Inovation and comercialisation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1 Innovation and the difference between invention and innovation......................................3
LO2 Different types of innovation..............................................................................................6
LO3 Process required to commercialisation innovation.............................................................8
LO4 Rang of methods for protecting ideas and advantages/disadvantages..............................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation can be described as process that company uses for creating something new in
their existing product and after the implementation new things in same old product company
launch this product into market, which is known as commercialization (Rasmussen and Eliason,
2017). The both are important term which are used by various organization for successful,
growth and sustainability in market.
Chilly's company is founded by the James Butterfield and Tim Bouscarle in 2010. The
aim of this company is providing water bottle to their customers. Study will explain significance
of implementing innovative at workplace. This study will also describe 4P's of innovation, frugal
innovation, and also explain their examples. It will also explain process of NPD and also develop
business case for an organization.
LO1 Explanation of difference between innovation and invention
Invention: An invention is different and original device, process, composition or systematic
process. Invention is something like instrumentation or procedure that has been design or made
up, or the systematically process of shaping or making up thing of calculation out a way to do
something. Invention is also, known as creating something new which never happen before
(Henttonen and Lehtimäki, 2017).
Innovation: Innovation means add some new changes in the same or old products. In the
innovation process person will modify the old product by creating or making some changes in
the old product. With the of innovation old things and products are change in the new scenario.
In the others words, creating changes in the existing products in known as innovation.
Innovation and its significance
Innovation is essential thing that help company to improve quality and performance to
great extent. Because by creating something challenging give a chance to organization to sustain
the market. Because by creating something new company can use this innovative idea for
improving their production, brand and also give competition to their competitors in the market.
Innovation also helping an organization for making loyal customer relationship (Henttonen and
Lehtimäki, 2017). Because nowadays, it is very difficult task to sustain their customers. It is
beneficial in serving consumers well. For an example, by the using the method of innovation
Chilly company can attract more customers towards their water bottle product. Because they are
providing new and novel type product within market.

Invention importance: Invention is an important thing for an organization. It can be helpful for
the company to solve any kind of practical problem. With the help of invention, company can
introduce those types of products and techniques by company can solve their problems.
Inventions are also helped company to fulfilling the basic needs (Henttonen and Lehtimäki,
2017). Also, inventions help organization to reduce the any kind of complexity which is
appeared during the work. For an example, Chilly organization can use invention. It will support
company can reduce the competition in the market by design new types of water bottle which
give challenges to the competitors in the market.
Difference between innovation and inventions:
Basis Innovation Invention
Concept The concept of innovation is
base on implementation of
practical idea or a new idea, by
which organization or
company can grow and
become successful.
Whereas, inventions concept
is the base on the real idea.
In this concept all things are
implemented at the first
time.
Skills In innovation process
marketing, strategic and
technical skills are required
(Henttonen and Lehtimäki,
2017). Because in this process
changes are happened in the
existing products and services.
For the inventions scientific
and systematic skills are
required, because everything
is creating is very first time
and for this scientific
methods are required for the
successful implementation.
Activities In inventions process complete
organization are involved.
But in the innovation
procedure only Research
and development team are
involved.
Examples For an example Chilly
company design those types of
plastic bottles which are easily
Whereas, chilly innovate
those types of products and
machinery which are