Innovation & Commercialisation Concept

Innovation
and
Commercialisation

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 The concept of Innovation and its importance to the organization in comparison with
invention......................................................................................................................................4
P2 The impact of organizational vision, leadership, culture and teamwork in shaping
Innovation and commercialization. ............................................................................................6
TASK 2............................................................................................................................................7
P3 The 4Ps of innovation and the use of innovation funnel to examine and shape innovative
ideas............................................................................................................................................7
P4 Frugal Innovation Principles and its examples in organizational context. ...........................9
TASK 3..........................................................................................................................................10
P5 The importance of commercial funnel and application of New Product Development
processing for Commercialization of Innovation. ....................................................................10
P6 Innovation business case for Essence Drinks Company along sources to access of funds 12
TASK 4..........................................................................................................................................13
P7 Tools used by the organization in order to protect its intellectual property and Knowledge.
...................................................................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is a process of discovering new ideas and strategies in order to make the new
product that could lead the success and growth of the organization and its business. Invention is
the process of generating new ideas as well as implementing those ideas and carrying out the
different activities in order to make a new product it is the completion of innovation process. The
report will highlight on the difference between innovation and invention process. Further it will
focus on types of innovation and process of commercialising innovation. The report will also
mention the different ideas and techniques used to protect the rights of innovating a new product.
TASK 1
P1 The concept of Innovation and its importance to the organization in comparison with
invention.
Innovation- Innovation is a process of finding out new ideas about the products which will
further have positive impact on the growth and success of the organization. There are different
activities that supports innovation process, such as market research, identification of customer
needs and creative thinking of the company.
Invention- Invention can be defined as a whole process of generating ideas and techniques
for the developing any new product or process in such a way as it has never been developed
before.
Comparison between Innovation and Invention :-