Unit 08 : Innovation and Commercialisation

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AssignmentBrief – BTEC (RQF)HigherNationalDiplomain BusinessStudentNameIDUnitNumberandTitle08:Innovation and CommercialisationAcademicYear2019-20CohortSept 18Block2UnitLeaderAssessorAssignmentTitleInnovation in a small business contextIssueDate25.03.2019SubmissionDate(Formative)29.04.2019IVNameDeadline for assignmentsubmission13.05.2019 (Summative Feedback)Learners Declaration:I certify that the work submitted for this unit is my own and the research sources arefully acknowledged.Date: 30.04.2019
Table of ContentsINTRODUCTION..........................................................................................................................2LO 1.................................................................................................................................................2Explaining the importance of innovation and explaining the comparison between innovationand invention...............................................................................................................................2Explaining that how organisation vision, leadership and culture and teamwork building ashape of innovation.....................................................................................................................3Analysing the different sources of innovation that helps to foster and develop an environmentculture..........................................................................................................................................4LO2..................................................................................................................................................54P's of innovation........................................................................................................................5Innovation Funnel.......................................................................................................................5Frugal innovation and examples of it.........................................................................................1Role of frugal innovation............................................................................................................1LO3..................................................................................................................................................2Importance of commercial funnel and application of product development processing...........2Innovation Business Case...........................................................................................................4Detailed Innovation Business Case.............................................................................................4LO4..................................................................................................................................................5Different tools use can use to develop, protect knowledge andintellectual property...................................................................................................................5Nature of innovation and overcoming occurring challenges......................................................5CONCLUSION...............................................................................................................................6REFERENCES...............................................................................................................................71
INTRODUCTIONInnovation and commercialisation is the process which distinguish new practices in thebusiness for further development. Innovation is the process of translating an idea or inventioninto a good or service that creates value for the customers. In other words, innovation is theevolutionary innovations that are brought about many incremental advances in technologydevelopment. Present study based on innovation and commercialization based on the case studyof Essence Drinks which itself created a health drink which is Mango Lassi. The study willpresent the importance of innovation and invention to determine the comparison betweeninvention and innovation. Furthermore, study also described about how vision, mission,leadership and teamwork enhance the innovation within the organisation. Overall studyexplained the deep understanding of innovation and new product development.LO 1Explaining the importance of innovation and explaining the comparison betweeninnovation and invention.Innovationis the processing to implement the new idea or concept within theorganisation. It involves multiple activities to disclose the new ways to do things. Innovationcreate opportunity for the company to maintain its business sustainability growth in thecompetitive market (Bag and Anand, 2016). Innovation is a kind of fuel that generate newprofitability for the company and enhance their market value in long range. The concept ofinnovation is the new equipment in an organisation that makes the good and enlarging ideaprocess to measure the effective learning outcomes and goals in order to sustain the betteradvance facilities.Inventionis a unique or novel devise or method which composition or process which isbased on the fresh process. In other words, company create new product or launch new service inthe market for the very first time is called invention (Bell and et.al. 2018). Essence Drink alsocreate an innovative product which is Mango health Drink to all kind of age customers this is aninvention that company create and start their business for very first time.In other words, innovation and invention are sometimes used for interchangeably,although the concepts are readily distinguished. All past inventions are very beneficial andeffective for the company.2
Difference between innovation and inventionsBasisInnovationInventionStrengthInnovation is stronger andstable than invention in termsof acceptance.Invention strong element isthat it is based on new freshprocess instead of existingproduct services.WeaknessesInnovationinvolvesuncertainties to get success.Invention required high costwhich sometimes notaffordable by the company.AdvantagesInvention provide (Cardon,McHenry and Cline, 2016).DisadvantageOccurred high cost range.Need specialist and productiveemployees.EffectivenessIt is the new disciplinedprocess by handling in uniquemanner.Effectiveness of invention isthey symbolised with newname and features created bythe company.IneffectivenessInnovation requires highmarket research whichrequired different sources.Invention requires hugeinvestment new productdevelopment growth.Explaining that how organisation vision, leadership and culture and teamwork building ashape of innovation.Vision:Vision or mission is the starting point for strategic plan and objectives andmetrics. Vision develop ways of performing the task in order to accomplish company aims andobjectives. Vision settings the new positive and directions for the company success. This helps toinspire people, to support employees to adapt to change and to seek out. Essence Drinks set theirvision to create more value to customer by launching new drinks with different flavours. This isthe vision for which company set further task and activities. It also helps the organisation to stayfocused on its goals in order to achieve set growth and development.Leadership:To build a new creative and innovative idea into implementation, leadersplay a very important role to guide employees into the correct manner (Ciabuschi, Dellestrand3
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