Innovation & Commercialisation PDF
Added on 2020-10-22
16 Pages5438 Words98 Views
Business DevelopmentLeadership Management
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INNOVATION ANDCOMMERCIALISATION
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1. Innovation and its importance to organisation in comparison with invention.................1P2. Organisational vision, leadership, culture and teamwork shapes innovation andcommercialisation...................................................................................................................2M1. Sources of innovation and ways for fostering and developing an environment and cultureof innovation...........................................................................................................................3LO 2.................................................................................................................................................4P3. 4Ps of innovation and use of innovation funnel to examine and shape innovative ideas4P4. Developments in frugal innovation and its uses in organisation......................................6M2. Application of innovation funnel in organisational context...........................................6M3. Role of frugal innovation in organisational context.......................................................8D1. Critical analysis of how innovation is developed, embedded and measured inorganisational context.............................................................................................................8LO 3.................................................................................................................................................9P5. Importance of Commercial Funnel and application of New Product Development........9P6. Innovative Business Case and ways to access funding..................................................10M4: Detailed innovation business case................................................................................11LO 4...............................................................................................................................................11P7. Different tools used for developing, retaining and protecting knowledge and intellectualproperty.................................................................................................................................11M5. Evaluation of these tools in wider business environment.............................................12D2. Critical evaluation of nature of innovation and how organisation overcome challenges todevelop successful innovation..............................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONBusiness organisation aims at bringing innovation and creation in business activities andoperations in order to gain competitive advantage in intense competitive markets. In the modernbusiness world, invention and innovation is the primary and most important concern of everybusiness organisation. Akshay Kumar is the founder of the company Essence Drinks and it waslaunched in the UK markets with the one drink i.e. a healthy mango lassi. In the present report, importance of invention and innovation is explained. The reportdiscusses about how organisational vision, leadership, culture and teamwork helps in shapinginnovation and commercialisation (Rasmussen and Eliason, 2017). Further, the discussion isdone to identify the uses of innovation funnel and frugal innovation. Application of New ProductDevelopment is done and innovation business case is given further in the report. Range ofmethods are also discussed through which organisation can retain and protect knowledge andintellectual property rights.LO 1P1. Innovation and its importance to organisation in comparison with inventionInnovation refers to the process for bringing a new and creative idea for a productdevelopment that can lead to bring great benefits and positive impacts on the business.Innovation takes useful and innovative ideas and converts them into products and services inorder to increase the effectiveness of business operations and activities. Change and innovation isvery important in the organisational context as it is required for development and growth ofcompany in the intense competitive markets (Hohenberg and Homburg, 2019). Essence Drinkscompany gained dramatic rise in sales because of its innovative idea and effective distributioncapability. The founder of the company is Akshay Kumar who focuses on creating innovativeand new range of drinks within the lassi range in order to gain competitive advantage. EssenceDrinks aims at bringing innovation so that it can attract more customers and also grab biggermarket share. An innovative product idea can help Essence Drinks to:Make effective and efficient use of available resources,Enhancing competitiveness,Attract new and potential customers,achieving organisational goals and objectives,1
Increase market share and profitability (Walsh, Lee and Nagaoka, 2016).Invention refers to the process or action for inventing something, it may be a device,method or process. It is actually a process for actualisation of a new idea into the action. This isconsidered as secondary step for inventing a new product or services. As compared to invention, Innovation is basically dealing with bringing of new ideas forexisting product whereas, invention is the process for bringing those innovative products orservices into markets by shaping it and delivering it to customers. Essence Drinks offers mango flavoured lassi to its customers in the UK markets but it isfacing significant decrease in the sales due to entry of new competitors in the market. So,innovation of new idea and implementing into the products or services will help Essence Drinksto gain competitive advantages (Aarikka-Stenroos, 2018). Invention can be used for actualisingthe competitive advantage into the action. The company is going to launch its new product whichis Proteininfusedstrawberrydrink. For example, Essence Drinks can invent new products byadding some new features or adding distinctive facilities. Bringing distinct products into themarkets will help company to stand out from the competition and gain successful results. Inorder to invent and innovate new and creative ideas, Essence Drinks can focus on recruitingtalented people into the organisation who can come up with creative and new ideas. It can alsoprovide training and development program for employees so that they improve current skills andcapabilities and leads to put best efforts in the organisational operations and activities.Innovation deals with creation and crafting of new and creative ideas and invention helps inactualization and decoding of these new creative and new ideas (Giones and Brem, 2019). Thus,both invention and innovation are the important element for an organisation to get successfulresults and gain competitive advantages. The company in order to launch its new product“Protein infused strawberry drink” is going to make use of a variety of strategies anddevelopments techniques.P2. Organisational vision, leadership, culture and teamwork shapes innovation andcommercialisationThe main objective of innovation and invention is to effectively commercializing theproducts and services into target markets. Commercialisation refers to the process that helps inaggregating all the elements of innovation, invention, communication and marketing to the endcustomers (Datta, Mukherjee and Jessup, 2015). It is related to and concerned with launching of2
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