Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Explain the concept of innovation and analyse its importance in comparison to invention.......1
Explain how Organisational vision, leadership, culture and teamwork can shape innovative
ideas.............................................................................................................................................3
Analyse various sources of innovation and how it is helpful in developing the environment
and culture of innovation............................................................................................................4
Explain the 4P's of innovation and use of innovation funnel......................................................4
Explain the development of frugal innovation............................................................................5
Application of innovation funnel in Big Belly............................................................................5
PART 2............................................................................................................................................6
Importance of commercial funnel and application of New Product Development (NPD).........6
Innovative business case.............................................................................................................8
Evaluation of various tools for protecting intellectual property...............................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation occurs from invention as innovation termed as making changes and
modifications in the existing products and services in order to relaunch it. Innovation occurs for
the improvement or making suitable contribution in the existing products and services. It defines
the procedure which is concerned with the analysis of opportunities, development of ideas and so
on which consider marketing and testing of products within the market (Bandarian, 2019).
Despite of this, commercialisation is a process which depicts the introduction of new services
and goods at commercial level. Both the procedures are significant for company in order to run it
successfully and develop its goods and services to gain its position in the market. In this report,
Big Belly is considered which produce dustbins who gets charge with solar energy and
compacting bin produced by company. Presently, company develop its smart sensor waste
stations in order to take care of garbage and keep its record. Big Belly is working for the
development of broad range of creative products as this report is classified into two parts. First
part covers the application of innovation to develop its new product. Meanwhile, second part
covers the application of commercial funnel for the analysis of product and also use prominent
methods in order to protect the intellectual property of company.
PART 1
Explain the concept of innovation and analyse its importance in comparison to invention
Innovation: It refers to the procedure which makes changes and modifications in the
existing products and services which impacts the success of company. For this, many factors are
useful in carry forwarding the functioning of innovation which include creative thinking as it is
useful in driving the force of company (Exton and Totterdill, 2019).
Invention: It represents the process which is useful in providing new ideas to put it into
action and also determined as the another phase of developing a new product. It occurs only
when the new ideas came in the mind of single person and that ideas is transformed onto the final
product and also offer its first time in a while in front of customers. For this, it consider lots of
research to determine its market as it is considered as the lengthy process.
Comparison among innovation and invention
Basis Innovation Invention
1

Purpose Its purpose is to generate more
values and productivity in its
current products and services.
Meanwhile, their objective is
to launch something new and
innovative and create
something new and fresh to
their potential customers.
Occurrence It happen only when an
organisation analyse that they
does not have more
competition and competitors.
It happens when the new idea
came in the mind of employees
and then they shape it in
finished product which is
useful in satisfying the
requirements of their
customers (Howson and et.,
al., 2019).
Innovation plays a significant role in the part of success of an organisation. For this,
penetration is useful in improving and developing the appropriate connection. Here, to develop
innovation in an organisation, they need to add some sort of values in it which carry lot of risk
and challenges. Its importance are discussed as under: Unique selling point (USP): By determining the competitors of market, competition is
high in business environment in considerations of Big Belly and for this, they use
innovative techniques to sell its products and services which is quite unique as it carry
and store five time more garbage. For this, the current innovation is done by company is
giving direct notification to garbage stations instead of alarm which generate noise
pollution and because of this, company need to be more creative and innovative in order
to promote its products and services.
 Continuous improvement: This factor is useful for company for the uninterrupted
enhancement of the goods and services of company. For this, market and its related
products and environment is dynamic in nature (Malone and et., al., 2020). Due to this,
Big Belly face many changes in sale of its products and continuous modifications are
important as it is useful for both company and staff for their betterment.
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