Unit 8: Innovation and Commercialisation

INNOVATION AND
COMMERCIAISATIO
N

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain the concept of innovation and analyse its importance in comparison to invention..1
P2 Explain how Organisational vision, leadership, culture and teamwork can shape innovative
ideas.............................................................................................................................................3
TASK 2............................................................................................................................................4
P3 Analyse various sources of innovation and how it is helpful in developing the environment
and culture of innovation............................................................................................................4
P4 Explain the development of frugal innovation.......................................................................5
TASK 3 ...........................................................................................................................................6
P5 Describe commercial funnel and explain NPD(New Development Process) and
commercialisation of innovation in relation with BIG BELLY..................................................6
P6 Examine a case study in relevance with BIG BELLY and analyse its innovative product
effectiveness and sources of funding..........................................................................................8
TASK 4............................................................................................................................................9
P7 Describe the tools which assist firm in developing, protecting knowledge and intellectual
property rights.............................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation refers to the modern procedure that involves the development of new ideas,
imaginations & thoughts for making changes and various modifications are done. It happens for
improvement to make the better solutions which fulfil new requirements in existing products and
services. It is concerned with developing new opportunities and ideas for assess the examine of
products within the marketing environment. In spite of this, commercialisation refers to the
launching of new products and services at business enterprise. In addition to this, it is important
for company so that they could succeed in future and survive in market for long time. In context
to Big Belly it deals in smart waste and recycling those waste in public places. Recently, this
company is develop in smart waste material in order to prevent garbage and also provides
safekeeping for the growth in the future(Garnier, 2019). It could evolve the innovative and
creative products within a wider scope. This report includes innovation of new products in first
part and further second part includes commercial funnel of products in such a way to prevent
rational property of company.
TASK 1
P1 Explain the concept of innovation and analyse their importance in comparison to invention
Innovation: It is defined as the method which it is develop to form changes and
improvement within the existing products and services so that it could affect the growth of a
company. In assistance to this, there are many elements which are helpful in convey the
advancement operations of innovation which involves creative thoughts in order to be utilise the
strength of a company. It involves making an ideas or developing services that generates the
beliefs for its customers (Chan, and Srivastava, 2019).
Invention: It refers to the process through which it is very essential in providing new
ideas and creativity to place into the activities and also ascertained the another form of
processing the new product. It happens only when the new thoughts and opinion arise into the
mind of people and further those opinions are changed into the finished product. In addition to
this, it appraise the research programmes within the market for reasoned as the longer process.
Comparison among innovation and invention
Basis Innovation Invention
1