An Innovative Business Case: Part 1 & 2

Unit 8 An Innovative Business
Case(part 1 &2)

Table of Contents
Introduction......................................................................................................................................3
Part 1................................................................................................................................................3
Difference between invention and innovation.............................................................................3
Importance of innovation and how it gets embedded with organisation.....................................4
Types of innovation and 4 P's of innovation and how supports management of innovation.......4
Use of innovation funnel and frugal innovation in organisation. Applying frugal and funnel
innovation at organisation............................................................................................................6
Recommendations to essence drinks to launch innovative drink................................................7
Part 2................................................................................................................................................8
Importance of commercial funnel and application of new product development .......................8
Innovation business case and ways to access funding...............................................................10
Different tools to protect intellectual properties........................................................................11
Conclusion.....................................................................................................................................12
REFERENCES..............................................................................................................................14

Introduction
Innovation means implementing new ideas which is brought by introducing new goods
and services or improving existing goods or services. (Freddi and Salmon, 2019). Essence drink
is the company which provide mango lassi in the UK market. Company is very famous for their
good taste and quality of products. This report will discuss the difference between innovation and
invention and also the importance of innovation. Further it will analyse type of innovation and 4
P's of innovation. Innovation funnel and frugal innovation are the technique which helps in
bringing innovation for the company will be analysed in this report. Report will also discuss
commercial funnel and steps included in new product development. Innovation business case
will be evaluated and various business tools which is used to retain and protect products will also
explained.
Part 1
Difference between invention and innovation
Invention is creating an idea to launch new product or process which has never been seen
before by anyone (Tarizzo, 2017). Whereas innovation is executing those idea of the product or
method for the first time (Cook, 2020). It can be said that when some new product is
manufactured or produced then it is said to the invention. While when change are made in the
already existing product by adding value to them is innovation. Invention means when fresh idea
is generated for the first time. But when talking about innovation it refers to the implementation
of that new idea which is generated in the invention process. For inventing new products
scientific skills are needed but while doing innovation strategic, marketing and technical skills
are needed. When new idea comes in the mind of scientist than invention takes place. On the
other hand, when company through market analysis comes to know that there is the need for new
products or upgrading existing products so as to increase the sales.
Invention focus on one product at a time because it is not easy so that is why it only
occurs for one product. Innovation is easy as compare to invention and also takes less time so
that is why can take place for various products (Grafström and Lindman, 2017). When it comes
to invention that it directly moves to the research and development team of the company while
innovation is not restricted to specific department because it is spread over different departments.
Invention can only done by experts but innovation can be done by any individual who have
certain skills.

Importance of innovation and how it gets embedded with organisation
Innovation plays vital role in the growth of company. As it possess creative development
and good quality of innovation is needed for the business for long term survival. Company can
reach towards growth by learning about creativity (7 Reasons Why Innovation is Important.,
2020). When business have creative skills then they can opt for various opportunities and can
capture new markets as well. Innovation brings continuous improvements as it gives business
chance to attain sustainability. So company can make chances in their packaging and branding
strategy as that can help business to get more customers. Effective manager will build skills
which are needed for creativity and contribute in company's growth. Innovation not always about
bringing new products but company should have make changes in their old products, enhance
their efficiency and should have also search for new products so that their profits and sales can
get increased. When company will receive more sales than they can also cut down on their waste.
When company is growing and innovating then they can attract new staff and it will also help
them to retain existing employees (Yun, 2017).
Company's vision, leadership, culture and teamwork can build innovation and
commercialisation
commercialisation means when business gets profits when they provide new products and
services to their customers. It includes customer support, marketing, HR, finance etc.
commercialisation is helpful in terms of planning and marketing to the company. Company have
their own vision and through that only they decide what to innovate. As essence drinks is lassi
manufacturer so with the increasing competitors in lassi they decide that they have to bring
change or innovative lassi. So vision of the company will decide range of innovation in order to
take place easy commercialisation (Mielcarek, 2019). One of the important role in the company
is leadership as they lead whole team and motivate their team members for innovation. Essence
drinks have such culture which encourages innovation. Culture plays vital role in bringing
innovation and how commercialisation will get affected by it. Teamwork is very important for
success and productivity of the company. Through team work new ideas can be generated
because there are many people in one team which can bring innovation.
Types of innovation and 4 P's of innovation and how supports management of innovation
Forms of innovation:
incremental innovation: