Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation can be defined in a modern manner as "a new idea, creative thoughts, new
imaginations in form of device or method". Often, Innovation is viewed as application of some
better solutions that might meet new or unarticulated requirements or existing needs (Hossain
and Kauranen, 2016). This report highlights the meaning of the innovation and difference
between innovation and invention. After that the report highlights role of organization vision,
culture and teamwork in shaping the innovation and commercialization. After that the report
highlights 4 p's of innovation and innovation funnel. After that the report explain frugal
innovation. After that the report goes on to explain importance of commercial funnel for the
organization. In the end the report summarized innovation case for an organization and the
different tool that an organization can adopt to develop, retain and protect knowledge and
intellectual property.
MAIN BODY
LO 1
Innovation and Invention
Innovation means “a new idea, creative thoughts, and new imagination in form of
devices or methods”. It also means that translating idea into invention. It is the cornerstone of
sustained economic growth and prosperity (Datta, Mukherjee and Jessup, 2015). As per the
author, Kanter, innovation can be defined as modification of an already invented product i.e.
generation and incorporation of new ideas, goods, services and processes. Innovation is basically
generation of more creative and newer ideas towards solving the needs and requirements that are
existing in the market currently. Innovation refers to creating more effective processes, products,
and ideas. To handle business one should have innovation so that he can invent something
special. The one who had innovation can success more than one who do not have innovation.
Innovation can increase likelihood of one’s business succeeding and can create more efficient
things that result in better performance. One has to come up with creative things to solve
problems in business. Many a time person had to face problems for setting up new business and
had to think outside the box to come up with new invention that had not be done by anyone else
in the world. One should focus the programs and workflows that one can use to increase
productivity. It is always preferred in business to test new ideas and invention. One should have
to put his best intention and creativity to make product more attractive and useful. One should

develop a unique character in his/her business to make unique identity among people. For this
one should also have to make marketing plan that suit his/her business. Innovation gives
organizational sustainability when one makes continual improvement and re-branding.
Invention on the other hand ins a new i.e. novel experiment or idea that has not been
formulated before and creates a new market amongst the existing customers addressing a set of
needs that were earlier not even acknowledged (Pisano, 2015). There is a fine line between
innovation and invention and it can be categorised in following manner and it has been supported
with the examples for better understanding:
Invention Innovation
1. Creation of product or introduction of a
process for first time is known as invention.
1. Innovation on the other hand signifies
translating ideas into invention is known as
innovation.
2. It usually involves invention of a Single
product using scientific skills.
2. And innovation is combination of different
products and process involving a set of
marketing, technical and strategic skill.
3. An original idea and its working in theory. 3. Practical implementation of new idea.
4. New idea strikes a scientist. 4. A need is felt for product or improvement
in existing product.
5. Limited to Research & Development
department.
5. Spread across the entire organization,
industry or market.
6. Invention usually formulates unexpected
results and if successful, they give
unchallenged supremacy to the person or
company responsible for bringing such
invention.
6. Innovation contributes a major part in the
company’s growth and additionally gives the
company a competitive advantage.
Example: The best example of inventive person
in Nikola Tesla who made major inventions like
3-phase power, neon lamps, induction motor
etc. and simplified everyday life activities.
Example: Apple is one organization which can be
taken as bet example of innovation since they
innovated products like iPhone, iPod etc. and
became world leaders.