Innovation and Commercialisation

Innovation and
Commercialisation

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4
P1 Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................4
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................6
TASK 2............................................................................................................................................7
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................8
TASK 3............................................................................................................................................9
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation..................................9
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
..............................................................................................................................................11
P7 Analyses of various methods or techniques for Protecting Intellectual Property...........12
CONCLUSION..............................................................................................................................13
REFERENECS..............................................................................................................................13

INTRODUCTION
Innovation refers to a process in which a new ideas or any product or any new service
gets create. Innovation brings ease into the lives of people by satisfying their problems or by
making their work an easy task to perform. In this competitive world where all the company is
striving to gain competitive advantage through by bringing new and innovative services or
products into the market. Innovation is the key for the success of any organisation. To survive
into the market an organisation needs to bring new products or services which can satisfies the
needs of the targeted market. For reference this report has taken an example of a company,
Heinz. It is a British multinational company which engages in the selling of beanz, ketchup,
tomato soup crème and the like. The company is considers as Europe largest food factory. Apart
of this the Heinz company has become one of the trusted brand into the market, customers can
easily rely upon it.
This report discusses about the innovation and its importance into organisation. The report also
discusses about how the culture, vision, leadership can help the organisation in shaping the
innovation and commercialisation. Apart from this, the report also covers the NDP and the
importance of commercial funnel.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation: Innovation refers to a process of translating any idea or thought into reality.
Transferring the ideas and thoughts into reality is considers as innovation. Through innovation
the lives of people become very much easy and as their work gets done through innovative
technology (Baycan and Stough, 2013). Innovation plays a vital part in any business and
organisation. The changing time and increase in competition is forcing the organisation to bring
innovation into their workings, products or services which they got to offer.
Differentiation between innovation and invention:
Basis Innovation Invention
Meaning Innovation refers to bringing a
new and innovative change in
the things or the idea which is
Invention refers introduction
of a total new concept into
market. That concept or

already exists into the market. product or service has never
being brought into the market
before. It is totally new to the
people.
Presence Innovation majorly takes place
in companies or the
organisation. The innovation
helps the organisation in
bringing the required changes
into the product or services
they are indulge in.
There is a very less scope to
bring invention in an
organisation. Any new
invention is usually brought by
a totally new enterprise. They
have an idea, they convert it
into reality and then they sell
their idea into market and
earns money by creating a
niche market.
Frequency The frequency for Innovation
is much higher than the
frequency for invention.
Mostly every industry or
business focuses upon
innovation rather then bringing
invention.
The frequency for invention is
much less as inventing a
product or service is much
time taken. Performing the
invention is also a costly affair
for only company.
Types of Innovation: There are in total 4 types of innovation, and these are as follows-
Incremental innovation: This type of innovation is very much used by the companies. In
incremental innovation, the organisation brings changes into their existing products and targets
in existing market. Innovation could be brought through bringing any change into the product
which can be adding some features, changing the design for the product, changing the packings
and so on. Through this the organisation gains competitive advantage into the market place so
that their customer gets stick to them (Do, 2014). As in the case with Heinz company, they use