Innovation and Commercialisation: Importance, Types, and Techniques

Innovation and Commercialisation

Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Difference between invention and innovation.............................................................................3
Importance of innovation to the enterprise in context of leadership, vision, culture, team-work
at essence drinks..........................................................................................................................4
4P’s of innovation by using Marketing Mix................................................................................5
Development of the frugal innovation with example..................................................................9
PART 2..........................................................................................................................................10
Importance of the commercial Funnel.......................................................................................10
Application of New product development (NPD).....................................................................11
Produce the innovation business case........................................................................................13
Evaluate the different tools & techniques to develop, retain & protect intellectual property.. .14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation and commercialisation are defined the processes in which create, implement a
feasible enterprise model for purpose of innovation, product based service system. It supports to
bring a new items or services to the competitive marketplace. The report will discuss the concept
of innovation, differentiating between innovation & invention. It will determine the different
kind of innovation, identifying the range of techniques for protecting ideas. Furthermore, it will
discuss the 4P’s of innovation and how it will be used by funnel to find the innovative ideas,
assumptions. However, it will explain the significance of new product development process.
Moreover, it will examine the range of different tools and technique that uses by the essence
drink firm.
PART 1
Difference between invention and innovation
 Invention- it is defined something that has been created or made up, developing or
figuring out of innovation in the organisation. For example- A mango Laasi is the
invention of essence drink firm.
 Innovation - it refers to the business process for representing a new ideas, workflows,
techniques, methodologies and service or products.
The importance of innovation and comparison with invention
The importance of innovation which means that converting a new ideas into its finished
goods & services. To develop or create any kind of particular item that adds value to the
consumer’s lives. That’s why, the essence drink have decided to offer a healthy mango lassi at
London. It was completely a new idea because many people does not aware about the brand and
their innovative product (Barfi and Sackey, 2021). To launch a new item proper compilation and
application. It is always beneficial for people to implement a new thing. Generally, innovation
can be divided into two groups: - continuous innovation and revolutionary. These are helping to
bring positive changes and implement an advanced technology.
On the other hand, invention is related to the developing idea, assumption. Sometimes, it
cannot be replaced immediately. So, it would be required to add value of innovation and
enhancing the business capability or ability.
For example- The essence drink provide the facility of a healthy mango lassi to the
potential consumers. The aim of enterprise is to produce affordable & quality item for people. To

improve the business operations, it focuses on the new system development and helping the
business to achieve desirable goals or objectives.
On the basis of analysis, it has been identified that innovation is one of the important
factor in order to improve the performance of enterprise. A new product innovation will be
attracting more consumers to achieve the best result or outcome.
In regards of innovation and commercialisation, the essence drink firm face a challenge of
consumer finding. Due to high competition level, it is difficult thing for small business to
identify the idea customer (Brass, 2021). Even with best innovative idea related to a healthy
mango lassi. It is creating an idea of target the potential consumers. Most importantly, the
essence drink firm is largely focuses on the brand awareness which helps to generate trust with
audience. It associated with brand with innovative products & services.
Importance of innovation to the enterprise in context of leadership, vision, culture, team-work at
essence drinks.
It emphasis led by commercialisation & innovation are related to each other. It can easily
handle the critical situation where an essence drink perform excellent innovation in the form of
Mango lassi item at London (Das, 2021). In the context of essence drink, it is always gained
more benefits of community which defines a direct or indirect relationship between innovation as
well as commercialisation.
In the workplace, the innovation plays an important role to increase the level of
opportunities. A major innovators are being proactive and easily handling the complex
challenges, risks at certain point.
The company’s success depends on the business vision, leadership, team work and culture.
It is always influencing the employees to perform their tasks in proper manner. At last, it
achieved the best results or outcomes. The company’s vision is clearly described the future
aspects what an enterprise aim to become achieve a desirable objectives. For being innovation, it
must develop or create unique innovative vision for business success. It is also important to focus
on the employees and fulfil all essential needs or requirements accordingly.