Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and identify its significance of an organisation with the comparison of
invention.................................................................................................................................1
P2 Organisational leadership, vision, culture and teamwork shapes innovative thoughts.....3
TASK 2............................................................................................................................................4
P3 Various innovation sources helps for formulating appropriate culture and environment of
innovation...............................................................................................................................4
P4 Evolution of frugal innovation..........................................................................................4
TASK 3............................................................................................................................................5
P5 New Development Process and commercial funnel through commercialisation of
innovation in the context of organisation...............................................................................5
P6 Case study in regards with BIG BELLY...........................................................................7
TASK 4............................................................................................................................................8
P7 Various tools and methods of firm towards protective knowledge, developing and
intellectual property rights......................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is based on modern procedures which can be determine as the innovative
thoughts, development of new ideas along with new imaginations which is used to attain targeted
goals and objectives in an effective manner. On the other hand, innovation commonly considered
as one of the helpful aspect for every firm and businesses that develops large number of goods
and services for satisfying entire needs and demand of people in a directive manner. Whereas,
commercialisation mainly called launching new product or services at workplace. Thus, it is
essential for every business or organisation to use both strategies by which they can stay for long
period of time at marketplace. This assignment is based on Big Belly company which is one of
best leader of smart waste or recycling alternatives for public spaces. Furthermore, report
includes developing smart waste material for producing garbage that provides safekeeping for
future safety. Moreover, difference between invention or innovation and several types of
innovation will get covered.
TASK 1
P1 Explain innovation and identify its significance of an organisation with the comparison of
invention
Innovation: It refers to several kind of methods used by firms or businesses in order to
develop so many forms of change for bringing further improvement within the products or
services in an appropriate manner. With the help of doing such kind of thing firms can easily
apply innovative ideas towards their products and achieve business targeted goals. In the context
of Big Belly, this organisation having ample number of innovative ideas towards reducing
wastage and recycle products. For this they generally implements on large number of thoughts or
views so that they can directly meet marketing needs and achieve targeted goals in a perfect way.
Thus, this organisation influence other people and make their better goodwill at marketplace.
Invention: It is the process of particular framework which is considered as important
concept in order to provide better ideas of business for developing better plan to achieve targeted
goals towards goods and services. Therefore, it is the easiest way to putting huge affords by
people in order to creating best ideas for proper outcomes. In regards with Big Belly, they always
research before establishing any services at marketplace. So that invention of ideas help firms to
sustain at market for long duration.
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