and also does not require need of interest (Cheung,
Shen and Meadan, 2021). But at same time, these angel investors create interference in business
which create problems for them.
M4. Building detailed business case which includes details of how to measure overall
effectiveness of using appropriate techniques available to test, improve and iterate
It is important for Essence drink to develop precise innovation in product and services in order to
sell product in marketplace. Business organisation should focus on the implementation of the
business case in order to achieve business objectives and goals. The business organisation should
implement best and ethical practices in the business case to achieve various objectives.
The Business case in detail is discussed below:
 The main objective of the Essence drink will be to achieve 30% increment in the sales by
the year 2023 (Can and Ginsburg-Block, 2021).
 Company will deploy professional and skilled workers who are competent enough to
handle different operations and activities of the business.
 Essence drink will follow precise strategy in order to manage all the activities and
functions of the business.
Measurement of performance and effectiveness: It is important for a business organisation to
use appropriate performance management tools for measuring effectiveness of the plan. Essence
drinks can use following ways of performance management:
Real time feedback: It is important for a company to take real time feedback from employees
for their strategies, policies which allow them to improve their performance (Hora and Lee,
2021). The business organisation should regularly take feedback of different employees,
customers in order to succeed in the marketplace.
P7. Evaluation of different tools used by organisation to develop, retain and protect knowledge
and intellectual property
Intellectual property refers to a category of property which includes intangible creation of
human intellect (Alfonso and Lonigan, 2021). There are various laws which protect intellectual

property which allow people to get recognition, financial benefit from their invention and
creation. It includes different rights which are as follows:
Trademark: Trademark refers to intellectual property which consist design, sign and
expression which identify specific products and services from one source to others. It can be
owned by an individual, legal entity, business organisation (Zhang, Jin and Guo, 2017). These
trademark is located on package, label, voucher and on product itself. Registration for trademark
provide various benefit to Essence Drinks as it provides them exclusive rights for trademark that
allow them to stop others for unauthorised use of trademark. It helps business to build trust
among their customers for quality of their product and also maintain goodwill. It helps business
to differentiate their products from other marking players.
Patent: Patent refers to intellectual property which provide legal right to owner to
exclude others for using or making an invention for specific period of time. It sometimes
provides competitive advantage to business as it prevent other to use it. Managers of Essence
Drinks can use this right to prevent others to use their invention. It provides opportunity to
business to compete in market on basis of their innovation.
Copyright: Copyright refers to intellectual property right which provide exclusive right
to owner to prevent others to use their creative work for a specific period of time. Creative work
includes literary, artistic, educational and musical form. It allows a person to claim for legal
damage for their copyright.
M5. Present support evidence based evaluation of these different tools in context of wider
business environment
There are different tools used by business in order to protect intellectual property of
business. These tools include Trademark, Patent and copy rights which helps a person to prevent
others to use their creative work, invention and sign, symbol and design. Description of these
tools which helps business to protect their intellectual property is mentioned below:
 Patent: Patent are used by business for purpose of protecting invention or any
improvement in existing product.
 Copyright: Copyright are used by business for purpose of protecting expression of ideas
like literary, artistic, musical work.
 Trademark: Trademark is used by business for protecting their name, symbol and image
which helps them to protect their unique product (Can and Ginsburg-Block, 2021).

CONCLUSION
From above mentioned project report, it can be concluded that innovation and commercialisation
helps business to introduce new products and service in market. It provides various benefits to
business which helps to increase sales of company. It also helps business to develop a marketing
strategy which helps to attract various customers towards business. There are different source of
funds including angel investor, crowd funding and bank loan and all these source has their own
advantage and disadvantage to business. There are also various tools used by business to protect
intellectual property including trademark, copyright and patent.

REFERENCES
Books and Journals
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