Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation in organizations. It explores how innovation can shape the success of a business and compares it to invention. The document also discusses the role of organization, vision, leadership, and teamwork in shaping innovation and commercialisation. It further explains the 4Ps of innovation and the use of innovation funnel. The developments in frugal innovation and the application of new product development are also discussed. The document concludes by discussing the importance of the commercial funnel and the tools that organizations can use to develop their business.

INNOVATION AND
COMMERCIALISATION
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Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1. Innovation and its importance to organization in comparison to invention..........................3
P2 Organization, vision leadership teamwork can shape innovation and commercialization. ..5
LO2 .................................................................................................................................................6
P3 4Ps of innovation and use of innovation funnel. ..................................................................6
P4 Developments in frugal innovation. ......................................................................................8
LO3 .................................................................................................................................................9
P5 Importance of commercial funnel and the application of new product development. ..........9
P6 Innovation business case for an organization to access funding. ........................................11
LO4 ...............................................................................................................................................11
P7 Tools that organization can use to develop their business. ..................................................11
Conclusion ....................................................................................................................................12
References .....................................................................................................................................13
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INTRODUCTION
Innovation means bringing something new in products or services which is being provided
by company. Innovation is also viewed as the application of perfect solutions that helps to meet
new requirements, unarticulated needs, or existing market needs. Present report will lay
emphasis on Chilly’s. It is a company which produces eco friendly water bottle without any use
of plastic. It has been founded in 2010 and is making use of bio gradable resources to make
water bottle It has been analysed that company is going to bring new innovation that is
Blueberry flavour mojito. Present report will lay emphasis on importance of invention and
innovation. It also explain that how organizational vision, leadership, culture and team work can
shape innovation and commercialization. Assignment also focus on explaining the 4p’s related to
innovation. It helps to explain the concept of frugal innovation and new product development
process. It will also explain the ways of funding which can be provided to the new innovation
coming in market.
LO1
P1. Innovation and its importance to organization in comparison to invention
Innovation is basically bringing something new and creative so that the brand value of
business can be increased and organization will be able to set up its goodwill in market. Bringing
innovative products in market place can attract large number of consumers and also support a
firm to gain competitive advantage.
Innovation Invention
Innovation means make the product more
effective by bringing change in either process,
product. New ideas can be implemented by
Chilly’s while bringing out new innovation.
This aspect support organization in growing
and also extending their market in new market
place(Xu and Ding, 2016.) . Innovation while
implementing can support business in solving
their problems like for example Chilly’s can
identify the needs and demands of consumers
and bring out the product which customers
Invention is basically bringing out the brand
new product or service for the consumer. It is
totally different from the innovation. When
companies are involve in bringing out
invention, their require large amount of
investment. Invention is the creation of new
product by making use of strategy, process and
methods. Basically invention can be used by
organization to solve problem. A process or a
product both can be termed as an invention. For
inventing new products various technical and
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needed. This will support company in
increasing the liking of products. This aspect
will assist organization in increasing their
productivity. Innovation is basically used by
various organizations in order to have
competitive advantage. In comparison to
invention, innovation also requires less
investment. Company can be involving in
bringing out the creative products from the
already existing goods. For giving consumer
creative products, Chilly’s must be involved in
thinking out of the box so that they can provide
consumer with most innovative and different
product. This will lay positive impact on the
growth of firm. Like for example Chilly’s is
going to bring non plastic water bottle so after
launching the bottle they must involve in
taking feedback from consumers, so that firm
can analyse the success of new innovation. It is
the most important aspect for Chilly’s to
implement as it can support them in continuous
improvement. This aspect will support firm in
achieving their organizational objectives.
Innovation can also provide competitive
advantage to Chilly’s . They will be able to
attract more consumers towards them and
innovative aspects will also enhance
consumer’s loyalty towards the firm.
other skills are required by individuals.
Invention can also be called as technical
teaching. This concept is fully based on
research and development department. In this
an individual first have to deeply analyse
market and then bring out solution to problems
which are being faced by consumers. When a
firm is bringing out new invention, they must
also be involved in identifying risk and also
bring out the potential strategy to overcome
that risk factor. This aspect can support firm in
gaining competitive advantage. Invention alone
is not sufficient for organization; it must have
to go in hand with innovation too. Invention
which is brought out by firm can be made
aware to consumers by promoting it to social
media channels. This will make people aware
about invention.
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P2 Organization, vision leadership teamwork can shape innovation and commercialization.
Innovation helps business to achieve their goals and objectives at a large scale and
increase ability of an organization. Effectiveness of business largely depends on their ability to
expand and develop their business. Innovation helps to achieve goals and objectives on time and
effectively.
Vision
Organization vision play an important character in development as well as attract large
number of customers with products and services of an organization. Employees need to know the
requirement of organization. Managers of chilly needs to make their vision clear so that their
employees are able to understand what their organization want from them that help them to
achieve goals and objectives of an organization(Vinig and Bossink, 2015.) . Vision needs to be
clear that helps business to achieve their goals and objectives. Company require to share their
success stories with their employees so that they are able to engage them effectively towards
goals of organization. Vision needs to be clear so that employees are able to understand and
develop their own creativity to achieve those goals and objectives of their business. Needs to
build an effective team that have ability to achieve their goals and objectives.
Leadership
leadership helps chilly to bring innovation to develop effectiveness of employee in their
organization. Leadership help to teach and make employees understand working of their
organization. Leadership require at a large scale and have ability to attract large number of
employees. Leaders of chilly need to motivate their workers effectively to bring out innovation
and lead them towards achievement of goals. Leadership helps to understand all working of an
organization so employees work effectively. Leaders need to provide opportunities to their
employees to be a part of decision making in an organization that influence employees and make
them familiar with organization helps chilly to motivate them. Leader needs to provide their
opinions on use of new technology and resources that help chilly to achieve their goals and
objectives and business is able to develop their own effectiveness at a large scale. Company
vision help organizations to achieve their goals and objectives. Leadership lead employees
towards new technology and process that help them to accomplish their goals and objectives of
business at a large scale.
Teamwork
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Teamwork in chilly help their employees to bring out their innovation it help them to
achieve goals and objectives on time. When employees are working in a team they are able to
share their abilities and skills that help them to bring out innovation with different skills in their
employees. Effective team will listen to views of each other and develop plans build trust and
helps them to bring innovation in working of an organization. Teamwork create a positive
environment which bring creativity in employees of an organization that help them to achieve
aim and purpose of business. Employees are working on different department on the basis of
their skills and talent that helps them to bring creativity. Employees are working together and
built an effective relation that help them to achieve goals and objectives of their organization.
LO2
P3 4Ps of innovation and use of innovation funnel.
Companies ability to expand and their develop their business in a long run largely
depends on their abilities to expand and achieve their goals and objectives(Haucap and Stiebale,
2016.) . Innovation helps organization to develop their business in a long run. Innovation help
chilly to expand their business and develop it in a long run. Innovation develop skills and
abilities of business to achieve their goals and objectives in an organization.
Product
Chilly needs to develop their products and services that help them to attract large number
of customers. Chilly needs to develop their business at a large scale for that they need to develop
effective use of resources that help them to achieve goals and objectives of their organization.
Product need to be effective and have capability to satisfy need and want of customers. Product
innovation helps chilly to improve their abilities at a large scale.
Process
Chilly want to bring innovation in their production process that help them to achieve goal
and objectives of their business. Innovation in process helps chilly top minimize their cost and
make efficient use of resources available to their organization. Employees are play a major role
in bringing innovation in product and services. Employees have ability to explore and adapt new
production technology.
Position
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Chilly needs to analyse who are their customers and their wants and desires to
accomplish aim and objectives of business. Company require to develop an effective position for
their employees that have ability to engage large number of customers. Chilly needs to know
their place in market and requirement of innovation in overall working of their organization.
Position support business to achieve their aim at a large scale with ability to expand their
resources and effectiveness of their organization.
Paradigm
`Chilly needs to develop their business model effectively that have ability to expand their
business at a large scale. Business model is first step for organization towards their success and
achievement of their goals and objectives at a large scale(Hong, Cheong and Rizal, 2016.) .
Chilly needs to know working of their organization and needs to develop policies for their
business at a large scale. Company want to know their customers so that they are able to bring
innovation by effective analysis of their customers.
Use of innovation funnel
Innovation funnel helps chilly to prepare different types of ideas and choose one effective
idea that help them to achieve goals and objectives of their business and have ability to explore
and enlarge their business. Innovation funnel is required to identify effective employees in a
organization to develop their business. Innovation funnel helps chilly to achieve their objectives
with creation of effective ideas that have ability to develop their business.
Develop innovation funnel
In first step chilly needs to develop a new product and services with innovation that helps
them to satisfy their customers.
Mouth of funnel
Company needs to develop a market research to analyse the idea of a new product that
help them to achieve goals and objectives. Analysis of new innovation and its abilities to develop
their business.
Narrowing the funnel
Chilly create idea for success of their business then they require to know effectiveness of
their idea that support them to achieve goals and objectives of their business.
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P4 Developments in frugal innovation.
Frugal innovation helps Chilly to make an effective use of resources available to their
organization that help them to accomplish goal and objectives of their business. Frugal
innovation helps chilly to save their money as well as to expand their business at a large scale
and improve effectiveness of their organization(Alsanad and Abdel-Razek, 2016.). Frugal
innovation boosts growth of the chilly at a large scale and increase ability of organization at a
large scale.
Develop new ways
Effective use of available resources helps chilly to establish their business at a large scale
and increase their ability to expand their organization at a large scale. Design are prepared that
saves money for chilly and increase their ability to develop their business. Frugal innovation help
chilly to acquire new ways to develop products and services of an organization.
Effective use of resources
Frugal innovation helps chilly in effective use of resources available to their organization
that support chilly to achieve their goal on time and effectively. Innovation reduces wastage of
raw materials that helps organization to increase their profitability and development of their
business to acquire market share.
Provide durable goods
Frugal innovation provide durable goods to an organization that support them to
accomplish goals and objectives of their business to expand abilities of their business at a large
scale. Innovation help to design products that are able to satisfy want and desires of their
customers.
Frugal innovation helps in develop performance
Frugal innovation helps to develop confidence in employees of an organization and help
them to achieve objective of their business. Bringing innovation and providing responsibility to
employees helps chilly to develop performance of their employees and expand their business at a
large scale.
Empower employees
It saves time of employees and provide them effective policies for development of their
business. It is one of the most valuable resources of chilly it increases abilities of employees in
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an organization and improve their effectiveness to accomplish aim of business. It provides
flexibility at workplace so employees are able to work with their full efficiency.
Develop new ways and technologies
Frugal innovation helps companies to develop new ways to prepare and form product and
services that help them to achieve goals and objectives of their business with ability to expand
their resources and required at all levels of an organization(Yun, 2017.) . Frugal innovation
support business to achieve aim and improve effectiveness of employees in an organization. New
technologies help them to develop their business at a large scale and increase their abilities
towards success of an organization.
Increase value
Companies focus while using frugal innovation is to develop their image and value in
mid of their customers with effective use of available resources and develop their business at a
large scale.
LO3
P5 Importance of commercial funnel and the application of new product development.
Commercial funnel help business to achieve their goals and bring best out of them to
attract customers towards their products and services.
Develop marketing strategy
Commercial innovation helps Chilly to develop marketing strategy. Business needs to
develop their strategy with effective analysis of their customers that support them to accomplish
aim of their business and requires at each and every level of organization. Marketing is required
to attract large number of customers and commercial funnel helps and guides organization to
develop policies for their business.
Helps to know customers
Innovation is done on the basis of requirement of their customers. Chilly prepares their
business at a large scale and develop policies and plans according to requirement of their
business(Pradhan, 2015.) . Effective marketing strategy helps to analyse their customers and
develop plans according to the requirement of their customers. It helps company to provide
effectiveness to their products and services to attract their customers.
Generate sales
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Effective innovation have abilities to attract large number of customers towards products
and services of an organization and it helps to increase sales in an organization to achieve goals
and objectives of their business. Generate sales for overall development of organization to
acquire large number of market share.
Competitive advantage
Innovation helps increase sales and profitability of organization and helps chilly to earn
an competitive advantage in an organization. Creativity in products and services attract large
number of customers towards products and services of an organization that help them to achieve
goals and objectives of their business.
Improve ways
Helps organization to improve their ways that support them to attract large number of
customers with their products and services and require to achieve goals and objectives of
business. Innovation helps to minimize cost and develop new technologies for their business.
New product development
Idea generation
To develop a new business an organization required to generate an effective idea that
require to achieve goals and objectives of their business. Idea helps business to analyse their
overall working.
Idea screening
After idea of a new product and service is prepared company needs to develop effective
use of resources that increases their abilities at a large scale. Idea screening helps company to
analyse effectiveness of their products and services(Weyrauch and Herstatt, 2017.) . Screening
helps when any changes are required in development of business.
Concept screening
Company needs to analyse effectiveness of their product and new innovation to attract
large number of customers and engage them with their organization.
Business analysis
Company needs to analysis abilities of their business to cope up the new technologies and
plans and their ability to increase profitability of business.
Product development
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After all analysis like idea of a new product, customer analysis Chilly needs to prepare
product according to the requirement of their customers with creativity.
Test marketing
Chilly needs to analyse market where they are going to develop their product and prepare
plan according to the requirement of their organization. Market analysis helps them to prepare
marketing strategy like use of tools that are required for marketing.
Review market performance
Market performance analysis helps them to know about the ability of their products and
services to attract customers towards their products and services and help them to develop their
business.
P6 Innovation business case for an organization to access funding.
Chilly bottle a company provide cold water bottles with reusable plastic for development
of their business. They bring innovation in their working that support them to achieve goals and
objectives of business. Company is able to adapt new technologies and grab loans and from
banks to develop their business. Funds are required for development of business. Chilly needs to
grab investors those who are ready to provide funds in their company and help them to achieve
goals and objectives of their business(Tran and Ravaud, 2016.) . Chilly is working for welfare of
society they needs to develop crowdfunding that support them to collect large number of amount
from general people and help them to achieve goals and objectives of their business. Attracting
investors by giving them an innovative idea that have ability to achieve goals and objectives of
their business. Company needs to bring an innovative idea for development of their business at a
large scale and help to grab new opportunities for their business to attract their customers. Chilly
needs to start a campaign towards welfare of society and to reduce wastage and effective use of
plastic products that require to achieve goals and objectives of their business. Starting a
campaign to raise funds for society will attract large number of individuals to be a part of your
initiative that help to achieve goals and attract their customers.
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LO4
P7 Tools that organization can use to develop their business.
Business want to develop their presence in market for that they require large number of
effective resources and tools that support them to achieve goals and objectives of their business.
Tools are required to establish their business in market. Improve effectiveness of organization
and requires at all level of organization. Company needs to use different tools to protect their
business and their rights in an organization to develop their business at a large scale. Improve
effectiveness for overall growth and development of their business. Chilly needs to safeguard
their rights by effective use of different tools that helps them protect their intellectual property.
Patent
Patent is protection to intellectual property. Chilly needs to patent their plan or their or
business model to develop or produce new product. It helps them to safeguard product from theft
of technology and copy of their plans and policies. Patent provide identification of products and
services of an organization.
Trademarks
Trademark means sign design or symbol of an organization that protects them from
copying and theft. Symbol and design help them to develop a unique identity in market that
require to achieve goals and objectives of their business(Jones, 2017.) . Company can use an
effective name of their product that help to attract large number of customers. Chilly needs to use
an symbol that have a unique image in a market.
Copyrights
Copyright means a company have all rights to produce and prepare particular product.
Chilly needs to copyright their product which provides them legal security and develop their
business at a large scale. Business needs to achieve goals and objectives of their business that
helps them to grab new opportunities for their business.
Conclusion
Report shows innovation is required at each and every stage for development of their
business which helps them to attract new markets and achieve competitive advantage over their
competitors. Innovation is important for chilly bottle to develop their business at a large scale.
Innovation help them to increase profitability and saves their money for development of their
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business. Vision and leadership helps organization to attract their employees to bring out their
innovative ideas that help organization to achieve aim of their business. Frugal innovation helps
in effective use of available resources in an organization. Innovation helps in development of
organization at a large scale that provides effectiveness in an organization and improve their
effectiveness at a large scale to develop their business in market.
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References
Books and Journal
Xu, L. and Ding, F., 2016. Parameter estimation algorithms for dynamical response signals based
on the multi-innovation theory and the hierarchical principle. IET Signal Processing.
11(2). pp.228-237.
Vinig, T. and Bossink, B., 2015. China's indigenous innovation approach: the emergence of
Chinese innovation theory?.
Haucap, J. and Stiebale, J., 2016. How Mergers Affect Innovation: Theory and Evidence from
the Pharmaceutical Industry (No. 218). DICE Discussion Paper.
Hong, T.L., Cheong, C.B. and Rizal, H.S., 2016. Service innovation in Malaysian banking
industry towards sustainable competitive advantage through environmentally and
socially practices. Procedia-Social and Behavioral Sciences, 224, pp.52-59.
Alsanad, D.S. and Abdel-Razek, R., 2016. Mapping technological innovation: methodology and
implementation. Review of Business & Finance Studies. 7(1). pp.59-68.
Yun, J.J., 2017. Business Model Design Compass: Open Innovation Funnel to Schumpeterian
New Combination Business Model Developing Circle. Springer.
Pradhan, S., 2015. Use of Design Thinking: A step towards fostering creativity and innovation in
a teaching environment. Innovation and Entrepreneurship Teaching Excellence Awards,
pp.149-162.
Weyrauch, T. and Herstatt, C., 2017. What is frugal innovation? Three defining criteria. Journal
of frugal innovation. 2(1). p.1.
Tran, V.T. and Ravaud, P., 2016. Frugal innovation in medicine for low resource settings. BMC
medicine. 14(1). p.102.
Jones, A.L., 2017. Regenerating urban waterfronts—creating better futures—from commercial
and leisure market places to cultural quarters and innovation districts. Planning Practice
Erickson, K., 2018. Can creative firms thrive without copyright? Value generation and
capture from private-collective innovation. Business Horizons. 61(5). pp.699-709.
Gutierrez-Gutierrez, L.J., Barrales-Molina, V. and Kaynak, H., 2018. The role of human
resource-related quality management practices in new product development: A dynamic
capability perspective. International Journal of Operations & Production Management.
38(1). pp.43-66.
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