Innovation and Commercialisation in Essence Drinks Company

Innovation and
commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
P1 Innovation and its significance..............................................................................................3
P2 How company's culture, leadership, vision, teamwork influence innovation and
commercialisation.......................................................................................................................4
M1 Source of innovation foster environment and culture..........................................................5
D1 Analyse how innovation is embedded...................................................................................6
P3 4Ps of innovation and explain use of innovation funnel........................................................6
P4 Development in frugal innovation.........................................................................................9
M2 Innovation funnel..................................................................................................................9
M3 Role of frugal innovation....................................................................................................10
D2 Application of financial report............................................................................................10
P5 Significance of commercial funnel......................................................................................10
P6 Innovation business case......................................................................................................13
M4 Detailed innovation business case......................................................................................15
D2 Evaluate nature of innovation.............................................................................................16
P7 Tool to protect intellectual property....................................................................................16
M5 Evidence based evaluation..................................................................................................17
CONCLUSION .............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
The innovation is the practical approach of developing new idea, concert or product and
services. Innovation commercialisation is the effective process which aim to implement feasible
business model to produce innovative products and services. Innovation contributes several
advantage to the business like increasing productivity, employee satisfaction, performance and
marketing trends. Innovation cover development and application of exclusive process, product
and services, while commercialisation is the productive attempt to generate profits and sales
from innovative products and services. The commercialisation is the process by which company
introduce new product and production method in the competitive market. The innovative
commercialisation aid company to achieve competitive benefit. The innovative process
transform existing knowledge in the marketable solutions. The aim of innovation is to come up
with exclusive ideas and technologies which enhance productivity to develop effective output.
The report highlights case study of Essence Drinks company, which is founded by Akshay
kumar. The company provides healthy mango and energetic lassi drinks in parts of UK. The
report determine importance in company with comparison of invention. It explain how company
's culture, vision, teamwork and leadership shape innovation and commercialisation. The report
describe 4Ps of innovation and use of innovation funnel to evaluate innovative ideas in the
organisation. The report covers importance of commercial funnel with application of New
Product Development. It evaluate various tools which is used to protect knowledge and
intellectual property.
TASK
P1 Innovation and its significance
The innovation is the process of developing creative idea in the application of business
which accomplish demand of the competitive market. The approach of innovation aid in holding
competitive benefit and support business sustainability (Cros, 2018). The business environment
is keep on changing with the demands of customers so, innovation help company in introducing
unique and creative features in goods and services.
The invention is the application of physical creation which develop new and productive
concept. It develop business idea irrespective of verification of product commercial value. In
invention, the business idea is develop once in a while.

Basis Innovation Invention
Meaning The innovation develop
business idea that can be
execute on the frequency basis
The invention of the idea
creation is not develop before.
Concept The concept of innovation is
the applied implementation of
new business idea.
The concept is based upon
original business idea which
execute working theory.
Skilled required Innovation required marketing,
technical, and strategic skills
in the process.
The scientific skills is required
in the invention process.
Concern with It concern with combination of
products, services and process.
It focus on individual products
and process.
Occurs when It develop when necessity feel
to improvised existing
products.
Exclusive business idea
generate in the mind of
scientist.
Significance of innovation
The Essence drinks acquire largest share of market and create more sales and revenue in its
starting face of business (de Waal, 2019). The competition starts increasing in the business
market so, company need to introduced innovative approach in the existing products and
services. Invention create something new that is not developed before, whereas innovation is
improvised process which provides commercial advantage. So, The Essence drinks have to opt
innovation in its business practices for gaining competitive benefits. It concentrate on developing
innovative drinks by packaging and promotion. The company should implement innovative
development process to increase customer base, sales and profitability.