Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explanation of innovation & its importance to company in comparison with invention......3
P2. Explanation of how vision, culture, leadership and teamwork of an organisation shape
innovation & commercialisation..................................................................................................6
TASK 2............................................................................................................................................7
P3. Explanation of 4Ps of innovation and use of innovation funnel ...........................................7
P4. Frugal innovation along with examples ................................................................................9
TASK 3..........................................................................................................................................10
P5. Importance of commercial funnel and new development process.......................................10
P6. Innovation business case .....................................................................................................11
TASK 4..........................................................................................................................................12
P7. Evaluation of Different tools to develop, retain and protect intellectual property..............13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is defined as the process of translating an invention as well as idea into products
and services, which develop value for customers in an appropriate manner. In addition to this, it
refers as a path to which an entity attract large number of people and enhance its performance as
well. It is determine that nowadays people like to consume those things that is innovative and
new in market as well (Akhundjanov, 2020). In the present report, Heinz is taken into
consideration. It is one of the Britain's brand which offer product such as Tomato Ketchup,
Heinz Beans, Cream of Tomato soup and many more. The company was established in the year
1869 and its main factory is situated in UK and Ireland as well. In earlier, its Ketchup contain
glass bottle that have a risk to break and is also inconvenient for customer also. For this, the
higher authorities of Heinz is planning to bring an innovation that is to replace glass containers
by squeeze vessel that is convenient and easy to carry for customers. The present report will
cover importance of innovation along with its comparison with invention. In addition to this,
there is discussion about how organisational culture, vision, teamwork and innovation shape
innovation as well as commercialisation. Moreover, 4Ps of innovation and development in
frugal innovation along with examples is described. Furthermore, the report will going to cover
the significance of commercial funnel along with application of new product development. Later,
an innovation business case is develop that consist of various ways of access funding in a proper
manner.
TASK 1
P1. Explanation of innovation & its importance to company in comparison with invention
Innovation: It is consider as a process of make changes in the existing product or bring
something new in terms of product, field or idea as well. Innovation help an entity to capture
large market share and develop a unique image at marketplace. In context to Heinz, It is a
renowned and for it is important to bring innovation in order to retain in market and to enhance
its customer base level. The company bring innovation that is replacement of glass containers of
sauce to Squeeze vessel.
Invention: It is defined as an act of bringing objects or ideas together in a unique way in
order to develop something which did not exist before (Altaf, Hassan and Batool, 2019). In many
organisations, invention take place when they have new idea that is totally different and unique

in market and has the ability to attract people and enhance its market share as well. For instance,
development of electric vehicles is totally a new concept in market that ensure growth as well as
success.
Importance of innovation:
Innovation plays vital role for every organisation as it help in attracting people and
develop a unique image in market as well. It is determine that it is important for a company to
ensure that innovation that is bringing by them is as per the market trends and fulfil requirements
of customers as well. The significance of innovation is given below:
Helping in growth of company: As per the viewpoint of experts, it is determine that
innovation help an entity to expand its operations in an effective way, which has positive
influence on the overall growth and success of company. In addition to this, innovation assist in
gaining eyes of people towards brand and develop positive mindset of customer that directly
leads to growth and development of an organisation.
Reinforce Brand: One of the most essential factor that plays vital role in gaining success
and growth as well is development of positive brand image at marketplace (Awni, 2019). It is
analysed that innovation process aid an entity to develop unique image in market that supports
in developing value for customers and set a brand image in mind of customer in a positive
manner.
Creating of USP: Bringing innovation directly mean of providing unique features and
attributes in market. It is determine that innovation help in developing a distinct image at
marketplace which in turn assist in attaining competitive advantage at marketplace. It will
directly leads to increase in performance and profitability level of an organisation in an effective
manner.

Responding to competition and trends: Innovation assist an entity to gain knowledge
about what opportunities they cab gain by their existing products and services. It is determine
that innovation help in fulfilling current needs of customers, deal with new market trends and
cope up with new technology. By this way, an organisation can respond to current trends and
remain n competition at marketplace.
Continuous improvement: It is analysed that innovation provides organisational
sustainability when an entity continuously make improvements and re-branding its products as
well as services. Making improvements help in attracting large number of people towards brand
that has a positive influence on sales and profitability level of a company.
Difference between Invention Innovation
Basis Invention Innovation
Meaning It is defined as bringing
something totally new in
market which does not exist
earlier as well. The companies
focuses on binging completely
new in order to increase its
product line and capture large
market share in an effective
manner.
This process is associated with
the development of new idea,
features, attributes within the
goods and service which is
already offered by company.
Bringing innovation help in
increasing consumption
product and services that leads
to increase in sales as well as

profitability in an appropriate
manner.
Concept This concept is mainly adopt
in order to give better service
to customers prevailing within
the society (Bond-Smith,
2019). It is determine that
invention take place for
different customer segment so
that there is proper utilisation
of new products as well as
services.
This concept is associated with
the development of value of a
specific product and service as
well. It help in providing
unique features and develop
brad image at marketplace in a
positive manner
Activities It is determine that invention is
limited with the practice of
research & development.
It is determine that innovation
cannot have limited access as it
spread at all the departments of
an organisation.
Innovation plays vital role as it assist in gaining business growth and development in an
effective manner. In addition to this, bringing innovation help an entity to attract more number of
people towards that has positive influence on sales as well as profit margins of company.
Moreover, innovation assist in raising market share and effectively respond to the disrupters
prevailing in the industry. Innovation allow an organisation to gain success and attain
competitive advantage at marketplace in an effective manner.
In addition to this, it is analysed that innovation is more effective as compare to the
invention. Innovation provide more opportunities an organisation for attaining growth in market
whereas invention occur high cost to company due to which overall profitability and revenue
level is declined (Zimmermann, Ferreira and Moreira, 2019). It is determine that innovation
takes less time as compare to the invention and also there is probability of acceptance of
innovation of products and services at marketplace.