Innovation and Commercialisation in Essence Drinks

Innovation and
commercialisation

CONTENTS
INTRODUCTION......................................................................................................................1
PART – 1....................................................................................................................................1
Explanation of innovation and identifying its significance to the firm in comparison with
invention.................................................................................................................................1
Ways in which innovation and commercialisation can be embedded in organisational
vision, leadership, culture and teamwork...............................................................................2
Varied sources of innovation..................................................................................................3
4Ps of innovation and use of the innovation funnel for investigating as well as shaping
innovative ideas......................................................................................................................3
Developments in frugal innovation and offering examples of its uses in other organisations
................................................................................................................................................5
Recommendations of the next steps Essence Drinks should go through for deriving a new
and innovative drink...............................................................................................................5
PART – 2....................................................................................................................................6
Background to the company and the issue.............................................................................6
Explaining the importance of the commercial funnel and New Product Development (NPD)
processing for commercialisation of innovation....................................................................6
Building an innovation business case for an organization involving ways of accessing
funds.......................................................................................................................................8
Measuring the overall effectiveness utilizing suitable techniques available to test, iterate
and improve............................................................................................................................9
Overcoming the challenges for developing successful innovations.....................................10
Tools for developing, retaining and protecting the knowledge and intellectual property....10
CONCLUSION........................................................................................................................11
REFERENCES.........................................................................................................................12

TABLE OF FIGURES
Figure 1: Innovation funnel........................................................................................................4
Figure 2: Commercial Funnel....................................................................................................7

INTRODUCTION
Both commercialisation as well as innovation is being regarded as the major
component in every business. It encompasses development of ideas and also includes
development of new products in the market. Innovation is defined as the process of
determination of novel concepts plus thoughts which can be in varied forms, methods or
devices. While commercialisation comprises launching of novel products and services
manufactured in the market and making them available to the target market (Jiao and et.al.,
2018). Considering this, the current research report aims to explain the context of innovation
and process of commercialise innovation. The case study of Essence Drinks has been takes
into account for the current research purpose. The first section of the report will throw light
on difference amid innovation and invention, significance and types of innovation and ways
in which organizational leadership, culture and vision can shape innovation and invention.
The use of innovation funnel along with evolutions in frugal innovation will also be
discussed. The second section of the report will focus on significance of commercial funnel
and the application of New Product Development and will offer a business case along with
the tools for protecting intellectual property.
PART – 1
Explanation of innovation and identifying its significance to the firm in comparison with
invention
Speaking in volume in relation with innovation, it is being referred as the process of
interpreting any notion into a product or facilities which is emphasized on development of
value. Further, any notion for the purpose of becoming innovative should be replicable at
financial cost and must be emphasized towards contentment of the client explicit
requirements. In other words, it is quite complex process which comprises deliberate
application of accumulated data, thoughts as well as inventiveness concentrated on driving
high degree of value from the clients. As in the current case, Essence Drinks is offering
healthy mango lassi in the markets of UK from past two years and now, because of several
factors like alteration in the demands of the markets and preferences of the customers, they
are required to better facilitate the market and allure the interest of target audience (Biemans,
2018). For this, they are required to launch varied variants in lassi drink like mint, caramel
espresso and cardamon. It is also important for them to learn the differences between
invention and innovation and the explanation is as follows:
1