Innovation and Commercialisation: Importance, Impact of Vision, Leadership, Culture and Teamwork, 4Ps of Innovation, Frugal Innovation, and Role of Innovation Funnel

Innovation and
commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
P1 Innovation and its importance to organisation.......................................................................3
P2 How vision, leadership, culture and teamwork impact innovation and commercialisation. .4
M1 Source of innovation and organisation develop environment and culture of innovation.....5
D1 How innovation is developed, embedded and measured......................................................6
P3 4Ps of innovation and use of innovation funnel....................................................................6
P4 Development in frugal innovation.........................................................................................8
M2 Apply innovation funnel.......................................................................................................9
M3 Role of frugal innovation......................................................................................................9
D2 Produce financial reports.....................................................................................................10
P5 Importance of commercial funnel and application of NPD.................................................10
P6 Innovation business case to access funding.........................................................................13
M4 Detail innovation business case..........................................................................................14
D3 Nature of innovation............................................................................................................15
P7 Tools used by company to protect intellectual property......................................................15
M5 Support evidence based evaluation.....................................................................................16
CONCLUSION .............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Innovation is called as spark of insight that brings new product, idea or method which
accomplish demand of the community. It is the commitment of excellence towards continuous
improvement in existing products and services. The purpose of innovation is to enhance
effectiveness, competitive benefit and efficiency of organisation performance which exploit new
business idea to deliver creative value. The commercialisation is an efficient procedure that
offers new products and facilities in competitive field of the market place. It control process,
input, output, validation and analytical method for developing products which satisfy needs of
market potential. It will allow to solve problems of new offerings and then introduce them into
competitive market. In the given case study, Akshay kumar is the founder of Essence Drinks
which offers healthy mango lassi in the UK market. The report includes significance of
innovation and how it shape vision, leadership, culture and teamwork of organisation. The report
highlight 4Ps of innovation and explain innovation funnel along with its developments. It explain
importance of commercial funnel and application of New product growth. The report evaluate
several techniques that are utilised to protect knowledge and intellectual sections.
TASK
P1 Innovation and its importance to organisation
Innovation is the application of an innovative idea in the managerial practice that help in
fulfilling demand potential market place. The concept of invention help in maintaining
competitive advantages and increase scope of long term sustainability (Bretton, 2020).
Innovation is the transformation process which brings unique and productive features in the
products and services as per changing environment of company.
Invention is the form of physical creation of new idea or concept. The invention is the
creation of business idea or concept without any verification of its commercial value. It known as
occurrence of business idea regarding product or process that is not produce earlier and
innovation is the implementation of idea regarding product and services for the first time.
Basis Innovation Invention
Meaning It is the implementation of idea
for product which is done on
It is occurrence of idea for the
product which is not create

frequently basis. before.
Concept It refers practical
implementation of the new
idea.
It based on original idea and
apply working theory in the
process.
Skilled required Required strategic, technical
and marketing set of skills.
It only required scientific
skills.
Concern with Combination of several
products as well as process.
Only single product and
process.
Occurs when Necessity felt to produce
improvised product in existing
line.
New idea strikes in the mind of
scientist.
Importance of innovation
In this case, Essence drinks capture biggest market share and generate more revenue in
their starting years with the help of innovation concept. But due to increase in the competition
level company concentrate on innovation concept in its existing products and services so that
they can improve its sales ratio (Bustamante, 2020). Invention is developing something new
which does not exits before while innovation is the continuous changing aspect for the
commercial benefit so, company must adopted innovation process. Innovation develop company
offerings and help them to achieve competitive advantage. They focus to introduce innovative
drinks with influencing packaging and promotion for creation of more revenue. They utilise
innovation development process (Idea generation, mobilisation, advocacy, screening,
experimentation, commercialisation, diffusion) to develop unique selling proposition. This will
help them to improve scope of profitability and enhance customer base of the company. The
company concentrate on innovation and invention in its existing products and services in order to
grab attention of new customer base.
P2 How vision, leadership, culture and teamwork impact
The success and failure of enterprise is determine by its innovative capacity because it
will help company recognise actual demand of market and develop creative products (Carl,
2020). To maintain competitive advantage company need to brings innovative and add on