Innovation and Commercialization in Essence Drinks

Innovation and
Commercialisation
1

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Explanation of innovation along with determining its importance to company in
comparison with invention..........................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................4
M1 Analyse different sources of innovation...............................................................................5
M1 Analyse the various sources of innovation and the ways in which an organization can
develop culture and environment of the organization.................................................................5
D1 Critically analyse the ways to develop, embed and measure innovation in context of an
organization.................................................................................................................................6
P3 Explain the 4Ps of innovation and e innovation funnel..........................................................6
P4 Explain developments in frugal innovation and provide examples........................................7
M2 Analyse and apply the innovation funnel..............................................................................8
M3 Appraise the role of frugal innovation..................................................................................8
P5 Explain the importance of the commercial funnel and the application of New Product
Development................................................................................................................................9
P6 Build an Innovation Business Case for an organisation.......................................................10
M4 Build a detailed Innovation Business Case.........................................................................12
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................13
M5 Present supported evidence-based evaluation of these different tools................................14
Conclusion.....................................................................................................................................14
REFERENCES..............................................................................................................................15
2

INTRODUCTION
In modern era, all business concerns deal with innovation that results in organisational
growth and development (Rasmussen and Eliason, 2017). Innovation is said to practical
execution of ideas which leads to improving current offerings of company or launching
something new in market. Likewise, commercialisation is termed to a process to introduce a
commodity or new production method into commerce so to make it available in market. For
understanding innovation and commercialisation, selected company is Essence Drinks which
was started two years ago to meet demand of market for variants of beverages and drinks.
The report explains context of innovation as well as determine difference among
innovation and invention. It further explains different innovation types, process needed for
commercialise innovation and evaluates range of methods to protect idea or intellectual property.
TASK 1
P1. Explanation of innovation along with determining its importance to company in comparison
with invention
Innovation is a process in which organizational or individual do some changes or innovate
something new in their products or services in order to develop growth of their business in
existing market. Innovation plays a vital role in order to increase the economic growth of the
business in competitive market (dos Santos Nogueira, 2021). Innovation is most importance for
the businesses in order to achieve success in today's innovated world. To increase its growth in
market Essence drinks of UK innovates a new product a Mango Lassie in order to get help to
make strong position in the market. Essence Drinks makes innovation in its offerings for creating
addition to capturing sustainable along with profitable values. The entity embed innovation by
emphasising on meeting needs of customers together with market for variants of drinks. The
importance of innovation in context of Essence Drinks are discussed below:
 For the creative development within an organisation innovation is essential that help the
organisation to learn new and innovative things for increasing its growth in the market.
Essence Drinks also do creative development with the help of their new innovation of
Mango Lassie.
 Innovation helps organisation to become popular brand in the competitive market. For
this purpose, organisation learn new and different way to become more innovative.
3

Essence drinks also learn different ways in order to innovate its new product Mango
Lassie, this will help them to become popular brand in the market.
Invention is said to novel device, composition or method (Novikov and Arbelaez-Campillo,
2021). In a company, invention concept is used in order to make something distinct that is not
been developed or introduced by others n market till date. It includes making new items as well
as finding new ways to produce things. Essence Drinks is a beverage company that invent drinks
with stimulation of imagination or devises new solutions for managing its growth. Furthermore,
managers of the entity create invention through developing ideas, writing all on paper and testing
each for making invention in whole manner. For Essence Drinks, importance of invention are as
follows:
 Invention is important for the entity as it assist in shaping overall workings through
using ideas and thoughts which are never used by others till date (Eckhardt, Ciuchta and
Carpenter, 2018). For Essence Drinks, invention is important for shaping existing
practices and operational workings in order to achieve satisfactory results for generating
revenues and profits. Through launching a novel idea or business developmental process, invention is
importance for organisation to make unique position in market because it leads to grab
attention of new customers as well as improving market shares of entity. Within Essence
Drinks, invention is important for making improvisation in customer base along with
shares in new market so to sustain growth and development.
Comparison between Innovation and Invention
Basis Innovation Invention
Skills required The skills that required to an
organisation for innovation are
strategic, marketing and
technical. Essence Drinks also
used these skills for their
innovation.
The skill that required in the
organisation for the invention
of new product is scientific.
Essence Drinks used scientific
skill for the invention of the
new things in their business.
Importance Innovation is important in the
organisation to adopt existing
Importance of Invention in the
organisation help them to
4