Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................5
Sources of innovation.............................................................................................................7
TASK 2............................................................................................................................................8
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................8
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context...........................................................................................................11
TASK 3..........................................................................................................................................12
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD)..............................................................................................................12
P6 Build an innovation business case...................................................................................13
TASK 4..........................................................................................................................................15
P7: Different tools for developing, retaining and protecting knowledge and intellectual
property.................................................................................................................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Innovation depicts as a process which includes a range of activities that is helpful in
introducing new products and services in the marketplace. Innovation helps an organisation in
coming up with new ways of working which helps the business organisation in creating bigger
opportunities, economy growth as well as business success. Commercialisation refers to a
procedure of introducing new products and services in marketplace to attain the higher customers
attention. It involves production and distribution of new production with the help of effective
marketing so that the sales of the business can be enhanced by gaining higher customers support.
In this file, the selected organisation is Dyson which is a British technology company formed in
UK by Sir James Dyson in 1991. This firm is leading their business in design and manufacturing
household appliances. The main aim of this company is to become more technological and
innovative. For this, they are coming up with battery products so that all the technological
products become easy to carry out. This following assignment will cover about the innovation
concept and its importance, 4Ps of innovation, usage of innovation funnel and frugal innovation.
Along with this, the concept of new product development process also will consider in this
reports in order to make understanding about the succession of new product in market.
P1 Explain innovation and determine its importance to organisations in comparison with
invention

Innovation: Innovation considered as a most effective process for the company as it
insist them to develop a new product in the marketplace in order to meet the requirements and
demands of the dynamic customers (Innovation, 2019). It give main focus on translating ideas
and inventions into effective goods and services which is able to create value among the
customers and to increase the overall productivity and profitability of the organisation (Aarikka-
Stenroos and et. al., 2014).
For example, Dyson aims to bring innovative feature in their hair dryer so that it will become to
use and carry out. This will help the customers to use it anywhere as per their requirement and
suitability.
Importance of Innovation: The organisation like Dyson must stay focussed towards
bringing innovation in their firm so as to gain the higher competitive advantage. By considering
the innovation organisation can get various benefits which are as follow:
 Gaining competitive advantage: The main advantage Dyson can take from bringing
innovation in their products is attainment of higher competitive benefits as because they
have to tough competition in marketplace. For this, Dyson has introduces a new feature in
their hair dryers in which customers get the facility of using wireless facility so that they
can use and carry it easily. Quick response to customers’ expectations: With the help of innovation Dyson can
easily meet the customers’ expectations and needs of using the wireless facility in hair
dryers which will results in higher profitability and succession of the company.
Invention : This is a process of converting ideas into goods and services which has never
ever has been introduced by any other organisation (Invention, 2019). It is related to launch
something completely new so that higher attention of the customers can be gained.