Innovation And Commercialisation Organization : PDF

INNOVATION
AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1.................................................................................................................................................3
P1.Innovation and its importance in comparision with invention..........................................3
P2. Role of organizational vision, leadership, culture and teamwork in innovation and
commercialization..................................................................................................................5
LO 2.................................................................................................................................................6
P3. 4ps of innovation and use of innovation funnel to examine innovative ideas to employees
in Essence Drink company.....................................................................................................6
P4. Developing frugal innovation and its use in essence drink..............................................8
LO 3.................................................................................................................................................9
P5. Importance of commercial funnel and application of new product development process to
employees in Essence Drink...................................................................................................9
Importance Of Commercial Funnel........................................................................................9
P6. Detailed innovative business case of essence drink and ways of access funding for
innovation.............................................................................................................................10
LO 4...............................................................................................................................................12
P7. Evaluation of different tools to use in developing and retaining and protecting knowledge
and Intellectual Property.......................................................................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation and commercialisation is necessarily to be adopted by every business in order
to gain competitive advantage. Organisation should come up with innovative process and also
develop its product and services to ensure to remain in competitive market. Adopting a
commercial approach of innovation and creation leads to increase the return of investment(ROI).
Essense drink company manufactures and supplies variety of drink essesnce and it is prepared by
high quality of fruits and botanicals. The products offered by essence drinks include soft drinks,
ice-creams, beverages, bakery products, stabilizers, etc. In this study report, various tools and
techniques used by organisations to adopt innovation are discussed. Importance of commercial
funnel and development of frugal innovation are also discussed further.
MAIN BODY
LO 1
P1.Innovation and its importance in comparision with invention.
Essence Drink company is based in UK and provides complete range of drink essence
and drinks are made using the finest ingredients and botanical. Essence drink formulates its
products and beverages in hygienic and clean environment and also under supervision of food
processing experts. Essence drink manufactures and exports the best quality of food products and
beverages to its customers.
The essence drink company started selling healthy mango Lassi and resulted in positive
outcomes. The company adopted innovation formula and also developed its distribution
capabilities which benefited organization to expand its market share and profits. Currently,
Essence Drink is facing decline in its sales because other competitors are providing wide range
of products and services which are luxurious and healthy and able to attract customers through
their marketing skills. Therefore, Essence Drink decided to develop its product and introduce
new products in markets. And for that company focuses on bringing innovative ideas and
techniques which can result in development of new product and it also benefits organization to
maximize its return On Investment(ROI).
Essence Drink has various number of key activities such as manufacturing, marketing,
selling and distribution, etc. This key activities are day-to-day activities handled by business
organization to generate revenue and sustain in competitive market. And Essence Drink aims at
managing its key activities in a way that it leads to bring effectiveness in operations which

further leads to maximize the Return On Investment. Essence Drink focuses on introducing a
Healthy Fruit Juice which can meet expectations of customers and attract them. For this, Essence
Drink can use innovative ideas and techniques to bring effectiveness and result in positive
outcomes. It also aims at adopting various tools and techniques of marketing that leads to attract
customers and tend them to buy the product pf essence drink. The development and innovation in
key activities will bring positive outcomes for Essence Drink(Kelly 2016. ).
INNOVATION- it is key concern of the organization and its has an inalienable role in the
development and coordination of the market. Product development, methods of management,
ways of doing work in all the human area innovation is applicable.
Importance of innovation for Essence employees
Improve efficiency- innovation help the workers by the improving working efficiency
workers can improve and expand there knowledge, they can work more effectively on their task.
Employees can deal with new ideas it will help them for their personal growth as well as for the
company. In competitive market only those employees required who has the best quality in them.
Innovation help to boost the career, for Essence company innovation help the employees by
reduced their work load and improve work quality(Janis And et.al., 2016. ).
Motivation- Employees are very interested in further development of company,
innovation help the employee by motivate them. Motivated employees feel themselves for
adopting new technology and business environment. Employee can engage with the company
long time if they get the proper training and development session. Innovation help to motivate
the employee to create the passion to learn something new. Motivated employees can work more
effectively for the company. Innovation provides many new ideas for the work it helps the
employees to diversified their working style.
Decrease work load- innovation of the product development help the employees by
reduce of the work load of the employees. Employees of the many companies have much work
load either it could be the physically or mentally, innovation help to reduce the work time which
help the employees they can work with more speed. Its help to save the energy of the employees