Innovation and Commercialisation in Essence Drinks

This report explores the importance of innovation and commercialisation in Essence Drinks, a beverage company in the UK. It discusses the role of organizational vision, leadership, culture, and teamwork in shaping innovation. It also explains the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. Additionally, it explores developments in frugal innovation and provides examples of how it is used in an organizational context.

Unit-8
Innovation and
Commercialisation

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
TASK 1............................................................................................................................................1
P1) Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................1
P2) Explain how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation..........................................................................................4
TASK 2............................................................................................................................................5
P3) explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................5
P4) Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................7
PART B............................................................................................................................................8
Covered in ppt........................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
The innovation and commercialisation is the process of transforming the new ideas and
inventions to generate more wealth not only for an individual but with the company as well.
Innovation is the broader aspect while commercialisation is the subset of it with this the
uniqueness and creativeness will get indulge within the business (Bagley, 2018). It will not get
based of the size of business as it is needed for all the business in order to make the deepest
understanding of the surround and get survive for the longer period of time. This report is based
on the Essence Drinks that is the beverage company of UK and produces the healthy mango
lassi. They have to create the innovative range of drinks and added more flavour as per the
climate changes and produce the new packaging strategy that is free from any bacteria. This
report includes the innovation and its importance with comparison to invention, 4Ps innovation,
development in frugal innovation and importance of commercial funnel and its applications.
PART A
TASK 1
P1) Explain innovation and determine its importance to organisations in comparison with
invention.
The invention is related to the development of the new and creative products that get
offered by the business to their customers. It is the process under which the business will make
more modification in their services that is basically in order to fulfil the need and demand of the
customer by which the long term sustainability will get maintained that brings the continuous
success and profit as well
In addition to this, innovation is the concept through which the transition will get formed in
which the additional features will get added on in the already present product and services and it
is done to get attract the larger number of customer based for continuous period of time. It is the
process that is required to get performed within the business by which the initiative has been
taken in which the business and its employees have make their imagination and ideas into reality.
In this the preferences will be provided to the viewpoint of the customers and with this induce
more innovation (Çengel, 2019). It is more appropriate procedure through which the utility and
capacity of the business will get enhanced by which sustainable surround will get attained that
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helps to make more advantage from the competition. Essence Drinks also get used the innovation
within the business and it
Brand Image: It is the major advantage of the innovation by which Essence Drinks have
make more uniqueness within the business by which have offer the various services to the
customer by which have make the effective relationship with the customers. They have offered
the diverse range of products to the customer by which they better image in the market will get
developed.
Profit Maximisation: It is also be more vital for business and with this have earn more sales
and better profit as due to the innovation the customer will keep attracted with the company and
with that their demand and requirement also get fulfilled (Clausen, 2018).
There is the comparison in between the innovation and invention on the basis of the
importance that will gained by the Essence Drinks and that are as defined below as:
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3
BASIS INNOVATION INVENTION
CONCEPT
It is the process in which the
different creativeness will get
engaged within the business
and in this the new products
will get offered by the
business by which the revenue
will get developed by which
the efficiency of the business
gets developed.
It is the process in which the
completely new product and
services will get launched by
the business and it has more
effective impact on the success
of the business as completely
new service will get invent.
SKILLS
It is also being needed that the
employee will also work
strategically and have some
unique skills by which
implement the better and
effectual change (Davies,
2019).
In this the employee will get
ensure that they have use the
scientific skills and uses the
brainstorming as well by which
analyse the need of market and
on the basis of that develop
more services.
OCCURRENCE
It will completely dependent
on the scope and need within
which the improved services
will get offered by the
business.
In this the dependency will
completely based on the unique
idea with the scientific
mindset.
CONCERN
Innovation has work with the
concern by focusing on the
different nuances that get
bring in their products and
services.
The invention has worked with
the concern to make the
newness in the appropriate
products and services.
LIMITATIONS
In this innovation will
completely depend on the
equal participation of all the
departments thus its
possibility will be limited to
all departments.
It is more basically get
interrelated with the research
and development department
of the business.

P2) Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
The commercialisation is process through which all the different activity as like
communicating and introducing of new offered products and services get performed in the
commerce (Dezi, 2018). It is the practice that get adopted by most of the companies as to get
present their products and services in the market to satisfy the need of the customers. The
innovation and commercialisation will get used within the Essence Drinks by which provide
shape to the business and have described below as: Vision: Essence Drinks have work with the vision to provide the better quality and
healthy drinks to the customer and with that have shape the innovation and
commercialisation. In this the continuous changes get implement by which they have
provide more healthy drinks with different immense that brings more benefits to the
customers. Leadership: It is more known that Essence Drinks get managed by the Akshay Kumar
and he has chooses the autocratic leadership style by which have take the different
decision as per his own choice. It is more supportive with the innovation and
commercialisation and in this context the democratic leadership will get used by Akshay
Kumar and with the effective collaboration will get developed with the employee by
which more new ideas get generated on continuous process (Do, 2018). Culture: The working culture of the business as like the attitude, belief, norms will get
used by the business to make more easiness for the employee. In this Essence Drinks
promotes the innovation and commercialisation and have the positive impact on the
business by which have provide sufficient changes within the products and services and
offered unique featured innovation in services.
 Teamwork: In this Essence Drinks have make the teams and they have performed
different function within the business and support and shape the innovation and
commercialisation as in this the brainstorm ideas and information get developed and
offered the new services.
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There are some different sources that get used within the innovation in which have
allowed the business to improvise the culture surround and as defined below as: Manufacturing Structure Change: It is more vital source of innovation as it is more
related to the technological advancement, infrastructure development, regulation in terms
of innovation and this get used by the Essence Drinks by making the suitable changes
within the business (Ferasso, 2018). Demographics: It is also be the source of the innovation in which the Essence Drinks
make the changes by analysing the population, income level, capital and many other
factors. By focusing the need on the basis of these factors more changes will get implied
to offer innovative products.
 Perception: It is directly related to the choice and mindset of the customer and in this
major focus will get concerned towards them. For example, more of the UK population is
more conscious about their health and to measure these need the Essence Drinks make
effective innovation in their offered products.
TASK 2
P3) explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
The 4Ps innovation is more needed within the Essence Drinks by which they have make
the framework to ensure the effective understanding of the innovation and that is as defined
below as: Person: It is more related to an entrepreneur of the business as like in Essence Drinks it
will be Akshay Kumar and he is responsible to use their creative and innovatory skills by
which the modification get induced in their product and services. Process: It will includes the overall process under which the product will get more
develop and improvised and it more basically get depends on the thought process
(Gabriel, 2019). In this the problem solving aspect will get used by the business to make
the new solution about their development. Product: Essence Drinks will make the changes in their products and services with that
have uses the creative process in which they have produce the healthy drinks as Mango
lassi and other essence as well.
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 Press: It will define the environment in which an entrepreneur will work and have
induced both the conducive and prohibitive kind of innovation in the Mango lassi. In this
the culture of the Essence Drinks will make the best practices and it adopted by the
employees and Akshay Kumar.
It is the model that is more effective for Essence Drinks and it helps the company to get
promote the product and services by creative ideologies and have offered the efficient and liable
services to customers (Huang, 2018).
Innovation Funnel:
Innovation Funnel is a procedure that get used by the business to create more effectiveness
in the offering and have worked with the agenda to get perfectly matched the need and
requirement of the customers. In this the focus will get maintain towards the customer demand
and with that the existing services will get improvised. The funnel will support the Essence
Drinks to get develop and embedded the measured innovation and have briefly explained below
as:
Illustration 1: Innovation Funnel
(Source: Innovation Funnel, 2019) Assessment of Opportunity: In is the initial stage in which the Essence Drinks will
conduct the market research and with this have collect the relative information about the
marketplace and with this have perform the questionnaire and survey by which more
opportunities will get assessed by business that get available in the market (Jones, 2019).
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 Ideation Process: In this stage the several ideas will get processed out by which the
opportunity will get capitalised by which the employee have performed the brainstorming
and that get directly depends in the customers nearby. Conceptualisation: In this stage the overall concept will get designed and that is on the
basis of the different ideas as like the involvement of the packaging mock-ups,
advertising copies and other configuration in the products features. Benchmarking: In this the Essence Drinks will screen the overall ideas and concept and
with this have work with the agenda to get make more revenue by providing better
services products. In this the performance testing get maintained by forecasting the
profitability ratio of the business and that get tested on the basis of actual developments.
 Go or No go and launching: In this after getting analysed the overall prospect the better
innovation will get implement and that is based on the objective of the business and thus
the innovatory product will get launched within the market (Mazurkiewicz, 2018).
P4) Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
The frugal innovation is being more effectiveness within the business and with this the
technological advancement will get implemented within the business by ensuring the affordable
services get provided at minimised prices. There is some of the external factor as well like the
political, social, economic, environmental factor is the driving force of the innovation. The major
purpose of the frugal innovation is to offered the products while reducing the costing and getting
ensure the customer need will get fulfilled with affordable provides that helps to develop the
strongest customer base.
It is more effectual in Essence Drinks as they have made more profit within the business
and with this customer also get the products and services with reasonable prices and with this
quality also get maintained (Mazzarol, 2020). The innovation will get induced within the
business by which make effective utilisation of the resources as in this Essence Drinks have uses
the antimicrobial packaging and make available that the healthy drinks get provided that will not
only tasty but also be more durable as well.
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PART B
Covered in ppt
CONCLUSION
It has been conclude from the above that the innovation and the commercialisation is
more important within the business and with this have induce the different changes that make
more profit not only the business but to the customers as well. It is being more useful within the
business by which the more importance will get developed that helps to make more competitive
advantage from the aggressive market. In this the vision, culture, teamwork and the leadership by
which the shape will get provided to the innovation and commercialisation that get used within
the business. In addition to the 4Ps and innovative funnel will get used by the business by which
the better innovation gets induced within the business.
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REFERENCES
Books and Journals
Bagley, C. and et. al., 2018. Mapping the UK research & innovation landscape: Energy &
development.
Çengel, Y., 2019. Ramifications of the 2nd law of thermodynamics on innovation and
sustainable future. International Journal of Research, Innovation and Commercialisation,
2(2), pp.91-104.
Clausen, J. and et. al., 2018. International sport federations’ commercialisation: a qualitative
comparative analysis. European Sport Management Quarterly, 18(3), pp.373-392.
Davies, G.H., Roderick, S. and Huxtable-Thomas, L., 2019. Social commerce Open Innovation
in healthcare management: an exploration from a novel technology transfer approach.
Journal of Strategic Marketing, 27(4), pp.356-367.
Dezi, L. and et. al., 2018. Assessing the impact and antecedents of university scientific research
on firms' innovation commercialisation. International Journal of Technology
Management, 78(1-2), pp.88-106.
Do, H. and et. al., 2018. Organisational factors, anticipated rents and commercialisation in
SMEs. International Journal of Innovation Management, 22(02), p.1850018.
Ferasso, M., 2018. The representativeness of exportations for local development: evidences from
family-owned SMEs. International Journal of Research, Innovation and
Commercialisation, 2(1), pp.38-57.
Gabriel, K., 2019. Accelerating innovation in a changing world. International Journal of
Research, Innovation and Commercialisation, 2(2), pp.105-114.
Huang, Z., Farrukh, C. and Shi, Y., 2018. Commercialisation journey in business ecosystem:
From academy to market. In Entrepreneurial, Innovative and Sustainable Ecosystems
(pp. 129-148). Springer, Cham.
Jones, P. and Comfort, D., 2019. A commentary on local authority commercialisation strategies.
Journal of Public Affairs, 19(1), p.e1885.
Mazurkiewicz, A., 2018. Barriers of technological innovation development and implementation
encountered by R&D organisations. Journal of Machine Construction and Maintenance.
Problemy Eksploatacji.
Mazzarol, T. and Reboud, S., 2020. Work Book: Adoption and Diffusion of Innovation. In
Workbook for Entrepreneurship and Innovation (pp. 63-76). Springer, Singapore.
Putnik, K. and et. al., 2019. Innovation adoption of employees in logistics: Individual and
organisational factors related to the actual use of innovation. International Journal of
Technology Transfer and Commercialisation, 16(3), pp.251-267.
Pynnönen, M. and et. al., 2019. Innovation Commercialisation: Processes, Tools and
Implications. In Advances in Systematic Creativity (pp. 341-366). Palgrave Macmillan,
Cham.
Rijswijk, K. and et. al., 2018. The Next Generation of Biopesticides: Institutional barriers and
enablers to co-innovation in a science and commercialisation programme. Rural
Extension and Innovation Systems Journal, 14(1), p.52.
Rus, D. and et. al., 2019. Workplace innovation: a review and potential future avenues.
International Journal of Technology Transfer and Commercialisation, 16(3), pp.208-227.
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Online
New packaging technologies that could change the world. 2016. [Online] Available Through:
<https://blog.matthews.com.au/new-packaging-technologies-change-world/>
Innovation Funnel. 2016. [Online] Available Through:
<https://www.ifm.eng.cam.ac.uk/research/dstools/innovation-funnel/>.
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