Innovation and Commercialisation

Innovation and
Commercialisation

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO 1Explain the context for Innovation and determine the difference between invention and
innovation........................................................................................................................................3
P1 Explain innovation and determine its importance to organisation in comparison with
invention.................................................................................................................................3
P2 Explain how organisation vision, leadership, culture, teamwork can shape innovation and
commercialisation...................................................................................................................5
LO 2Explain the different types of Innovation................................................................................6
P3 Explain four ‘P’s of Innovation and explain use of innovation funnel to examine and shape
innovative ideas......................................................................................................................6
P4 Explain developments in frugal innovation and provide examples of how it is used in
organisational context.............................................................................................................7
LO 3Discuss the process required to commercialise innovation.....................................................8
P5 Define the importance of the commercial funnel and application of new product
development for commercialisation of innovative offerings..................................................8
P6 Build an Innovation Business idea for an enterprise along with sources of funding to
finance the innovation............................................................................................................9
LO 4Evaluate the distinct range of ways to protect innovative ideas with advantage and
disadvantage of each......................................................................................................................10
P7 Analyse the different tools which an organisation can use to develop, retain and protect
intellectual property and knowledge....................................................................................10
CONCLUSION..............................................................................................................................12
References:.....................................................................................................................................13
Books and Journals...............................................................................................................13
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INTRODUCTION
The concept of Innovation emerged as the competition in a market space have enlarged and
penetrated. Each and every organisation is striving to outperform their rivalries from a market by
offering products and services in better way with additional value and quality. The aim of
companies is to capture the large market share, earn profit and look forward for a potential
opportunity to grow and succeed. Innovation is the process of converting imaginary ideas into a
reality through creation, modification or improvements in the products, services and process of a
company (Chryssou, 2020). Innovation is something different and unique its approach that never
have heard, seen or happened before. Innovation and commercialisation bring revolution into the
industry and gives a 360 degree turn which changes the way of doing business, dealing with the
customer, design and development of product and drastic change is knowledge and expertise of
employees. Essence drink was founded by Akshay Kumar, a leading actor in Bollywood
industry, with an innovative product of healthy mango lassi. The below mentioned report covers
types of innovation, difference between invention and innovation and commercialisation of
innovation.
MAIN BODY
LO 1Explain the context for Innovation and determine the difference between
invention and innovation
P1 Explain innovation and determine its importance to organisation in comparison with
invention
Invention: Invention is defined as the ability of an inventor to look beyond the impossible
and look out for the new possible opportunity. Inventions cannot takes place without
creativity of an Inventor who have the capability to think different and out of the box and
change the world completely with the ideas which have not existed before (Atta-Owusu,
Dahl Fitjar and Rodríguez-Pose, 2020).
Importance of Invention to organisation
3