Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
L01...................................................................................................................................................3
Innovation and importance of innovation:-..................................................................................3
Organization, vision, leadership, culture and teamwork help in shaping innovation and
commercialization........................................................................................................................4
L02...................................................................................................................................................5
4Ps of innovation and innovation funnels:-.................................................................................5
Frugal innovation and its principle:-............................................................................................6
LO 3.................................................................................................................................................7
Importance of commercial funnel and application of new product developments......................7
An innovation business case for the Waitrose: ...........................................................................9
LO 4...............................................................................................................................................10
Evaluation of different IP tools:.................................................................................................10
Conclusion:-...................................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation refers to introduction of new ideas, products, services, process, technologies
etc. whereas commercialization refers to the process of replacing the transactions. It also
includes the introduction of the new products and method of the production in the company.
They are important part of the company as it helps in surviving the company efficiently.
Waitrose is the branded name of the supermarkets. It has many stores and shops in the
UK. It deals with the groceries. The head offices of the company are located in Bracknell and
Victoria. It also started its online services for supplying the products and the services.
In this report the topics for the discussions are tools and techniques used by the Waitrose,
difference between invention and innovation, types of innovations, process and business plan
required for the commercialize innovation and different methods of protecting the ideas. This
helps the company in launching new products efficiently.
L01
Innovation and importance of innovation:-
Invention:-It refer to new ideas and it is the creative thinking and a unique imagination which
can be used in methods.
Innovation:- It is a development, creation and action implementation of new product and
services which focus on improving the effectiveness, efficiency and advantages. It is an
exploitation of idea to success.
Importance of Innovation:-
Effectively Responding:- Innovation helps in understanding the situation and helps in solving the
issues which are going in the organization. Effective responding refer to know how to think on
different situations and differently from other to solutions.
Complex challenges:- Complex challenges are the factor that an innovator took and solve the
situation with its different thinking and creative idea and to solve the solution of the level (Kahn,
2018).
Innovation product:- Invention , the company introduce new unique product to the market which
can help the company in cost effective and can help in completing the demand of customer.
Methodologies:- Working of an organization in rough patch at some time in the business need
better and hard workers which can effect in strategies that discover new markets and innovations.

As compare to invention, innovation provides more opportunities to business which are less time
and cost consuming as well.
Customer demands and increasing competition: With globalisation organisations are facing
good competition from local as well as global service providers. The customer demands and
needs are also changing regularly. To meet these demands and to maintain competitive
positioning it is vital for the companies to regularly introduce innovation in their services and
products.
External factors: The changes in technologies, economic factors like inflation, demand and
supply rates, climate changes as well as regulatory factors demand for new services which
effectively establish balance between customer satisfaction and profitability. To cope up with
these changes company need to make innovation process as integral part of their business
operations.
Comparison of invention and innovation:-
1. The happening of idea for any procedure or commodity that been never devised is called
invention, And the process of implementing of those ideas for the procedure for debut time
called innovation.
2. Inventions are the creation of any product or process and in innovation it works on adding
values to change in existing product.
3. Invention comes with fresh up ideas and fresh theories, innovation adds making value change
In the product.
4. Inventions required skills and innovation required marketing, technologies and strategies
skills.
5. Invention are limited to its research development of organization, and innovations are
spread in all over of the company and organization (Amabile, 2016).
Organization, vision, leadership, culture and teamwork help in shaping innovation and
commercialization
Vision:- Vision is the picture of a company which can be developed in the future, Vision is
something which inspire a person or a company to develop the strategies and framework or
objectives which are to be achieved by the company in near future. Developing the guidelines for
the employees so that they can work in effective way and conducting them with help in work