Innovation and Commercialisation: Importance, Leadership, Frugal Innovation, Funding

This report discusses the importance of innovation and commercialisation for organisations, how leadership and vision shape the innovation process, frugal innovation, and ways to access funding. It also covers the 4Ps of innovation, innovation funnel, and protection of intellectual property.

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Importance of innovation for organisation in compare with invention.......................................3
Organisational vision, leadership shape the innovation and commercialization.........................4
4Ps of innovation and innovation funnel for innovative ideas....................................................5
Frugal innovation beneficial for organziation.............................................................................6
Commercial funnel and application of NPD processing with commercialization of innovation 7
Ways to access funding...............................................................................................................8
Protection of property................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is the process of adding extra values in the existing product and services.
Innovation plays an important role for any organisation to achieve their goal of success.
Commercialization is the process of promoting and advertising the product into the market. It
includes various channel through which company can easily promote their items for the sale in
their market field. Essence drink UK based drink company begin with their product mango lassi
in the market company achieve huge popularity in their first two years but it started loosing their
revenues in their third year (Pynnönen, Hallikas and Immonen, 2019).
This report consist of importance of innovation compare with invention, how leadership,
vision can shape innovation process, 4Ps of innovation and frugal and funnel innovation to shape
innovative ideas. It further discuss about importance of frugal innovation for new product
development, organisational innovation business case and tools for protect knowledge and
intellectual property.
MAIN BODY
Importance of innovation for organisation in compare with invention
Innovation is the process of modification or improvement in existing product for the
organisation. It gives special meaning to the product by adding extra features and make it look
different from the previous one. Innovation for any organisation plays an important role to
develop their brand value. While on the other hand invention is the primary step it proceed with
the ideas that never exist before. Invention is for development of new product. Essence drink
company who sells mango lassi as their major product company achieve many revenues in their
first two year but suddenly their growth stops after entering in their third year. Their brand value

is now not so popular company wants to innovation in their product by delivering different
flavour of their product in new market (Daim and Pilkington, 2018). Company did a complete
research on their customers buying behaviour and begin with their innovation plan. They have
decided to launch new apple flavoured product by applying innovation in their product.
Innovation required marketing tactics and strategic skills while invention include
scientific skills to begin with the development process. Innovation comes after invention process
both are important for the organisation. Innovation is only made when there is a need while
invention is made when the new idea generates. Essence drink begin with their new ideas of
innovation they have decided to made their product based on organic values in order to protect
the health of customer. They have decided to add apple flavour in their product, they begin to
launch many drinks with different fruit flavour so that customer again buy their product and
shows interest in their product. There are many different sources of innovation which adds
special meaning to the product which are demographic, Incongruities and New knowledge these
sources of innovation gives special meaning to essence drink group as they begin with
development process by keeping all demographics race, age factor and new technological factor
in their product.
Organisational vision, leadership shape the innovation and commercialization
For the development of any organisation vision, leadership, teamwork and culture are
plays an important role to achieve their business goals. Commercialization is the after process of
innovation which includes promotional activities. To achieve the goal essence drink group need
to improve their vision, leadership, team work to begin with innovation process in their new
development product (Anokhin).
Organisational vision:
For the growth of any organisation first need to clear the vision is organisation does not
have clear vision they will be not able to achieve success. Therefore for new product launch of
Essence drink company, they needs to clear their vision first to implement with innovation and
commercialization process. Clear vision can give the company to implement with innovation in
their product by adding apple flavour after this product will be able to start with
commercialization process through which it will promote on different medium for the sale.
Organisational leadership:

leadership comes with responsibilities for an organisation leader plays an crucial role to
manage their team or to lead them in right direction to achieve the goal of success. Leader posses
many skills therefore it will be easy for them to manage their employees (Pustovrh, Rangus and
Drnovšek, 2020). For essence drink company leadership is very important as they are loosing
their revenues so it is necessary for them to lead their employees in forward direction to achieve
their brand value.
Organisational teamwork:
Teamwork are key element for any organisation, with teamwork organisation can easily
achieve their successive goals. For essence group team work can engage more customers to their
new innovative product. Teamwork proceed with commercialization of new innovated product
for Essence group therefore teamwork is very important otherwise company will not be able to
earn back their position in their market field.
Organisational culture:
Culture decides the innovation process for any organisation. For essence group culture is
very important if their culture is not healthy and supportive then they will not be able to make
innovation in their product.
4Ps of innovation and innovation funnel for innovative ideas
When it comes to begin with innovation process organisation involves 4Ps of innovation
to begin with their development process (Barham and et.al 2020). Essence group must need to
involve 4Ps innovation and funnel innovation process to begin with innovative process of their
new item. 4Ps of innovation are-
Product:
Product for essence drink group decides the success factor therefore they need to
implement innovation ideas in their product by adding apple and different organic fruit flavour in
their product so that it will again increase the productivity for their company in the market.
Paradigm:

Essence group can make different strategies to implement innovation process in their
product. They must need to improve all their mistakes so that it will not cause problem in their
innovative process.
Process:
After finishing the paradigm and product innovation process the product is ready for the
commercialization process. It includes supplying of the product in the market (Rust, 2020).
Position:
Position is the main factor as it allows essence drink company to how they frame or
supply their product in the market for gaining their position back in their market field.
Innovation Funnel for innovative ideas:
Innovation funnel is the process of gathering information to start innovation process for
the organisation. For essence drink group they have included innovation funnel process in their
strategic plan as innovation process consists of three step in first step it gathers all the
information as for the essence drink it gathers all the information regarding their customers
buying behaviour and their competitive environment based on this information second step
segmentation proceed by eliminating non useful information and implement with useful
information after that useful idea is been carried for the innovation process (Liu and Chang,
2017). For essence group this process helped to build strong innovative plans to design their
product as they proceed to add new apple fruit flavour and different organic fruit flavour based
on the demand of the market. This process helped them to achieve good revenues for their
product in the market.
Frugal innovation beneficial for organziation
Application of new product development and redesign of existing goods and services
wants particular process, because organization not prepares any product or deliver the any
product without knowledge of audience requirements it directly impacts on the profit. So the
frugal innovation is process which provides idea about that the which available product require

new design and which product development is essential for profit generate. Basically this
innovation is beneficial for redesign the product with affordable manner (Fitria and et.al., 2021).
Essence Drinks company face so many issues for product sell. They develop new product
for generate sell and profit, because it is essential people get bored from their existing products.
So many audiences or customer believes in try different variety of product and services. That is
the reason this organization focuses on the development of new and different product from other.
They develop activities like redesign the existing product, changes in packaging of mango shack,
prepare product packaging for reuse of waste product, apply apple juice and different fruit juice
and many more. And the best part of the company is they focus on deliver organic product and
maintain proper hygiene.
Development of new machines and techniques increase the overall performance of
company and its very essential aspect for survives long term in the competitive market.
Application and development of new product beneficial for generate profit. Apple juice and other
shakes, juices develop attractiveness from audience. According to recent trend people more
attracts from the different, unique and organic product. Recently so many individual focuses on
their fitness, that is the main key and benefit they can increase their business activities
effectively.
Quality of product can directly influence the sales as well. So its very essential aspect for
Essene Drink company that they focus on delivery of so many verities of juices, it definitely
increases the business performance. Also, company add in their product packaging with brief
description so people can easily understand adopt quantity and quality of product. Its very
essential term that organization consider it for survives in the long term. Adding new things and
development of new juice shakes and many more different organic products are useful for
business performance.
Commercial funnel and application of NPD processing with commercialization of innovation
Commercial funnel is beneficial tool for marketing which is uses by the company to
identify and convince to the customer for the product buy. Idea about target audience gives more
affective result. Its beneficial that organization use this tools for increase the customer attraction.
Because almost every one knows that effective marketing techniques is very beneficial for
organization new opportunity development. Essence drink company use so many techniques for
customer attraction and convince them to product buy (Pandeya, Daim and Marotzke, 2021).

Apple juice and other shakes and promotion provide good result. So its essential that Essence
drink apply the technique for generate their profit with effective manner, because this concept
gives more customer attraction.
Application of new product develop is the most expensive thing for most of the
organization. But according to recent trend company can develop new strategy like digital
marketing, social media tools, website marketing and many more. So its very essential thing that
company generate the social media application for effective marketing of product and services.
Essence drink company has to consider this thing for their product marketing.
Commercialization is the process of introducing of new product, where organization
launch their product or provide goods in market with effective manner. New product
development wants so many exercise like innovative advertisings on technological tools, uses of
digital marketing tool etc. It's basically requires for the product distribution in market. With the
help of innovation is very easier process every company can easily do commercialization of the
product (Ferreras-Méndez and et.al., 2021).
New digital marketing technological tools beneficial for Essence drink company because
recently most of the people uses the social media and online platform for product buying. So its
very fruitful aspect for new product development. Advertisement for new product is major
challenge but with the proper knowledge of the digital marketing tool techniques organization
defiantly influence the sales. Essence drink company use the tools for the product launch, and
they have to prepare new website as well because they have multiple type of product and juice.
So its very good factor that they can develop their new product with effective manner, with
proper utilization of digital marketing advertising techniques. Essence drink or any other
company has to focuses on the effective advertising for product because the overall profit totally
depends on it.
Ways to access funding
The organisation is moving ahead in terms of development and therefore it is necessary that the
new product which is going to be implemented and will have to be evaluated have to follow
certain basics and it will start with funding. Without a proper funding the organisation cannot
establish its target and goals and that is necessary for people to invest upon. Moving ahead with a
start-up dream is nevertheless one in a million kind of entity and sources of funding also play a
major role in determining the new product which will have to be released. The different types of

funding for startups which are oriented into bringing about its customer base upon all the
products that are derived are as follows:
Crowdfunding: crowdfunding is mostly seen in various startups. This is necessary when the
organisation cannot move ahead with the expenses and it will have to also introduce its product
category and the funding can therefore be derived by raising a campaign that can bring about
proper funds (Alston and et.al, 2021). This can also be a kick start to the startup through which it
can move ahead in deriving different products. The crowd funding is not a usual one but it will
be the best click when it comes to the sources of funding. Crowdfunding can usually be carry
forwarded by creating a video that will enhance people to understand the formulations that the
organisation is usually dealing with. This can also reach the investor that are especially investing
up on different startups and it new ideas. In this regard there are certain formulation that will
have to be followed and the privacy will also have to be maintained by not disclosing every
information that is present in the organisation.
Angel investor: Angel investors are usually the ones that are mostly investing up on companies in
the initiation stage. These are called Angels because they start with the initiation which is one of
the biggest step that will have to be committed by the organisation. Angel investors are also the
means that are necessary for this particular organisation in order to move ahead with the
prominence of establishing its standard and also bring about a new product which is oriented
with a lot of resources that are cost effective. What is the organisation will have to first search
for those that are in relationship and are so trustworthy. Then the right deal get started and the
company can get as much profit as it can (Wang and et.al, 2018).
Venture capital firm: venture capital firm is one of the ways of raising fund because the liability
that is gained by partnership is said to be one of the durable measure and it also increases the
potential up to which the organisation can get a high return on investment. This is mostly
preferred by startups because funds are a major criteria for these startups in order to build and
equity that is oriented with different websites as well as the pitching sessions. To get into
partnerships and to develop the venture capital it is first necessary that the organisation will have
to identify its requirement. Then the requirement which is identified can therefore be put into
investment such that this program that is derived to bring about a new variation in the
organisation can therefore be achieved. The return can also be granted upon bringing about
different formulations that are necessary to double the money.

Startup incubator: this is mostly derived by the accelerator program because the incubators are
those that are simply putting their mechanism into deriving the equity that will determine
funding status. Most of the partners are the involvement criteria of investor are not prone to bring
about an accelerator program unless and until there is an expert advice. In order to run this
program it is also necessary that the significant changes will first have to be identified and it is
also important to move ahead with sustainable business atmosphere.
Protection of property
Intellectual property is derived to be one of the intangible mechanism that is oriented with
different considerations like that of copyrights patents trademarks and trade secrets. This will
have to be guided as well as to be approached on a better possible manner such that the property
that is in regard to the organisation can be safeguarded. In this regard certain ways to protect
intellectual property are as follows:
Register for copyrights: the first step to move ahead with intellectual property right is to bringing
the consideration of copyright criteria. The copyrights with regard to logos as well as the name
can be taken into consideration by this particular right because it is not until when the copyrights
are gained by the organisation that it can get protected from the infringement (Witteman and
et.al, 2019).
Trademark: this is one of the important criteria for marketing strategy where there is an
identification for images as well as the company assets. Sometimes there can be an improvement
over different images as well as the company logos and designs. This can be safeguarded and can
be protected by commercial means and that can only be done with respect to trademark. When it
comes to this particular formulation the organisation can prepare steps in order to ensure that
there is an extensive mechanism that is included which will also include the rights and legal
procedure. Upon this declaration the organisation can get a Trademark which is one of the
important mechanism.
Licence contracts for employees and partners: this is to ensure that the data which is contained in
the organisation will not be disclosed to people all around (Zhang and et.al, 2018). Since the
organisation is into bringing about new products that are related to drinks there are certain
organisations that can copy the formulations that are included in the organisation and this can
also be done by employees as well as certain partners at instances. With an agreement that is

bringing about the confidentiality over the different parameters can create a protection that is
necessary for the organisation to stay connected with its products.
CONCLUSION
From the above report it is concluded that innovation and commercialisation process
played an important role for any organisation for the growth of their business. Innovation helped
the organisation to give extra meaning to their product, innovation made according to the
customers recommendations. Commercialization process helped organisation to promote their
products through different medium. By use of different source of innovation and tools as frugal
and funnel innovation added the special meaning to the product. Any organisation could include
sources of innovation in the development process of their product so that it will earn more
revenues and support in the market.

REFERENCES
Books and Journals
Alston and et.al, 2021. The Term Funding Facility. RBA Bulletin, December, viewed. 28.
Anokhin, O., New invention with innovation technology.
Barham, H. and et.al 2020. The role of management support for the implementation of open
innovation practices in firms. Technology in Society. 63. p.101282.
Daim, T.U. and Pilkington, J.R.A. eds., 2018. Innovation Discovery: Network Analysis of
Research and Invention Activity for Technology Management.
Ferreras-Méndez, J. L., and et.al., 2021. Entrepreneurial orientation and new product
development performance in SMEs: The mediating role of business model
innovation. Technovation. 108. p.102325.
Fitria, D., and et.al., 2021. Training The Utilization Of Palm Oil Waste Supporting Village
Community Economy. International Journal of Science, Technology & Management. 2(4).
pp.1234-1248.
Liu, H.Y. and Chang, C.C., 2017. Effectiveness of 4Ps creativity teaching for college students: a
systematic review and meta-analysis. Creative Education. 8(06). p.857.
Pandeya, G. R., Daim, T. U. and Marotzke, A., 2021. A Strategy Roadmap for Post-quantum
Cryptography. Roadmapping Future: Technologies, Products and Services. pp.171-207.
Pustovrh, A., Rangus, K. and Drnovšek, M., 2020. The role of open innovation in developing an
entrepreneurial support ecosystem. Technological forecasting and social change. 152.
p.119892.
Pynnönen, M., Hallikas, J. and Immonen, M., 2019. Innovation commercialisation: processes,
tools and implications. In Advances in Systematic Creativity (pp. 341-366). Palgrave
Macmillan, Cham.
Wang and et.al, 2018. Funding model and creativity in science: Competitive versus block
funding and status contingency effects. Research Policy. 47(6). pp.1070-1083.
Witteman and et.al, 2019. Are gender gaps due to evaluations of the applicant or the science? A
natural experiment at a national funding agency. The Lancet. 393(10171). pp.531-540.

Zhang and et.al, 2018, May. Protecting intellectual property of deep neural networks with
watermarking. In Proceedings of the 2018 on Asia Conference on Computer and
Communications Security (pp. 159-172).
Rust, R.T., 2020. The future of marketing. International Journal of Research in Marketing. 37(1).
pp.15-26.