Solved Innovation and Commercialization Assignment

Added on - 18 Feb 2021

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Innovation andCommercialization
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Define innovation & determine its importance in comparison with invention.................3P2 Discuss how company's culture, vision, teamwork and leadership can shapecommercialization and innovation.........................................................................................4TASK 2............................................................................................................................................6P3 Explain 4Ps of innovation and discuss the use of innovation funnel................................6P4 Explain the improvement in frugal innovation.................................................................7TASK 3............................................................................................................................................8P5 Define importance of commercial funnel and application of New Product Development8P6 Develop an Innovative Business Case which involves various ways of funding...........10TASK 4..........................................................................................................................................11P7 Evaluate different tools that business entity can use to develop, retain & protect intellectualand property knowledge.......................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13Books & Journals.................................................................................................................13
INTRODUCTIONInnovation refers to a procedure of developing and implementing new thoughts or ideasin order to produce attractive and innovative goods and services. It is the method in whichorganisation develop new and innovative products by using upgraded technologies whichincrease the value of goods and services offered by company. Apart from innovation,commercialisation means launching of new and innovative goods & services at the marketplace.Along with this it includes sales, marketing, production, distribution and other essentialfunctions which leads towards the attainment of organisational goals and objectives(Afuah,2014).Chilly’s Bottle is the base company in this report which generally provides water bottle totheir customers is chosen as the base company. It is the organization which was introduced byJames Butterfield & Tim Bouscarle in the year 2010. According to the current environmentmanagers of the company decide to launch new and innovative water bottle which have SolarPowered Illuminating water bottle. In this bottle there are five to six LED lights which have theability to charge itself with the solar energy. In the present report, there are different types oftopics which are going to be covered in an effective manner.TASK 1P1 Define innovation & determine its importance in comparison with invention.Innovation:It is define as a procedure of translating a thought, invention or idea into aproduct or service which create huge amount of value at the marketplace. Each and everyorganisation use this method at some point in their in order to create attractive and unique goodsand services. In context of business, innovation often outcome when ideas and thoughts areapplied by the organisation in order to fulfil the requirements and wants of customersexpectations(Bagno, Salerno and da Silva, 2017).BasisInnovationInventionConceptIt refers to a procedure withthe help of which new andinnovative product & servicesis being launched by theorganisation at themarketplace.On the other hand, it has beensaid that invention is theprocess where the product istotally new and unique at themarketplace.
ScopeInnovation refers to themethod which takes place afterthe process of invention.In case of, invention it is themethod which is alwayshappen before innovation.ActivitiesInnovation is the processwhich is spread around all thedepartmental functions withinthe organisation.In context of invention, it is themethod which is commonlyassociated with R&Ddepartment of the company.Importance of Innovation within Chilly's Bottle:For each and every organisation, it isessential to innovate new and unique things in order to satisfy the requirement of customers(Bain and Kleinknecht, 2016). This is very important for an organisation as it will assist inenhancing their profitability at the marketplace. Importance of the innovation method are asfollows:Increased net income:Chilly's Bottle is an organisation which mainly provide waterbottles to their customers with some uniqueness. It has also been analysed that everycustomers have their own requirement which is quite different from others. In order tosatisfy the needs and demands of customers it is required by the management team ofcompany to launch new and innovative products. Therefore, managers of the companylaunchSolar Powered Illuminating water bottlewith the unique quality of having LEDlights within it. With the help of this, company will be able to gain more profitability atthe marketplace and gain various opportunities.Unique quality of company:In today's environment there are various unique productswhich is given to the customers by ample number of companies. In the context of Chilly'sBottle, manager of the company decides to provide new and innovative products to theircustomers. In this context, company launch an attractive product which isSolar PoweredIlluminating water bottlehaving LED lights within it(Biemans, 2018).P2 Discuss how company's culture, vision, teamwork and leadership can shapecommercialization and innovation.Innovation refers to the method which is one of the most essential as well as crucialelement for an organisation which will assist in increasing the profitability of the company at thecompetitive market area. In reference of Chilly's Bottle, managers offer unique quality of goods
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