Unit: 8 Innovation and Commercialisation Table of Contents

Unit: 8
Innovation and Commercialisation
Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
P1: Discuss innovation and ascertain its importance to company in comparison with
invention......................................................................................................................................2
P2: Organisational vision, leadership, culture and teamwork supports innovation. ..................4
TASK 2............................................................................................................................................5
P3. The concept of 4Ps of innovation........................................................................................5
P4: Evolution in frugal innovation..............................................................................................7
TASK 3............................................................................................................................................8
P5: Importance of commercial funnel and New Product Development....................................8
P6: Innovation Business Case...................................................................................................10
TASK 4..........................................................................................................................................11
P7: Different tools for developing, retaining and protecting knowledge and intellectual
property.....................................................................................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation refers to the process of bringing some effective changes in the existing
products so that the value of the products can be increased. As an organisation have to deal with
the several customers who has different demands and satisfaction so in this case the innovation
terms become more crucial for them. Other, Commercialisation considered a most effective
procedures of converting ideas or research into products and production methods or systems.
This assignment will help to evaluate the process of innovation, invention and commercialisation
of the products in context of Chilly's which is formed by James Butterfield and Tim Bouscarle in
2010. The main aim of this organisation is to reduce the use of plastic bottles. For this, they are
giving their focus on innovating a new product that is Silicon bottles which will automatically
purifies the water. This file will cover about 4Ps of innovation, innovation funnel and
commercialisation of commodities. Along with this, this study also give their emphasis on
describing the commercial funnel and business which give their huge contribution in achieving
the goals.
TASK 1
P1: Discuss innovation and ascertain its importance to company in comparison with invention.
Invention: It is depicted as an effective approach of bringing a new method or idea of a
distinct product in the market(Invention, 2019). On the other hand, it related to develop a new
product in the economy which has never ever introduce into the marketplace. At present, Chilly's
is focussing on inventing new products in the marketplace which will help them to reduce the
usage of plastic by providing their customer cold water on their way without using the plastic
bottles. This invention will help them in attaining higher growth and success in the
marketplace(Aarikka-Stenroos and et. al., 2014).
For example, if Chilly's will come up with a new creative idea of a bottle which will purifies the
water automatically then they will be able to reduce use of plastic from the economy which will
help them to enhance the economy growth as well as their business profitability as they will be
able to create positive brand image of their organisation.
Innovation: It is related to develop a new idea or method for bringing some effective
changes in the existing products of company. This will enable an organisation to operate their
activities as per the current market which helps them to provide great satisfaction to the

customers and earn higher profitability (What is Innovation, 2019). The various factors are
available which insist to regulate innovation process in context of Chilly's are courage, thinking,
intellectually and differentiating which inspire them to bring new innovation in their
business(Ameka, 2013).
Example: Chilly's is introducing a new innovation in their bottles by which the bottle can
be folded in any shape and can use in various purposes. At the time of their travelling they can
use this bottle also keeping in their mobile phone in it. This will help them in attaining the
attention and interest of several customers in their new innovation which will provide them
higher profitability and succession in their business.
Importance of innovation to Chilly's:
The company can increase their sales and profit margin if they focus more on needs and
demands of customers by bringing new commodity in open marketplace. However, importance
of innovation is remarkable in Chilly's as Innovation would also help business of Chilly's to
understand market scenario by determining level of competition from rivals and also provides
them the opportunity to grow their business. Innovation would also help a business of Chilly's to
create an attractive marketing plan to sustain their business(Bogers and West, 2012).
Difference between Innovation and Invention :
Basis Invention Innovation
Occurs Invention is defined as
occurrence of idea or thought
which has never been made
earlier.
A modified or different version
of same product is innovation.
.
What it is ? Invention is a concept
concerned with making of
new product which have never
been made before.
Innovation is concerned with
addition of value to products
which already exist in the
market.
Concerned with The process of invention is
concerned with single product
or procedure.
It is a combination of
different procedure and
commodities.
Skills required For inventing something new a It requires marketing, technical

person must have scientific
skills.
and strategic skills.
Example As in the present scenario,
Chilly's is giving their focus
on innovating a feature in their
bottles in which water
automatically will purify.
For instance, Chilly's is
inventing a new Silicon bottles
in the marketplace so that
usage of plastic bottles can be
reduced and people health can
be maintained.
Definition of commercialisation:
Commercialisation is related to an efficacious process of introducing new products or
production methods or systems in the marketplace. The concept of commercialisation comprises
three utmost stages first is funnel which depicts that before inventing a product or service an
organisation must consider various ideas(Commercialization, 2019). Second, define that each
level of production have their own significance on which management must give their huge
emphasis. In the last, the management needs to give their focus on stakeholder also so that they
can formulate best decision for successfully adopting the innovation or invention in their
organisation(Brunswicker and Van de Vrande, 2014).
As the main motive or vision of Chilly's is to reduce the usage of plastic from the
economy so that the healthy environment can be created along with the higher brand image of
organisation can be raised. The accomplishment of this vision is depending on the innovation
and commercialisation as by bringing the innovation in their bottles like by manufacturing the
Silicon bottles they will be able to inspire the customers to use it instead of plastic bottles. This
bottle has the power of remain the water cold and purifies during their travelling so that they
does not have to face inconvenience during their travelling.
P2: Organisational vision, leadership, culture and teamwork supports innovation.
Innovation is a prime component of enterprise as this gives diversified ideas for
executing an administration operation with an appropriate manner. The concept of innovation
and invention is essential part of firm as these would support them in commercialisation of
product in open market. Both concepts go hand in hand in an organization For driving