Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1..................................................................................................................................................1
P1 Explain Innovation and Invention.....................................................................................1
P2 Discuss organisation vision, its leadership, culture, teamwork and how they make impact
on innovation and commercialisation.....................................................................................3
LO2 .................................................................................................................................................4
P3 Innovation 4 Ps and the use of innovation funnel ............................................................4
P4 Development in frugal innovation with an example in context of an organisation..........6
LO3 .................................................................................................................................................7
P5 Explain importance of commercial funnel and application of new product development
process ...................................................................................................................................7
P6 Build an innovation business case including ways of access funding in organisation
context....................................................................................................................................9
LO4................................................................................................................................................11
P7 Various Intellectual Property Rights...............................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is comprises of new idea, creative thoughts, fresh and new imaginations in
terms of technology, product, device or methods. Innovation mostly seen as formulating new
applications in order to provide better solutions to society with purpose of meeting out emerging
requirements, current needs of target market effectively and efficiently. Bigbelly is one of the
leading manufacturing organisation which deals in making of solar power and rubbish
compacting dust bins. Company provides solar bins to utilization in public spaces such as open
parks, beaches, universities, retail properties, grocery industry etc. Organisation main aim is to
eliminate or reduce fossil fuel consumptions. Now, organisation is planning to launch a new
innovative product. This report contains information related to concept of innovation and how
much it is important for an organisation growth. It exhibits comparison between innovation and
invention. Moreover, it explains how organisation vision, mission as well as culture affect
innovation and commercialisation. Lastly, it explores four P's related to innovation and
developments in frugal innovation (Chun and et. al., 2015).
LO1
P1 Explain Innovation and Invention.
Innovation
Innovation refer to process of generating or creating value through implementing better
solutions in order to solve multi problems and issues face by society. Innovation undertaken by
making provision of more effective products, processes, services, new business models that are
provided to market, government as well as society. In simple terms, innovation can be something
that is original and new that is not used by society earlier. To do an innovation it is required that
there must be an idea which replicable at an economic cost and that has potential satisfy wide
requirements of market. It include all new processes through which new idea can be created and
transformed into useful goods. In case of bigbelly, company always try to innovate something
new in its product so that it can satisfy requirements more effectively and efficiently. It is one of
the leading bin manufacturing organisation which serve high tech dustbin for society.
Invention
Invention refers to an exclusive and novel device, technique or process. It refers to
process of in which include engineering and product development process. It is an action in order
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