Innovation & Commercialization of Waste or Recycling System

Innovation & commercialization
of a waste or recycling system

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1 ...........................................................................................................................................3
P1 Innovation and its importance for organisation and it comparison with invention...............3
P2 Organisational vision, culture, teamwork, leadership shape innovation and
commercialisation.......................................................................................................................4
P3 4Ps of innovation and the use of innovation funnel for examine right innovate ideas..........5
P4 Developments in frugal innovation with example to implement them in organisational
context.........................................................................................................................................7
PART 2............................................................................................................................................8
P5 Importance of commercial funnel and the implement of new product development............8
P6 Innovation business case for the organisation along with their funding methods.................9
P7 Different tools used by organisation for developing, retaining, protecting knowledge.......11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
The term innovation relates with new ideas, though and creative imaginations that helps
to improve devices, methods and processes for performing work that helps to meet with
requirements of current market. Innovation is most important source for organisation that leads
company to survive in competitive market for longer period. The main motive for innovation is
to meet with needs and wants of customers with in proper manner through organisation research
activities. Commercialisation is also an important aspects that leads business to work with
innovative ideas and convert them into viable products (Aloini and et. al., 2015). This report is
composed from point view of Bigbelly that is a solar powered waste material compacting
manufacture. It is located in US and design smart recycling solutions for large public spaces.
Moreover, this report highlights on difference between innovation as well as invention. Along
with this types of innovation and 4P's of innovation will also be covered in this report. In the last,
stages of new product development and there commercialisation with methods of innovation will
also discuss in this report.
PART 1
P1 Innovation and its importance for organisation and it comparison with invention
Invention- It relates with the concept of something new that never exists in market as a
form of a device, product or service. Like, Bigbelly introduce smart solar powered and sensor
equipped waste materials that is used for recycling the waste and manufactures new recycling
methods to perform work in efficient manner.
Innovation- With innovation process an organisation introduces in the existing products
or services through adding some new features that directly enhances products value. Example-
management of Bigbelly consider its work through introducing organic waste methods that
includes recycle leftover food items as it is used to convert into fertilizer. The main concern to
implement innovation by SME is to gain desired position in market.
Importance of innovation- This helps organisation to improve its own products by
adding into more valuable feature which leads company to gain competitive advantage in market
(Bagno and et. al., 2017). Along with this innovation also help company to increase their market
share effectively.