Innovation & Commercialization in Hummingbird Bakery

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK...............................................................................................................................................4
P1 Discuss the meaning and importance of innovation in context to organisation........4
P2How the vision, culture, teamwork and leadership of the company shape the
innovation as well as commercialisation.............................................................................6
M1. Various Sources of invention and how businesses foster and create an environment
and culture of innovation.....................................................................................................8
D1. Innovation is developed, embedded and measured....................................................8
P3 Discuss the 4Ps of innovation and how innovation funnel use to examine and shape
advanced ideas......................................................................................................................8
M2. Analyze and apply innovation funnel.......................................................................11
P4 Explain the use of frugal innovation in relation to an organisation.........................12
M3. Review the effective role of frugal innovation in an organisation...............................12
D2. Produce the financial reports.........................................................................................12
P5 Discuss the significance of the commercial funnel and the process of New Product
Development (NPD in relation to commercialisation of innovation: -...........................13
P6 Shape an Innovation Business Case for a firm which comprises of various ways to
raise funds...........................................................................................................................16
M4. Develop a detailed innovation business case............................................................17
P7 Evaluate the different tools that organisations can use to protect the intellectual
property...............................................................................................................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
Innovation may be referring as a suitable way or process which are used by the
organisation to create new thoughts of ideas. In the field of marketing innovation plays a very
important role, this comprises several set of new products and practices which are developed
with unique application by the organisation (Hahn and et. al., 2019.). The following report is
based on the Hummingbird Bakery which is situated in London. It provides varety of balery
products to the customers at affordable price. The following report is going to cover the
importance of the commercial funnel which provide the solution of this problem. In addition to
this the analysis of the frugal innovation has also been covered in this report. The importance of
innovation and invention has also been discussed in this report. This report also covers that how
vision, culture, leadership and teamwork shape innovation and commercialisation. Along with
this a summary has been developed in this report which help in meeting the stakeholder need.
This report also covers the NPD process and including ways to access funding for the innovation
in the respective business. Furthermore, this report covers the various tools which can be used by
the respective company to protect the intellectual property and the rights for launching new ice
cream.
TASK
P1 Discuss the meaning and importance of innovation in context to organisation
 Innovation: - The term innovation may be defined as the process of presenting new
ideas and thoughts in relation to the development of the new product and the services in
the market. With the help of innovation, an organisation can effectively connect with
their consumer, as innovation within the product fulfil the need of consumer consumer
in a very effective manner. (Ho, 2019.) . In context to the Hummingbird Bakery, the
company will advertise their new product tofu icecream, which is developed with fresh
tofus and offer their consumer according to their requirement of healthiness. When the
goods and services has been developed with different set of applications then in the field
of marketing it acts as a challenge for the other company. With the help of innovation
within the management the organisation can effectively enjoy the competitive advantages
and benefits.