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Unit Number and Title Unit 8: Innovation and Commercialisation
Project Title Innovation within a small business context

INTRODUCTION
In general context, innovation is known as creation of something new in existing
product. It is very important for all organisations to innovate their products in regular
interval. This ensures customers are getting something new every time and customer
satisfaction is increased. This leads to increase in sales and profits for the company. In
the following report, Chilly's company is considered which has recently designed a
modern & stylish product i.e. plastic bottle of high-performance technology and eco-
friendly benefits. This organisation was founded by Tim Bouscarle and James
Butterfield. The main objective of these two is to provide chilled water to people
when they are outside home. The present report includes discussion about 4 P's of
innovation, innovation funnel, business case and tools for protection of intellectual
properties.
TASK 1
P1
Innovation is the invention of fresh ideas, imagination and thoughts that can be
implemented in services & products. Innovation is important in organisation as it is
helpful in creation of new business models and making change in present environment
for delivering better services & products (Biemans, 2018). These innovations and
creations provide value to customers in this competitive market. Innovation is
essential in business organisations as it provides opportunity to deal in competitive
market. The management of Chilly organisation is focusing in order to formulate and
introduce a new product i.e. smart water bottle. This bottle is known as smart as it will
let you know it's time to drink water. There is application which track and monitor
intake of water by the person. These is helpful to adjust goals depending upon
external factors. Innovation in Chilly is helpful for management to make more money
and profits.
Another term is invention which is sometimes mixed with innovation, but they
both are different terms and have different meaning. Invention is defined as creation,
development, designing & discovering of various methods, process and approaches
which are not present in current market.

Difference between innovation and invention
Basis Invention Innovation
Definition
Invention is termed as
occurring of idea that creates
development in a product or
service.
Innovation is defined as
creation of new ideas that are
implemented on existing
services, products and process
of the organisation
(Innovation, 2019.).
Emphasis
Mainly it focuses on creating
new services and products.
Innovation emphasises on
developing values in product
offered.
Aspect
This is generation of ideas and
their functioning in theory. This is practical
implementation of creative &
new ideas.
Skills needed
The business owners must
have employees who have
innovative skills, scientific
skills, creativity and analytical
thinking (Etzkowitz and Zhou,
2017) .
This person must have good
marketing research abilities,
strategical thinking and
technical skills.
Occurrence
This is occurred when new
ideas come into person's mind.
This occurs when there is
requirement for improving
product or service.
Example Nikola Tesla is a great
inventor.
Ada Lovelace is name of an
innovator.
There is need of innovation in Chilly's organisation. With the help of innovation,
it includes introducing a new feature in bottles offered by them (4 Important Benefits
of Innovation in Business,2018). Successful innovation of this company is helpful for
becoming part of business strategy, where this organisation can create culture of of