Unit 8- Innovation and Commercialisation.

Unit 8- Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
P2. Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................5
P3. Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................6
P4. Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................9
TASK 3..........................................................................................................................................10
P5. Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation. ...................................10
P6. Build an Innovation Business Case for an organisation, including ways to access funding.
...................................................................................................................................................10
TASK 4..........................................................................................................................................10
P7. Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.........................................................................................10
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation and Invention are the phenomena's bringing revolution in the industries and
business practices. Both the concepts are separate form one another but commonly used
interchangeably as the difference is not clearly mentioned. These two concepts provides a
company a pathway in a direction of development and growth by adapting according to the
world and most significantly according to the needs and requirements of customers. Innovation
and invention processes are adopted for introducing change by addressing customers needs and
offering them something creative that will keep them satisfied. The report is constructed on a
most loved and cherished brand of UK and that is Heinz. One of the largest food and beverage
producing company founded in 1869 and located in United Kingdom and Ireland. The
assignment acknowledges the difference between innovation and invention concepts along with
their impacts over the operations of firm (Cao and et. al., 2020) . Moreover, 4P's of innovation
and innovation funnel is examined as well as the concept of frugal innovation is evaluated as
well in organisational context. Furthermore, significance of commercial funnel and its
application covered with most appropriate use of New product development process as well. At
last, a business case is developed for which funding options are explored and also few tools
which can help in protecting the intellectual property of the brand.
TASK 1
P1. Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is a process of developing a new offering for the consumers according to
their preferences and in relation to addressing their needs. A innovative or creative offering is
extracted form the existing products and by adding new features to the new offering. Innovation
process involves the creativity of individual who is undergoing through the whole phenomena
about how they can change an existing offering into an entirely new one and fulfil the needs or
requirements of potential consumers and keep them attracted to the brand (de Jong and et. al.,
2019). Heinz is a well known and renowned brand who's brand image is huge enough that it can
easily survive on its existing product offerings and product goodwill. But the firms image of
being the best in the field needs to be maintained and reached to the higher level which motivates
people to bring change and innovate in accordance to market raise to new heights.

Invention on the other hand is an idea which of bringing in new and fresh products in
market which do not exist or expected by the users who are basically customers. Innovation is a
concept that enables the experts and professionals to experiment and research for offering a good
that adds up to the society expectations and keep them satisfied. Invention takes place when a
new need arise which is fundamental and necessary for the public to fulfil. For instance, recycled
goods earlier people were unaware of the fact that things can be recycled on large scale and
effective use can be made of the available resources (Dias and Ferreira, 2019). But with
changing and deteriorating environmental conditions developed the need for recycled goods and
invention took place in technological and other related industries.
IMPORTANCE OF INNOVATION FOR HEINZ
Every expert with professional and appropriate knowledge of the innovation concept
knows the vital role innovation plays for the respective company and developing a competitive
edge through offerings. Thus, significance of innovation for Heinz is represented below:
 Induces the growth of company- According to research's and evaluation its is
determined that for company to grow and expand innovation is needed. Heinz is a large
organisation which was founded many years ago and without innovation it would not
have reached to the successive lengths in the market at which it is standing today.
Customers are attracted towards the brand with its new and creative offerings and best
quality products.
 Provides competitive advantage- Innovation brings in a competitive value for the
organisation as well as develops a new competitive standards for rivals to compete with.
Innovation automatically develops a Unique selling Point (USP) for the brand offering it
higher power over market and better market share (Davies, Roderick and Huxtable-
Thomas, 2019) .
 Keep the firm updated and follow trend- Innovation is basically experimenting with
existing offering and developing a new one. The reason behind it is only to address the
customers needs and follow trends. Thus, innovation keeps Heinz updated and trendy.
DIFFERENCE BETWEEN INNOVATION AND INVENTION
BASIS INNOVATION INNVENTION
Concept The concept if innovation is of
practical implementation of
On the contrary, the idea
behind invention is to work