Innovation and Commercialisation: Importance, Organizational Vision, Frugal Innovation, and More

Innovation and
commercialisation

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Innovation and determine its importance to organizations in comparison with invention..........3
Organizational vision, leadership, culture and teamwork can shape innovation and
commercialisation........................................................................................................................5
4p's of innovation supports capability and management of innovation.......................................6
Uses of the innovation funnel to examine and shape innovative ideas........................................7
Developments in frugal innovation and its uses in organizational context.................................9
Importance of commercial funnel and new product for commercialization of innovation.......10
Innovation business case for the organization...........................................................................11
Different tools organization used to develop and to protect knowledge and intellectual
property .....................................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is the execution of the ideas which can be used for adding additional values in
product it plays an important role for giving extra detail to the product. Innovation in the
organization adds additional quality and values in their product. Innovation includes practical
approach of the ideas in implementation of the product to earn the revenues for the organization.
Innovation is used for the purpose of enhancing values and details in existing product of the
organization (Lai, 2018). Commercialization is the process of promoting items for the
organization. It includes channels and medium through organization can promote their product in
the market. Commercialization gives wider options of the product to the customers it also allows
organizations to achieve their goals of success. Essence drink group UK based drink organization
started selling their product mango lassi, this product gains more success for the organization
company earned more revenues in their first two year but after completing successful two year
company started losing their revenues in their third year of marketing.
Report address the innovation and invention of new product for commercialization, also
include how organizational vision, leadership can shape innovation, 4Ps of innovation and funnel
and frugal innovation, report further describe about the commercial funnel and importance of
new product development innovation business case and different tools to protect intellectual
property.
MAIN BODY
Innovation and determine its importance to organizations in comparison with invention
Innovation is idea, creation, implementation, methods of new product development and it
is the major essential thing which require for the long term business growth and it useful for
improve company services in the competitive market (Cui, Dai and Zhang, 2021). Invention is
tool which gives or generate new idea and innovation is the solution of problem decision-making
so it's beneficial for problem solving. Development of technology advance improves the quality
of company performance. It is useful for the evaluation of new resources and gives knowledge
about customer requirement. Essence drink company wants to increase their business
performance, because they face multiple challenges when they not use new technology
advancement for customer preference. The major issue of this company is that they not focus on
new product development as well.

Essence drink company analyse their sales is decreases in third year, they analyse and
research about problem and after completion of research it's clear that they only sell single
product, so people getting bored from it. Then they decide that organization has to focuses on the
customer preference and implement some new technology advance in the marketing process.
And they apply invention and innovation for business are as follows,
Innovation:
Innovation is the process of making diversification in existing product. Application of
innovative tools and techniques increase the quality of business goods and services. It establishes
new opportunities and mainly beneficial for analysis of customer choice and preference. On the
basis of research business easily develop and implementation of new things for profit generate.
New opportunities beneficial for overall business growth and survives in the large market.
According to recent market trend people more connects with the different and unique goods and
services, and now so many individual focuses on healthy and organic product, on the basis of this
trend Essence drinks industry mainly consider and apply innovation like they produce organic
healthy mix fruit drinks product which provides benefits for long term business expansion.
Invention:
Invention is formation of new product development and company completely focuses on
the improving the quality of product with new idea (Smirnov and Willoughby, 2021). Essence
drinks organization sell healthy mango lassi, they not consider new juice, shakes invention that's
the reason this industry faces lots of issues. Its essential aspect that company consider and
develop invention in their activity. Because it improves and increase the organization
performance and expand new opportunities. Essence drink company focuses on the organic and
healthy drink so their owner and manager decides that they produce and launch organic mix fruit
juice with low sugar, so many people and children attracts with this concept. The company
develop services online as well.
On the basis of recent trend almost every individual uses multiple application in their
technology tools. Essence drink company prepares website and social media plate from, so they
supply new products on the website, and they provide online services to their customer. And they
expand their business plan with the utilization of innovation. This concept is beneficial for long
term and for increase profit as well. Essence drink company owner properly satisfy with the
application of innovation in their business activities.

Organizational vision, leadership, culture and teamwork can shape innovation and
commercialisation
Business plan prepares by the combination of multiple things which gives more
effectiveness in organization process. Essence drinks company manager, owner decide plan for
new thing development, they firstly decide that according to recent market trend which thing is
beneficial for business expansion. On the basis of the research they develop their strategy plan,
set vision, which leadership require for effective product production process and how leader
manage team work for work culture management with utilization of innovation. Its clear that
Essence drinks company prepares strategy for their new product development and expansion of
new technology dance for multiple activity improvement.
Vision:
Organisation firstly decide vision is to produce new product for survives in competitive
market in long time. Thus, they set future plan that this product will defiantly improve the profit.
Essence drink company owner prepares vision like they only provide healthy mix fruit services
to the audience and set goals for long term growth.
Leadership:
Completion of vision manager set leadership development, almost every business has
develops multiple leadership quality in their individual. Leadership is beneficial for improvement
of individual work behaviour and it improves the quality of performance. Essence drink industry
develop plan for effectiveness development in their works, they prepare strategies like they
provide training for the application of new technology advancement, company leader also
focuses on the motivation for employee because it directly increases the overall business
performance (Sonmez Cakir, Adiguzel, 2020, Analysis of Leader Effectiveness in Organization
and Knowledge Sharing Behaviour on Employees and Organizations).
Work culture:
Work culture depends on the individual performance and their behaviour, and every
company considers the product production continue with proper manner, which means its
essential that business focuses on the individual motivation for effective work behaviour because
its beneficial for improvement in business productivity (Daneshjoovash, Jafari and Khamseh,
2021).. According to culture behaviour company manager decide that they focus on their health