Innovation and Commercialisation - Importance, 4Ps of Innovation, Frugal Innovation

Innovation and commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................4
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................6
TASK 3............................................................................................................................................7
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.......................................7
P6 Build an Innovation Business Case for an organisation, including ways to access funding..9
TASK 4..........................................................................................................................................10
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation can be described as the practice of considering new and creative ideas for
performing business practices in an effective manner. Commercialisation is referred to the
process of managing or running product and service principally with the motive of enhancing
financial gains (Liu and et.al., 2020). It is important for organisation to consider innovation and
commercialisation while conducting business practices as it will lead to have positive impact on
attaining desired goals of business. This report is based on Essence drinks. This organisation was
founded by Akshay Kumar with the motive of providing high quality and innovative drink
products to customers. This company was developed 2 years ago and its offers only one drink
products that is a healthy mango lassi in UK Market area. This organisation has accomplished
dramatic growth and development in sales but in recent year this organisation has issues of
decrease in sales. This is due to the high competition in market area. This report includes
information regarding innovation along with its importance for business. It consists of impact of
vision, leadership, culture as well as team work for shaping innovation and commercialisation.
This includes 4 P’s of innovation and innovation funnel. It includes developments in frugal
innovation within organisation. This report consists of significance of commercial funnel as well
as application of new product development. Apart from this, different tools for retaining,
developing as well as protecting knowledge and intellectual property are determined.
MAIN BODY
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation can be define as process of creating new and creative idea, product and so on.
Innovation intends to improve or replace something that includes any process, products and
services. Innovation is critical to the progression of society as it tackles different sorts of social
1