Unit 8–Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Innovation in comparison with invention..............................................................................3
P2 Organisations vision, culture, leadership and teamwork shaping innovation and
commercialisation.......................................................................................................................4
TASK 2............................................................................................................................................5
P3 4P’s of innovation and innovation funnel..............................................................................5
P4 Development of frugal innovation.........................................................................................6
P5 Commercial funnel and development of a new production...................................................7
P6 Innovative business case.......................................................................................................9
TASK 4..........................................................................................................................................11
P7 Evaluation of various tools for protecting intellectual property..........................................11
CONCLUSION .............................................................................................................................12
REFRENCES.................................................................................................................................13
Books and Journal.....................................................................................................................13

INTRODUCTION
Innovation means having new idea or developing the product by adding something new
in that. It is very essential to innovate a product as it helps to compete in the market. Innovation
attracts customers and increase the customer base in the organisation. By altering the existing
product and service the innovation takes place. A good understanding of marketing is required to
make innovation and a proper research is to be made that helps to understand the wants and
needs of customers to make innovation in the product and service. By commercialisation the
organisation launches new product and service in the market. The report talks about Heinz and
the innovation taken by the organisation (Anttiroiko, 2016) . Heinz was founded in 1869 and has
its operations in around 200 countries and territories the company deals in thousand of food
products and provide quality services to attract customers. In this report there is discussion about
the importance of innovation and invention and how the culture, teamwork and leadership of
organisation has impact on the innovation process along with the 4P's of innovation are
described. The importance of product development in processing commercialisation and
innovation. Th3e advantages and disadvantages of methods for protecting ideas. In the end
various tools that can protect intellectual property and knowledge are mentioned.
TASK 1
P1 Innovation in comparison with invention
Innovation: Innovation is the process of making changes in already existing products and
services to carter the present needs and wants of customer. In relationship with Heinz, the
company is planning to change the working culture and alteration in physical appearance in
already existing goods and services (Appio, And et. al.,2017).
Invention: This is the process by which an organisation launches something new that does not
exist in the market. In relation to Heinz, they invent new products in around 9 months to attract
more customers.
Comparison among innovation and innovation
Basis Innovation Invention
Purpose The main motive of
innovation to a company is to
increase the profitability by
The main purpose behind
invention is to launch a new
product or service to

making small changes in the
existing products or services.
increase the market share in
the marketplace.
Requirement Innovation in the business is
required when the
organisation has competitors
and it wants to attract more
customers (Barros, Temple,
and Dixon, 2019) .
Invention takes place when
any employee and people
that are working in the
organisation get new idea
and that can be practically
made to generate into a
profit-making product.
The risk involved while innovating a new product and service are mentioned below:
Dinner is improvement: The problem that is faced by company while innovating a product is to
make continuous innovations in that product. In relation to Heinz they continually change the
ways of serve baked beans to the customers.
Unique selling point: The market is turning competitive but should have something unique that
it always offers and Heinz should offer unique selling proposition in each of its invention of its
products. In relation to the company is creative idea is one of its unique selling proposition.
P2 Organisations vision, culture, leadership and teamwork shaping innovation and
commercialisation
Innovation is required by an organisation to achieve its goals and objectives, the factors that help
in bringing innovation are as follows:
Organisational vision: Every organisation has vision that it has to achieve. In relation to Heinz,
the main objective of company is to invent 2-5 new products in every nine months to increase the
market share and by making innovations it wants to become the best food company and attain a
good image in the market (Di Sia, 2017).
Leadership: There are number of leadership styles that are followed by companies to lead their
organisation and manage their teams. In context to Heinz, the leadership style followed there is
democratic and it helps the employees and executives to take part in decision making process.
And this gives rise to new idea development, as all the employees have right to give ideas they
can provide innovating ideas and the organisation listen to their plans and also implement them