Innovation and Commercialisation

Innovation and
Commercialisation

Contents
Contents...........................................................................................................................................1
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
P1. Explain innovation and determine its importance to organization through comparing with
invention......................................................................................................................................2
P2. Explain that how business vision, leadership, culture and teamwork shape the innovation
and commercialization.................................................................................................................4
P3. Evaluate the 4P's of innovation and use of innovation funnel to examine and shape the
innovative idea.............................................................................................................................5
P4. Explain the development in frugal innovation along with examples in organizational
context..........................................................................................................................................6
P5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) for commercialization................................................................................7
P6. Build innovating business case for organization and including ways to access funding......9
P7. Evaluate the different tools that business used to develop, retail and protect knowledge....9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
1

INTRODUCTION
Innovation in the organization means generate new ideas which help the business to
commercialize their operations in the domestic as well as international market. In context of
organization, innovation will be done through analysing the needs and demands of the consumers
and generate new idea for the successful outcomes (Abdul Razak and Murray, 2017)
. In addition, commercialization refer to the process of introducing new product or method of
production which provide huge success. For the better understanding of this concept, this project
report select the Chilly's which is founded in 2010 by James Butterfield and Tim Bouscarle.
Comapny innovate new product that is Silicon bottle which have aim to provide the ability to
always carry cold water without using plastic bottles. This report cover the various topics such as
what is innovation and its importance for the organization. Differenced types of innovation,
process required for commercialized innovation and evaluate the range of methods for protecting
ideas.
MAIN BODY
P1. Explain innovation and determine its importance to organization through comparing with
invention
Innovation refer to the process of translating idea or invention which used to convert into
goods & services that create value for the organization in terms of maximising productivity as
well as profitability. In context of Chilly's, company innovate Silicon bottle which purify water
automatically so organization target those customers who are health conscious. This product is
different from their competitors because they innovate different features that is automatically
purifier that purify water which is beneficial for health. Chilly's have high opportunity to
increase their customer base through introducing healthy product for the people.
Importance of innovation for organization:
Innovation is very important for the organizations because it provide various benefices
which further helps in expanding their business as well as maximise the productivity as well as
profitability (Importance of Innovation in context of Business, 2019). Some of the importance
mentioned below which help the Chilly's company to get various benefits:
 Increase productivity: In order to maximise productivity of their business, organization
have to innovate something new which can increase the demand and then productivity as
2

well. In the Chilly's company, they introduce Silicon bottle which is in demand because
of their uniqueness so it will increase the interest of people which result the high demand.
At the end, it will maximise the production as well as profit margin of the company
through innovating new product which fulfil the needs of people.
Beat the competitors: With the help of innovation, organization able to beat their competitors
because they introduce unique featured products which make them different from others
which automatically increase the demand (Abdul Razak, Murray and Roberts, 2014). In
context of Chilly's, they innovate Silicon bottle which purify the water automatically
make people healthy because water is the basic need which everyone required. So
unique innovation will helps in beating competitors in the market or maximise
productivity as well as profitability.
Invention: It is the unique method or process which is used for overall engineering &
product development process. It is used for the machine as well as for product through crating
new object for the effective outcomes. With the help of invention managers of Chilly's can
develop new products which make them able get higher growth in the marketplace.
Comparison of innovation and invention:
Basis Innovation Invention
Meaning It is the new idea regarding any
product & services which helps in
satisfying customer's needs &
desires.
It is refer to the method or process
which is used for the product
development and which is not use
before that.
Purpose Build something new which
create value for the Chilly's and
meet with customer's objectives.
They have to build their own solutions
to develop product by using unique
technology and process by Chilly's.
Concerned with It more focus on innovating
various products and processes.
It give more importance on invent a
single product as per the market
demand.
Activities Innovation is spreading in whole
organisation to find the best
suitable opportunity.
It is limited to research and
development department)
(Adelowo, Akinwale and
Olaopa, 2017)(Amponsah
and Adams, 2017)..
3