Innovation and Commercialisation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
LO1 ................................................................................................................................................1
P1 Describe innovation and its importance to organisation in comparison with invention .......1
P2 Explain organisation vision, culture, leadership and teamwork can shape the innovation
and commercialisation................................................................................................................3
LO2 .................................................................................................................................................4
P3 4 Ps of innovation and use of innovation funnel....................................................................4
P4 Developments in frugal innovation with an example in context of the organisation............6
LO3 .................................................................................................................................................7
P5 Explain importance of commercial funnel and application of new product development
processing ...................................................................................................................................7
P6 Build an innovation business case including ways of access funding in organisation
context.........................................................................................................................................8
LO4 ...............................................................................................................................................12
P7 Evaluate different tools that is used to develop, retain and protect knowledge and
intellectual property..................................................................................................................12
CONCLUSION .............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Innovation refers to a creative and fragmented thoughts and imagination in a procedure
form. It involves modification in existing products to raise the profits and growth of the
organisation. It also focus on the customers satisfaction after analysing the current and future
trends. Here, a commercialisation refers to an introducing and launching a new product in the
market place that attract wide range of people and in this it covers the steps relating to producing
to distribution process of a product offerings in the current and present market place. This report
is based on Bigbelly that is incorporated in 2003 with the aim of reducing the fossil fuel
consumption. They provide a cloud- connected, web-based platform that delivers the actionable
insights into the waste operation. To make more advanced city company thinks to innovate their
bins. This report includes innovation, invention and importance of innovation, difference
between innovation and invention and its types of innovation. Further this report analyse the
process that is required to commercialise the innovation and various range of methods for
protecting the ideas with its pros and cons of that rights in the innovation of a product in the
organisation (Datta, Mukherjee and Jessup, 2015).
LO1
P1 Describe innovation and its importance to organisation in comparison with invention
Innovation
It refers to the deliberate application of facts, imagination and initiative in deriving
different values from resources that included the process in which unique ideas are generated and
converted into useful products. It is the process of inventing, implementing of new goods with
the aim of improving efficiency and effectiveness for competitive advantages. Bigbelly is
considered as a innovative organisation that offers a smart dustbin to the peoples. It is famous for
innovating that manufactures creative dustbin for hygienic society (Innovation.2020).
Invention
It refers to a process and device that has been innovative and creative in making the
product and services. It refers to a process of innovation done in existing product that is not
done by any other company in the market. For example- in context of Bigbelly, making a new
type of dustbin is included in invention (invention . 2020).
Importance of innovation
1

Innovation is important for every organisation who grow their business, profit and
sustainability in the market place. There are some importance of innovation that are as follows. Beat rival firms- It is an important benefit for a company by doing new innovation. It
becomes very easy to beat the competitors in the markets by innovating new products
and services according to the customer needs and wants and the society welfare. Using
innovation company can figure out the right marketing techniques that will grow the
business. For example- Bigbelly is one of the best innovative company according to the
society welfare that help in beating the rival firms in the market (Bashmakov, Popov
and et. al., 2015).
 Maintain customer relationship- It is an essential for the company to maintain the
relation with customer. Innovation develops and modify the products in a creative way in
the present operation. It is important because every customers always determine new
functions in shopping mall that helps in increasing the standard of company. For
example- Bigbelly is the company who always develop and maintain the healthy relation
with their customers, clients that helps in better the relationship with them and earns
more profits.
Differentiate between invention and innovation
Basis Invention Innovation
Concepts It defines the creation of goods
and introduction of this
product offerings or process
for the first time. Invention
means create something new
(Ke and et. al., 2016).
It refers to the process of
improve or make some
contribution to an existing
products and services
according to the needs and
wants. Innovation means
creates something that sells in
the market.
Example Product designs, working
prototypes. Bigbelly invent a
solid working business model
that is based on the clean the
Bigbelly successful process
innovation like reduce fossil
fuels, cloud-computing that
notify the nearby station about
2