Innovation and Commercialisation: Importance of Commercial Funnel, New Product Development, IP Protection and Funding for Wisehead Productions Ltd

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation :.................................3
Build an innovation business case for Wisehead Productions Ltd including ways to access
funding:...................................................................................................................................5
Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property:.................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES:...............................................................................................................................8
Books and Journals:................................................................................................................8

INTRODUCTION
The concept is the process of making of ideas into real through introducing new goods
and services that do not exist in the market or the improvement of some type of already existed
goods and services in to more effective and efficient form. Commercialization is the process that
defines about the bringing of new goods to services in a market. It involves various types of
different activities such as marketing the product, distributing them, taking customer assurance
and feedback, selling into the market and some other important functions that comes in the
process of achieving success in the commercial market with new commodities (Cai and Li,
2018). The chosen company for the following report is Wisehead Productions Ltd, a soft drink
organization which is situated in London. This report provides a detailed focus on the areas
stated above and application of innovative concepts which can support the development of the
respective organization. Differentiation between the concepts of innovating and inventing is
included here along with discussion on classification of innovation by applying the framework of
four P of innovation. The areas associated with business innovation such as commercialization of
innovation, frugal innovation and framework for building new product are explained in this
report. In addition to this, the ways of effectively gaining financial support for business is
provided in this report using business case. The area of protecting IP of a company is also
covered in this report which includes tools that assist in safeguarding of Intellectual property
technology.
TASK
Description of significance commercial funnel with usage of NDP to support commercialization
of innovation :
The usage of commercial funnel in a company can help the firm in identifying innovative
businesses concepts which give profitable results. In addition to this, commercial funnel tells
about the needs and wants of the customers by analysing the purchasing journey of consumer.
Wisehead Productions Ltd needs to apply the 4 phases described in the :
 Awareness – The focus of this stage is to make the target audience know about the
product. In context of Wisehead Productions Ltd, there are various ways in which the
company can enhance awareness about the product such as usage of digital portals to
reach the consumers and spread information about the features of the product. In addition