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

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: