Innovation and Commercialization: Importance, 4P's, Frugal Innovation

This article discusses the importance of innovation and commercialization in business, the role of organizational vision, culture, leadership, and teamwork in promoting innovation and commercialization. It also explains the difference between invention and innovation, the innovation funnel, and sources of innovation. The article further explores the 4P's of innovation and frugal innovation and their role in the business organization.

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Innovation and Commercialization
INTRODUCTION Innovation is all above concept where individual or
group of people evaluate and identify multiple factors like
innovation provides profit or new idea for effectiveness
development in business, new work development, completion of
task improvement and innovative process application and many
more. Its useful approach for different thing expansion (Taques
and et.al., 2021).
Explanation of how organizational vision and culture with leadership
and teamwork help business in innovation and
commercialization: Business innovation and commercialization
aims to help in shaping feasibility of business, the innovation in
business context means development of new product and service
whereas commercialization means introducing innovative
product and service in the market.
The innovation funnel:
The innovation funnel means continuous line or
stream of innovative idea and concepts. Funnel is
the prototypes which help business to screen the
success of the innovation product. This
innovative funnel allow business to build
strategies which design action plan for innovative
project. The innovation funnel of Ascension
Venture allow business to create strategies in the
betterment of the organization. They follow
various stages of funnel to understand the process
of the innovative product. First stage in
innovation funnel is opportunity assessment and
second step involves insight based ideation which
help business to insight the innovative idea.
Analysing different source of innovation:
Unexpected: unexpected event that occur in the business
organization drive innovation, these unexpected events are very
beneficial which help business to develop a innovative product.
Unexpected events are not a common type of source of
innovation, they are rare. Sometimes innovative product of the
business fail but this failing bring something new in the market.
Demographic changes: demographic change are always occurred
on the rare basis, this is change sometimes bring innovative idea
and plan (Robinson, 2021). Many products of the company are
designed to bring easiness to human life, some part of the
demographic are not fully developed, and if the business try to
understand the need and perception of the people, they can
develop products was never been see and used by people of that
CONCLUSION
It has been summarized form
the above reflective study that
organization when engage innovation
process in business they can achieve
good success in competitive market, and
they have power to attract audience with
effective manner. It has been also clear
invention and innovation both are
different terms innovation is new
activity and invention is huge research
for find solution and from this study it
has been properly identifies new
business development requires proper

NOTS:
Ascension venture is new business concept which is situated in UK. They mainly develop innovation idea for their business, they develop fund provide survives
in small venture who decide to dev lop business, but they don't have clear idea about cash generate for business continuity. This report will provide information
about difference between invention and innovation, organization vision, leadership work, sources of innovation and many more. This study is useful for idea
development that how business can apply innovation, and they achieve success.,
MAIN BODY
Explanation of innovation and inventions and its comparison:
Basis invention Innovation
Meaning Invention means something new which was never
been developed before. Inventions word is refer to
inventing or creating a useful thing, some
inventions have change the human life. Invention
is mainly used in scientific research, this is
theoretical aspect of creating new in the world
(Gray, and et.al., 2020)
.
Innovation means creating or developing something
new in the existing thing. Innovation simply means
something new in the context of already existing
idea. Innovation is mainly used in the business
world, people try to innovate something new in the
existing product.
Purpose Invention has only one purpose and that is to bring
something new which is never been made before.
The purpose of invention is to change the world
forever.
Innovation has multiple purpose such as designing
something new or adding new material in the existing
product to make it more useful. The purpose of the
innovation is so bring change or modification in same
or existing product. Innovation also have the purpose
to change the world forever (Iniesta and Sepúlveda,
2021).
Concept Innovation have only one concept which is to
implement original idea and theory. Concept of
inventions is fixed as they cannot be modified or
change later.
Innovation have multiple concept mainly to bring
practical implementation of idea, this idea is the
concept of the innovation. Concept of innovation is to
bring beneficial change in the product.
Use •••••••••••Inventions are been used mainly to create
something new but in business context inventions
is the strategies which are been developed by the
organization to win the market, these inventions
strategies are never been used before.
Innovation are mainly used by entrepreneurs to
develop something new, they use innovation to build
strategies in betterment of the business organization.
Innovation is a broad term in the business context
which include innovation of things at every place of
the firm. Innovation in organization can be seen in
the product and service part.
Innovation and commercialization are both plays very important role in the business organization to it is very important for business to shape them accordingly.
The vision and culture plays and vital role in bring innovation in the business and promoting commercialization such as:
Vision: the vision of very business organization is set to be clear, vision means the goals and objective which is been set by the business to achieve in a specific
time. When the organization is clear with its vision, then they can improve the innovation and commercialization of the product, these vision help business to stay
on track and guide them to innovate commercialization to win the target market (Min, Kim and Sawng, 2020).
Culture: the culture of the business organization allow them to be more dynamic in innovation and commercialization, culture plays a vital role in the business,
without a healthy and divers culture a business can not bring change. When the business organization plan to capture the target market with innovative products,
they first plan to improve the culture, this allows them to stay active and build better understanding while introducing new product in the market.
Leadership: the leadership plays an vial role in the innovation, leaders of the business organization develop innovative idea to change or create new product and
service. Effective leadership allow business to manage all the prototype and make them more dynamic in nature. When the business organization plan to
introduce or commercializing innovative product in the market, they need to have effective leadership guidance which allow them to stay stable.
Teamwork: teamwork is very important in introducing or commercializing innovative product in the market, without the team, business organization can not
complete the process of commercialization of innovative product. Effective team work help business develop innovative product and to win the target market.
When the team have the knowledge of technology in commercialization product, they can easily build various strategies to reach the audience of target market.
Latest and fastest technology is very important of the business as this help them to be more effective in introducing the product in the market.
Critical analysis of innovation and importance in the business organization:
Innovation plays a vital role in the business organization, without the innovation a business organization can not survive the market. Every business try to
develop product with great sense of innovation and creativity, business need to keep looking for innovative idea because some innovation can change the world
forever. In today's competitive world, innovation is very important, the business organization should try to research the market and understand what is the high
demand point and what product a customer or market wish to consume. Innovation can be developed through various ways mainly from the mindset of the
entrepreneur.
Explanation of 4P's of innovation:
4P's of innovation help business to develop strategies which help them to gain long term competitiveness ( Vinokurova. and Kapoor, 2020). This four p's are not
very similar to the marketing mix but they have great influence in the target market, these 4P's of innovation are:
Product: product in the innovation p's are related to the design of the product such as the innovative and creative. When the company generates innovative idea
for the product, they mainly focus on the design and usage. Product is a broad term in the business context, a business organization offer various product and
service to the market. These products and service should be innovative, business need to keep developing innovative ideas and improvement of business.
For example: black and white television is been replaced by coloured television, here television remains the same but innovation added the advancement in the
television and made it more useful product. This is the best example of product in the business organization.
Process: process means what is the method of developing such a innovative product, this is often challenging for the business organization to find out the process
of making the innovation happened to the product (Yaghubi and et.al., 2021). Process in the product concept is very wide, process of innovation means the way
through from which the product is going to get prepared and developed. Process is also means the packaging and delivering of the product, there are various
innovative ways to process the product.
Position: position means rearrange or reposition all the required to make a innovative product, some of the product just need to be reposition to become the
innovative product. Position is innovation is very important as they allow business

organization to set the position of their innovative product in the target market. Innovative product help business organization to position
themselves in the target market.
Paradigm: paradigm means the challenges and issues which arise after the introduction of the innovative product, business organization have to
understand that some innovative product need heavy changes after their implementation in the market. Many times business organization even
have to change their system after the success of the product, this happens because sometimes business create a product which have high value in
the market, for that product they even have to change the whole organization and its process.
Explanation of frugal innovation:
Frugal innovation means recollecting the value of product and its supply chain, this frugal innovation allow business to reconstruct or to redesign
the product to make it innovative and best in use. Frugal innovation help business organization to build and create new business models, this is
mainly used by the business to scale the operations and help them to practice sustainable business. There are certain factors in the frugal innovation
such as:
Reduction: a perfect frugal innovation allow business to reduce cost in the business operation, this provide organization various strategies to reduce
cost that occur in the organization. When the business try to practice frugal innovation, enhancing profit become their first part and reduction of
cost help them to survive in the market. Frugal innovation is very best for such organization who are willing to exit the market and want to try their
innovative product in the market. This frugal allow them to reduce cost as much as possible (Zhang and et.al., 2021).
Complexity: frugal business help business to reduce unnecessary feature of the product which have no use the innovation process.
The role of frugal innovation in the business organization:
The frugal innovation plays an vital role in the business organization as this help them to reduce the cost of the product and become more reliable
product in the market. This frugal innovation help organization to stay complex in the market and meet the change accordingly, the role of this
innovation help business to understand the core value of product. The main and the foremost role of the frugal innovation is to reduce the
unessential cost and features of the product to make it more innovative in the market.
. Ascension ventures management and entrepreneur decide to implement new business they decide they provide fund facilitates to small entrepreneur.
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