Innovation and Commercialisation

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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