Innovation and Commercialisation: Different Forms and Directions of Innovation in Organizations

Innovation and Commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
1) Difference between invention and innovation.........................................................................3
2) Description about value and importance of innovation to company & how it is embedded
within organizations leadership along with its culture................................................................3
3) Different forms and directions of innovation in organization along with 4 Ps and advise to
Essence drinks company about which form they should engage in.............................................4
4) Discussing the approaches Essence Drinks can take to process innovative ideas including
funnel and frugal with providing examples of other approaches used by other organizations. .7
5) Recommendation to Essence Drinks to derive new and innovative drinks.............................8
PART 2............................................................................................................................................8
Background of company and the problem...................................................................................8
Description about importance of using commercial funnel to provide solution by highlighting
strategic capabilities.....................................................................................................................9
Innovative business case for the company.................................................................................10
The different tools that organization can use to develop, retain and protect knowledge and
intellectual property-..................................................................................................................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation leads to growth and development of company by bringing new product in the
market or making changes in existing products. Whereas, commercialization is a process which
brings existing product to market. The project report is of Essence Drinks, a company in UK
market who is facing trouble with innovating their products. So, report will include the
difference between invention and innovation along with its different types and changes that
organization can take. Further, it will describe about 4 Ps of innovation & different approaches
they can use. Moreover, the report would also include commercial funnel to provide solution for
problems company is facing, how organization can come up with new ideas, what are the
techniques and resources required.
PART 1
1) Difference between invention and innovation.
Invention is done during the company's introduction in a new market where they come
with new, creative products and services. Moreover, this process requires skills to identify
customers needs and wants so that company can bring product according to their specifications
which can lead to improve their standard of living (Vakili and Kaplan, 2021). Along with this
organizations value in the market will also increase as company is fulfilling and meeting the
demand of customers by introducing goods on basis of their wants.
Whereas, on other hand innovation means implementation of new and innovative ideas to
an existing product or services. Through this process the company's productivity is also
increased with enhanced in its business value. Therefore, for making entity successful it will
require person with different mindset who is more creative and has ability to take risk &
implement it to typical projects in regard to flourish organizations growth.
2) Description about value and importance of innovation to company & how it is embedded
within organizations leadership along with its culture.
In any organization innovations value and importance can't be ignored & it is also crucial
because by doing this firms time, along with resources are saved which provide a competitive
advantage over other entities prevailing.
Value and importance of innovation :
1. Promotes healthy competition: Innovation provide competitive edge to innovative firms
as competitive contention leads in adoption of new products and creating both local &

global demand of their products. Therefore, will aid Essence drinks to adopt change in
their existing products for promoting goods widely so that it will lead to increase of sales.
2. Boost employees morale along with improving business performance: Innovation
lead to increase Essence drinks workers morale by taking advise from their employees to
bring changes in existing products, tools, process (Panfiluk, E, 2021). Therefore, by doing
this will help employees to gain extra incentives, perks and allowances with promotion
benefit which will encourage workers to generate more and more ideas for the benefit of
both individual & organization. Moreover, culture of doing monotonous routine work
will also be replaced by introducing new technologies, adapting learning for same.
3. Help companies to grow through innovation: In organization there occur many issues
regarding products, culture, etc. thus, innovation in these acts as a vehicle to resolve them
by taking advise from their workforce only. Therefore, finding solution of a problem by
involving subordinates will create sense of belongingness and ultimately it will lead the
company to grow.
Importance of leadership and cultural role in promoting innovation:
 Leaders main aim is to direct their employees in such a way so that goal of the Essence
drinks can be achieved and this is only possible by bringing changes in existing products
or introducing new merchandises. Therefore, this will ultimately lead to customers
satisfaction which is very important in competitive world.
 Employee development is another crucial aim of Essence drinks leaders as their team
contribute to implementation of any actions. So, company should come up with such
innovation techniques that will maximize the wealth of organization along with their
workforce personal growth.
 Leaders should motivate their team in such a way so that they will come up with an
innovative idea to bring changes in the organization's product line by meeting their
customers demand. Therefore, by introducing the ideas of modification and imposing
such alternation in existing goods will aid Essence drinks to profit maximization & cost
minimization.
 Leadership plays important role in promoting cultural and innovative role as they
continuously try to satisfy their customers by bringing new creative idea in organization
so that the objective of customer satisfaction is fulfilled along with profit maximization.