Innovation & Commercialization: Importance, Strategies, Frugal Innovation, NPD, Funding

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Innovation and its importance to organisations in comparison with invention..........................3
P2 How organisational vision, leadership, culture and teamwork could shape innovation and
commercialisation............................................................................................................................4
P3 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas
..........................................................................................................................................................5
P4 Explain developments in frugal innovation and provide examples of how it is used................6
P5 Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation..................................................................7
P6 Innovation Business Case for organisation with ways to access funding................................10
P7 Organisations can use various techniques to develop, retain and protect knowledge and
intellectual property.......................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCE.................................................................................................................................13

INTRODUCTION
Innovation is considered as a continuous process of developing new product or services
for their consumers that could fulfil their wants and needs. Commercialization is the procedure
of brining new commodities into the market. The financial incentives and the market includes
other businesses which required an acceptable design and creation of the commodities, return on
investment and also a research in the competitive industry. Fresh oven bakery is taken as base
company. In the case study, one drink is launched which is a vegan lassi into the UK markets. In
this report, it covers the difference between invention and innovation. As with it, it involves
several forms of innovation with the procedure of commercialising innovation. Also, various
strategies for securing the opinion and knowing their benefits and drawbacks is mentioned.
P1 Innovation and its importance to organisations in comparison with invention
Innovation is described as the transforming of ideas to reality. Also, it could be
considered as a change which made its efforts to the commodities in effort to satisfy the need and
wants of the customers. This happens when a new and innovative product enters and elevate the
consumers’ needs by proving high quality product and services. Innovation could also be
referred to as the introducing or creating the new product, technology, methodologies and
personalization of the existing commodity for satisfying the need and demands of the customer
and market (Buenechea-Elberdin, Sáenz and Kianto, 2018). The process by which there is
contribution in transforming of the ideas into customers demanded products are comprising in
the definition of Innovation.
The function of creating, innovating and researching a new commodity or process is
known as inventions. It is the new and abstract creation that is formed with evaluating and
analysing the product. Innovation is the creating of new goods or facilities with the prospective
section to make earning and creation of the modification of commodities that are already present
for increasing the satisfying of the customers and this gaining a huge advantage (van
Geenhuizen, Holbrook and Taheri, 2018).
In the case study of Fresh oven bakery s, the organisation has gain a lot of reputation and
revenue in first two years but gradually, their sales decreases in their third year of operation due
to heavy competition. Here, the firm has to concentrate on innovation (Alunni, 2019). For getting

a competitive edge on the business, they have to increase their manufacturing process as well as
its promotion. This should be focused on the developing the new drink.
The difference between invention and innovation are as follows -
INVENTION INNOVATION
 Invention is the contemporaries of new
thoughts for the products and facilities
that has not been created by another.
 It is considered as developing of new
product.
 The product which is getting developed
has original idea
 Innovation is the implementation of the
commodities for the very first time.
 It adds value in the existing product or
service
 It is based on the applications and
implementation of the new idea
P2 How organisational vision, leadership, culture and teamwork could shape innovation and
commercialisation
Innovation and corporate capabilities has a vital role in the success as well as failure of an
organisation. Fresh oven bakery brings several innovations in its commodities which facilitates
organisation for creating a meaningful qualities in the present goods and services. This could
also be done to assists in expanding of product line by launching of a new product to capture the
customer's attention (Symeonidis, 2019). A constant innovation supports in the organisational
growth and maintaining an effective positioning. If the company is able to offer innovative and
new product or service in the market, they would be able to stand out of the crowd from its rivals
and also offers a sustainable competitive edge. The firm would analyse the present market trends
and patterns as well as the needs and demand of the customers and would finally take the
decision for launching the new product which has the ability to satisfy the consumer need and
also retain them with the company for a longer period of time.
Company's vision: Vision statement is a written commitment which comprises of main
objective and goal of the organisation which would came in existence and need to accomplish in
the future. The statement includes all activities which are defined as per the stipulated time such
as, in six to seven months, the company wants to achieve the defined goal.