Innovation and Commercialisation

Innovation and
commercialisation

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Describe innovation and its importance to organisations.......................................................3
P2 Clarify how structural vision, leadership, culture and teamwork can shape innovation and
commercialisation........................................................................................................................4
M1 Analyse various sources of innovation, and how company can develop an environment
and innovation culture.................................................................................................................5
D1 analyse how innovation is industrialised, entrenched and measured.....................................5
P3 4Ps of innovation and explain use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................5
P4 Clarify developments in frugal innovation and examples of how it is used in an
organisation..................................................................................................................................6
M2 Analyse and apply the innovation funnel in an organisational context................................6
M3 Appraise the role of frugal innovation in an organisational context.....................................7
D1 Judgmentally examine how innovation is developed, embedded and measured in an
organisational context..................................................................................................................7
PART 2............................................................................................................................................8
REFERENCES..............................................................................................................................15

INTRODUCTION
Technology is an effective approach of adapting the needs and preferences of clients to technical
competencies in order to fill knowledge gaps in product development, design, advertising, and a
variety of other processes (Amadi-Echendu, J., 2021). The commercial exploitation of the
product has relied on the ability of companies such as Mr Akshay Kumar in the program to
develop and defend the production, as well as the favourable benefits in the ecosystem. The
distinction between creativity and innovation will be discussed in the assignment below, as well
as the importance and vitality of difference to various organisations and the various ways to
interact with leadership and culture. The four pillars of innovation will be addressed, as well as
the various approaches Mr Kumar can take for his Healthy Juice Business. Mr Kumar will also
be given recommendations so that he can drink from the fountain of creativity for his creative
and high-end goods, which will rule the market due to their uniqueness.
PART 1
P1 Describe innovation and its importance to organisations.
In its cleanest form, invention can be defined as the process of creating new products or
identifying new elements, while innovation can be defined as the process of improving or
updating existing products and making significant contributions. There are some distinctions
between innovation and invention, such as the fact that inventing entails coming up with a new
concept while innovating entails updating that concept. At the time of invention, scientific skills
are needed, and creativity necessitates marketing, technological, and strategic skills.
The difference between invention and innovation is discussed below,
Basis of comparison Invention Innovation
Meaning It was all about coming up
with a new concept and cre-
ating a new product or ser-
vice.
Upgrading certain goods and
creating unique materials is
what innovation is all about.
What is it? It is the creation of a new
item.
Increasing the appeal of the
original ideas and advancing
them.

Concept An initial and one-of-a-kind
concept.
A concept that already exists
(Hernández-Ramírez, 2018).
Skills required Scientific abilities are impor-
tant.
Marketing and strategic
thinking skills are needed.
Occurs when When a new thought occurs
to the scientist.
When there is a market need
for a specific product.
Concerned with Individual goods, as well as
services, are available.
A collection of different
goods and services
Activities They are restricted to the
department of research and
development.
It has spread throughout the
business.
P2 Clarify how structural vision, leadership, culture and teamwork can shape innovation and
commercialisation
In today's modern markets, it's for business people like Mr. Kumar to continuously
reinvent their products and services in order to break fast of their competitors. It can be
extremely significant for a company to have diversity in their goods, because if all of the
dissimilar viewpoints and ideas can be met composed, it can be extremely helpful. Effective
cooperation recovers the excellence of the goods and services. The industry's clear vision can
help to keep the company's team members involved in the services and all of the important
points that need to be covered.
Good juice's strong vision is to create an innovative variety of products and services
while maintaining the juice tradition. All has hinged on the vision being developed by the
leadership. Mr Kumar needs a clearer understanding of the company's objectives and principles.
In an organisation, a leader is only as good as his squad, so effective teamwork is critical.
Certain aspects, such as teamwork, vision, and priorities, must be prioritised during the
planning process to ensure the company's success. The leader's main task is to inform the team
of all of the advantages of creativity and to encourage them to innovate their working methods