Innovation and Commercialisation

INOVATION
AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and determine its significance and comparison with invention.....................1
P2. Organisational vision, leadership, culture, and teamwork can shape innovation and
commercialisation...................................................................................................................3
TASK 2............................................................................................................................................4
P3. 4Ps of innovation and utilization of innovation funnel....................................................4
P4. Frugal innovation and how it is used in an organisation..................................................8
TASK 3 and TASK 4.......................................................................................................................9
P5 Importance of commercial firm and application of new product development................9
P6 Building innovation business case and funding sources.................................................10
P7 Intellectual property........................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is considered as the process by which organisation execute their new idea and
thoughts into its existence products or services. Moreover, it is the methods which includes
various activities for uncovering new ways to perform the things. Innovation is crucial for firm
as this provides them an edge into penetrating the markets quicker manner. This also facilitates
an effective connection to developing marketplace that can drive huge opportunities, mostly into
developed countries (Angela and Maria, 2014). According to the give scenario, INNOCENT
Drink is the UK based drink company which was established in the year 1998. It offers carrot,
ginger drinks to the citizens of London. Currently, their revenue decrease because of various
competitors. So, in order to overcome from this, they decided to implement innovation into their
existent product that aids in enhancing sales. The purpose of this report is to describe innovation
and their importance along with organisational, culture, vision etc. It also covers 4P's of
innovation as well as uses of innovation funnel. This report has discussed about improvements
into frugal innovation and its application with examples. There are some significance of
commercial funnel along with uses of New product development processing for innovation
commercialisation. Apart from this, several tools which firm utilise for developing, retaining and
intellectual knowledge are also mentioned in this report.
TASK 1
P1. Innovation and determine its significance and comparison with invention.
Innovation is process by which company can bring something new into their products in
marketplace in order to sustain for the long time. INNOCENT Drink is a small scale organisation
that offers mango lassi in UK. Due to more competitors enter into market their sales minimises
so, its CEO Mr. Bond think to innovate their existence products for enhancing sales. Therefore,
it is suggested to respective firm founder to introduce Mixed fruit lassi which aids them to
maximise their sales as well as sustain for the longer period. Various significance of innovation
is mentioned below:
 Innovative products will outcomes in developing the brand image of the INNOCENT
Drinks that is crucial to grab the attention of more consumers. Moreover, it is helpful for
enhancing sales and attaining the objectives in effective way (Baldan, Hagiu and
BĂRBULESCU, 2013).
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 The respective organisation can earn maximum profits through their new innovation that
is mixed fruit lassi and helps in satisfying consumers in appropriate way.
 Moreover, through innovated products INNOCENT Drinks can able to maximise their
productivity as combination of ideas which performs together for making the productive
plans (Mukhtar, 2016).
 Innovation will help INNOCENT Drinks to beat their competitors effectively and
efficiently. It is also, useful to know about the right techniques of marketing which will
aids them to develop their business.
Beside this, innovation is crucial for respective firm in order to involving its employees
in new business procedure too as this is considered as the business growth and development.
Along with this, invention and innovation are generally different from one another. Invention is
considered to be the occurrence of new ideas for goods or services, procedures which have never
invented before (Infelise, 2014). For INNOCENT Drinks, lassi is its USP so their CEO do not
want to change that. Thus, they perform innovation into their existent products instead of
inventing new products or services. The differences among invention as well as innovation are
explained below:
Basis Invention Innovation
Definition This is refer to the development of new
products or introducing new procedures
for the first time.
This is referring as the changes which
adds value to products and
accomplish the requirements of
consumers.
What is it. Inventing new products Adding value to existent product or
procedures.
Concept Primary ideas as well as their working
into theory.
Practical execution of innovative
idea.
Skills needed For inventing something new scientific
skills needed.
For doing innovation strategic and
technical skills is needed.
Activities Invention is bounded to research and
development department.
Activities related to innovation are
spread within whole firm.
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