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StudentNameUnitNumberandTitle08:Innovation and CommercialisationAcademicYearUnitLeaderAssignmentTitleIssueDateSubmissionDate (Formative)IVNameDeadline for assignmentsubmissionLearners Declaration:I certify that the work submitted for this unit is my own and the research sources are fully acknowledged. Learners Signature:
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1Innovation and difference between innovation and invention ..............................................1Organisational vision, leadership, culture and teamwork help in innovation andcommercialisation...................................................................................................................3LO 2 ................................................................................................................................................44 Ps of innovation:..................................................................................................................4Frugal innovation:..................................................................................................................7LO 3 ................................................................................................................................................9commercial funnel:.................................................................................................................9A commercial funnel is a framework that helps in utilisation and reformation of currentgoods by implementing several policies and plans in the organisation. This frameworkconsists of three phases..........................................................................................................9It is essential for Essence drinks to follow this kind of funnel to become successful in market.................................................................................................................................................9Innovation business case for an organisation ......................................................................11LO4 ..............................................................................................................................................12Tools used to develop, retain and protect knowledge and intellectual property .................12CONCLUSION .............................................................................................................................13REFERENCES .............................................................................................................................13
INTRODUCTIONInnovation is any change that is done in a product or service. Innovation is theprocess of changes in a product or process. It is the creation of an idea that will makeprocess of a company easier and faster (Boruah and Das, 2017). The success ofbusiness is guaranteed if a company is involved continuously in innovating its productsor processes. Commercialisation is defined as the process of launch of a new productor method of production in an industry. Commercialisation is the final stage where newideas are implemented in product or process and these are launched in markets. Thisstep includes reporting systems and financial projections. This report is based on acompany naming Essence Drinks. This was established two years ago in UK andserved Mango Lassi to customers of UK. The leader of this company is Akshay Kumar.In this report, concept of innovation and importance of innovation in organisation anddifference between invention and innovation is explained. The use of innovation funnelfor shaping innovative ideas and four P's of innovation in reference to Essence drinks isdescribed in this report. This also explains importance of commercial funnel andapplication of new product for commercialisation of innovation. This report consists ofdifferent tools used for development and retaining knowledge and intellectual property. LO 1 Innovation and difference between innovation and invention Innovation occurs when a change takes place in a company. Innovation isimportant in any company as it benefits the company for earning profits (Easter, 2019).New up gradations and innovations in technology are in need of business environmentfor succeeding the market. Moreover, invention is the creation of new and innovativechanges in existing products of the company (Difference between Invention andInnovation. 2019.). Innovation is process of creating change in product and invention iscreating a new idea for change and making product attractive. Invention and how it is created in small businessesInvention: It can be referred to as the process wherein a new product or serviceis created. Small businesses foster invention by coming up with new offerings that strive
to fulfil the needs and requirements of customers within society. These assist inenhancing the sales and profits of business.Difference between innovation and invention Invention Innovation This is the occurrence of a new and innovative ideas for a process or productthat has never been introduced before. Innovation is the implementation of ideas for a process or product. This means a new product is created. This is addition of value to already existing product or service. This is just a theoretical idea ad it requires scientific skills. This is practical implementation on innovative and new ideas. This requires technical and strategic skills. This is concerned with a single process or product. This is a combination of different products and processes. This is controlled by research and development department of the organisation. The activities involved in the implementation of making changes in the product are spreadover whole organisation. Sources of innovationAs proposed by Peter Drucker, there are seven sources of innovation, namely,the unexpected, the incongruity, process needs, demographics, industry and marketstructure change, new knowledge and changes in perception.In context of Essence Drinks, the company is experiencing decreases in sales ascustomers are bored of old Lassi that is offered to them (Ferasso, 2018). It is advisableto Akshay Kumar, the leader of Essence Drinks to innovate the existing Lassi and makesome new change in it. This change must be creative and attract customers andincrease sales.
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