Innovation within a Small Business Context

Innovation within a small business context

INTRODUCTION
Innovation can be defined as that process in which company is engaged in bringing out the
new product and service from already existing one. The innovation which is being brought up by
company can attract consumers and also it can increase profitability of firm. It can help them in
achieving their goals and objectives. Present report will lay emphasis on Chilly, a company
which is trying to bring out new innovation which is a non-biodegradable bottle, so that use of
plastic water bottle can be reduced.
Chilly's was founded in year 2010 by James Butterfield and Tim Bouscarle with
the aim to provide the market with the availability of cold water anywhere without the use of
plastic. They aim to eliminate the use of plastic bottles which help in the development of natural
product which aims to minimise and provide eco-friendly sustainable environment. They
combined plastic bottles by increasing the performance technology and developing an eco-
friendly bottle with the benefits of a flask.
This report includes various methods and approaches used by Chilly's which explains
innovation and its importance, identifying vision, leadership, culture and teamwork which can
help in shaping up of the better organizational structure. With the 4P's of innovation strategies
needs to be defined. Development of frugal innovation which helps in increasing the sales of the
organization, use of commercial funnel for the new product development plan, developing
business case for providing pros and corns for the developing product, tools to develop the safety
of the emerging ideas are discussed.
LO1
P1 Innovation, its importance to organization in comparison with invention
Innovation refers to the new or emerging idea, a creative thought or a new method which
bring about the change within a given context. Innovation can be a better solution or an up-
gradation of an existing strategy. Innovation is carried out due to the requirements of the market,
to satisfy needs and wants of the market innovation is carried out. This aims to develop a
product, process, technology to satisfy the needs of the customers. Innovation aims to reduce the
market competition. This strategies make an up-gradation of the market. With the innovation the
ideas needs to be developed for originality and and more effectivity that results in market and
society.