Innovation and Commercialization in the Chilly Industry

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Concept of innovation and its comparison with the invention..............................................3
P2 Organisational vision, leadership, culture and teamwork can shape in innovation and
commercialization.......................................................................................................................4
LO 2.................................................................................................................................................5
P3 & M2 Four P's of innovation and use of innovation funnel...................................................5
P4 &M3 Development in frugal innovation................................................................................6
LO 3.................................................................................................................................................7
P5 Importance of the commercial funnel and application of new products development..........7
P6 &M4 Innovation business case for chilly..............................................................................8
LO 4.................................................................................................................................................9
P7 Different tools adapted by organisation in respect of undertaking the rights on intellectual
property.......................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation refers to the process of bringing new ideas and thoughts in products and
services which is different from the exiting products in market. Through this aspects, in respect
of innovation, it attract the customer towards the services and also beat competitors strategy in
respect of sustaining their business at global level (Innovation, 2019). Innovation is mainly
determined in resect of adapting the new identity in products which helps business to grow at
larger scale. Once the innovation is undertaken in business, the next step is relating to
commercialization of the new products or services in market. Through this procedure, they
attract the customer through providing the new quality or wider range of vaiti8es in products.
Present report is based upon the chilly and this concept is founded by James Butterfield and Tim
Bouscarle in 2010. This report will includes the concept relating to innovation and also its
comparison with the inventions. It also different types of innovation which shape the innovative
ideas of the business. Further the report carries with the process which is required to
commercialised innovation. Lastly the report ends up with determining the range of products
which is used in protecting the ideas and knowledge of the intellectual property.
LO 1
P1 Concept of innovation and its comparison with the invention
Innovation refer to the process of bringing new ideas, thoughts and views in existing
products or launching new products in market. Through the concept of innovation, the integrity
of the company is determined through attracting or satisfying large number of customer towards
their products or services (Antony, Setijono and Dahlgaard, 2016). The importance of innovation
in business is relating to
Increasing the productivity: Through the aspects of innovation at work place, it results in
increasing the productivity of the business by getting more sales in market.
Examine competitors strategy: Through innovation, the techniques of competitors is examined
through attracting the customer interest towards their products and retain their interest for longer
way.
Social media platform: In respect of advertising the innovation of business through online, they
can build the large customer base and also resolve the issue of the customer through online
media (Archibald and Archibald, 2016).

Thus, there are various aspects through which the comparison is undertaken in respect of
inventions such as:
Factors Inventions Innovations
Meaning Invention are mainly examined
in respect of bringing new
products in market.
Innovation are done in respect
of attempting or changing the
exiting products to determine
the new identity in market.
Protection of rights The holders of invention are
protected under the patents act
in case of bringing new
inventions (Bertoni and
Tykvová, 2015).
Usually the holder of
innovation are not protected.
Examples Telephone, electricity Computer software and
coding.
Thus, through this aspects, the innovation in respect of chilly is related to chilly bottles
which is specially designed for travellers. As their main aspects is to keep the water colesd fro 24
hours and also to reduce plastic usage in country.
P2 Organisational vision, leadership, culture and teamwork can shape in innovation and
commercialization
In context of shaping the chilly company, it undertakes various aspects through which the
procedure is undertaken such as:
Organisational vision: the main vision of the chilly is to save environment through grabbing the
reusable products. As plastic bottle harms the environment and also affects the life of the people
and animals. Thus, their main mission is to expand the business instead of facing lot of
competitors in market. They also provide eco friendly services to customer so that they can retain
their customer interest towards the services for longer time period (Coleman and MacNicol,
2016).
Leadership: Before innovating any product in market, the chilly use the participative leadership
style in which they motivates the team members to bring innovative ideas at work place and also