Innovation and Commercialization in Essence Drinks

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
1. Difference between invention and innovation........................................................................1
2. Importance and value of innovation to organisations and how this can be embedded within
the organisational leadership and culture....................................................................................2
3. Forms of innovation and four directions of change an organisation can take along with 4Ps
of innovation...............................................................................................................................3
4. Discuss innovation funnel and frugal innovation...................................................................5
5. Recommend next steps that Essence drink take to derive new and innovative drinks...........7
PART 2............................................................................................................................................7
Company background and the problem......................................................................................7
Explain the importance of using the commercial funnel............................................................8
A summary of the new idea for a new drinks product and how it would meet stakeholder
needs............................................................................................................................................8
Techniques for testing the effectiveness of the new drink........................................................10
Resources required for proceeding with the innovation business case e.g. funding for market
research, desk-based research, product development...............................................................10
Evaluate the different tools Essence Drinks could use to protect the intellectual property rights
of a new drink............................................................................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation defines as a process of developing new and unique ideas that helps in modify
the current product and services to attracts the attention of people of society. Therefore in
organisation innovation is crucial term to maximise market share and profits in marketplace.
Therefore commercialisation termed as those activity in which company launch new products
and services within marketplace to develops high profitable results and revenues (Zhou and et.
al., 2019). To complete this project Essence drinks is to be undertaken that is a prominent
company in UK. This company started by Mr Akshay Kumar since two years ago with only
mango lassi. By this lassi they gain high profitable results in marketplace. Therefore in recent
years company face major downfall in their profit earning and to solve this situation Akshay
wants to innovate lassi using organic plum and avocado fruit syrup with their pulp. To
effectively execute this innovation in lassi this report develops in two sections. In one sections
invention and innovation concept is explained along with culture, leadership and teamwork of
Essence drinks. It also demonstrate the innovation funnel with frugal innovation that helps in
completing innovation effectively. In second section this reprot demonstrate business case to
properly execute the innovation in lassi so that high profitable results are enjoyed by
organisation.
PART 1
1. Difference between invention and innovation
Invention defines as a creation of goods or launching of a particular process for a very
first time. This term demonstrates the idea development process or the manner of doing it.
Therefore is reflects product development activities and engineering methods. It mainly needs
scientific logic along with deep analysis of consumer needs (Liyanage and et. al., 2019). In
terms of Essence drink Mr Akshay focus on innovate lassi with plum fruit syrup with pulp lassi
that is healthy for consumers and also helps firm to encourage number of customers in small
period of time.
Innovation happens when an individual or organisation focus on improving or make
significant changes in something that is already invented. It involves develops the current ways
of processing or operate something new that is beneficial for user in various manner.
Distinct between invention and innovation
1

Basis Innovation Invention
Definition It implies execution of new idea for
current product or process for first
time.
It defines the presence of new idea
for a products and services that is
never been developed or produced
before.
Skills needed Innovation needs marketing,
strategic and technical skills
Invention needs scientific skills
Activities These activities are spread across
the organisation
It is limited to research and
development department
Examples The innovation in Essence drinks
mango lassi is plum fruit syrup with
plup lassi. In this Essence drinks
manager take help of all team
member and select the best
alternative that is healthy and
profitable in customer and company
context.
For instance- if company done
innovation in preserving lassi
bottles with color changing bottles
that is totally new innovation in
market and useful to generate huge
base of customers.
2. Importance and value of innovation to organisations and how this can be embedded within the
organisational leadership and culture
Benefits of innovation
There are several importance of innovation in context of business terms. In terms of
Essence Drinks several importance are demonstrated below:
 Grow business- The main importance of innovation is that it grow the profits and
revenues of business on which who business operations are working (Muizniece, 2020).
In context of Essence Drinks, doing innovation in lassi using plum syrup and pulp in lassi
helps in encouraging customers towards buying the lassi due to this business profits are
grown.
 Fulfil customers needs- Therefore organisation focus on innovation for fulfilling the
needs of customers. In terms of Essence Drinks, company sales is negatively affected due
to this Mr Akshay focus on done innovation in lassi using Plum syrup and pulp that is
2