Innovation and Commercialization

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Define innovation & determine its importance in comparison with invention.................3
P2 Discuss how company's culture, vision, teamwork and leadership can shape
commercialization and innovation.........................................................................................5
TASK 2............................................................................................................................................7
P3 Explain 4Ps of innovation and discuss the use of innovation funnel................................7
P4 Explain the improvement in frugal innovation.................................................................8
TASK 3............................................................................................................................................9
P5 Define importance of commercial funnel and application of New Product Development9
P6 Develop an Innovative Business Case which involves various ways of funding...........11
TASK 4..........................................................................................................................................13
P7 Evaluate different tools that business entity can use to develop, retain & protect intellectual
and property knowledge.......................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
Books & Journals.................................................................................................................15

INTRODUCTION
Innovation refers to a procedure of developing and implementing new thoughts or ideas
in order to produce attractive and innovative goods and services. It is the method in which
organisation develop new and innovative products by using upgraded technologies which
increase the value of goods and services offered by company. Apart from innovation,
commercialisation means launching of new and innovative goods & services at the marketplace.
Along with this it includes sales, marketing, production, distribution and other essential
functions which leads towards the attainment of organisational goals and objectives (Afuah,
2014). Chilly’s Bottle is the base company in this report which generally provides water bottle to
their customers is chosen as the base company. It is the organization which was introduced by
James Butterfield & Tim Bouscarle in the year 2010. According to the current environment
managers of the company decide to launch new and innovative water bottle which have Solar
Powered Illuminating water bottle. In this bottle there are five to six LED lights which have the
ability to charge itself with the solar energy. In the present report, there are different types of
topics which are going to be covered in an effective manner.
TASK 1
P1 Define innovation & determine its importance in comparison with invention.
Innovation: It is define as a procedure of translating a thought, invention or idea into a
product or service which create huge amount of value at the marketplace. Each and every
organisation use this method at some point in their in order to create attractive and unique goods
and services. In context of business, innovation often outcome when ideas and thoughts are
applied by the organisation in order to fulfil the requirements and wants of customers
expectations (Bagno, Salerno and da Silva, 2017).
Basis Innovation Invention
Concept It refers to a procedure with
the help of which new and
innovative product & services
is being launched by the
organisation at the
On the other hand, it has been
said that invention is the
process where the product is
totally new and unique at the
marketplace (Invention. 2019).

marketplace.
Scope Innovation refers to the
method which takes place after
the process of invention.
In case of, invention it is the
method which is always
happen before innovation.
Activities Innovation is the process
which is spread around all the
departmental functions within
the organisation.
In context of invention, it is the
method which is commonly
associated with R&D
department of the company.
Example Addition in the features of the
Chilly's bottle is knows as
innovation.
Providence of new product
which is different from the
earlier and earlier not having
existence.
Importance of Innovation within Chilly's Bottle: For each and every organisation, it is
essential to innovate new and unique things in order to satisfy the requirement of customers
(Bain and Kleinknecht, 2016). This is very important for an organisation as it will assist in
enhancing their profitability at the marketplace. Importance of the innovation method are as
follows: Increased net income: Chilly's Bottle is an organisation which mainly provide water
bottles to their customers with some uniqueness. It has also been analysed that every
customers have their own requirement which is quite different from others. In order to
satisfy the needs and demands of customers it is required by the management team of
company to launch new and innovative products. Therefore, managers of the company
innovate and launch Solar Powered Illuminating water bottle with the unique quality of
having LED lights within it. With the help of this, company will be able to gain more
profitability at the marketplace and gain various opportunities as comparison to invention
because in terms of cost and R&D is efficient in nature. Also, innovation has the
capability to build the product as competent that easily satisfy the demand of customers.
 Unique quality of company: In today's environment there are various unique products
which is given to the customers by ample number of companies. In the context of Chilly's