Innovation and Commercialisation

Innovation and
Commercialisation

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

INTRODUCTION
Innovation refers to the procedure which is helpful in making modifications in invention
or already existed idea concerning their products and services. It also leads to develop the
valuable customers considering the effective approaches in prominent way. It defines the
essential way in order to attract the large number of people that leads to improve their overall
performance and productivity (Vinokurova and Kapoor, 2020). The report is in the context of
Heinz, which is a Britain company and offer tomato ketchup, Heinz beans and many more and
company is developed in 1869 and located in UK and Ireland. For this report, innovation is in the
Ketchup bottles as earlier, company use glass vessels and for this, it is quite tough to easily get
ketchup but after their innovation regarding squeezy bottles as it is easy to bring ketchup out
from the container and become more convenient for their potential customers. Along with this,
the report is going to cover the concept and significance of innovation and also include
organisational vision, culture, teamwork and leadership in order to shape innovation. Moreover,
4P's of innovation and frugal innovation is described and also represent the importance of
commercial funnel considering the new product development.
TASK 1
Explanation of innovation & its importance to company in comparison with invention
Invention: It refers to the activity that leads to bring unique ideas in prominent way that
leads to develop a new thing which does not exist. Along with this, invention happens when new
idea occurs in the mind which is totally different and also leads to attract maximum number of
people towards their idea and it also leads to improve the market share of company (Liao and et.
al., 2016). For example, electricity is the invention and the products that are developed for the
consumption of it are innovation.
Innovation: It is termed as the procedure that makes effective modifications within the
existing product that leads to generate new product and commodity. Innovation is useful for the
company in order to acquire the market share and also leads to develop prominent image within
the market. In this context, Heinz makes effective changes in their ketchup bottles that leads to
replace the glass containers and become more convenient for customers.
Significance of innovation:
1

Innovation plays an important role for every organisation regarding their growth and
development and also leads to attract people regarding their brand image within the market.
Along with this, it also leads to determine the importance of innovation in order to make sure
that it becomes trendier in market and also leads to fulfil the requirements of customers. Its
importance is as follows: Helpful in the growth of company: According to the perspective of specialists, it is
identified that innovation is useful for the company in order to expand their business and
operations in more significant manner and it also put positive impact on the overall
growth and development of an organisation (Sexton and Ligler, 2018). Additionally, it is
also identified that innovation procedure is helpful for the company in order to develop
positive mindset of customers that leads to significantly develop the image of company.
Along with this, it is also identified that invention is more time consuming and costly in
comparison to innovation as invention take suitable research and lot of funds whereas in
innovation organisation make suitable changes in already existing product which is not
much time consuming. Strengthen the brand: One of the essential element that plays an important role in order
to achieve success and growth for the development of company and also gain positive
image in market area. It is also identified that innovation procedure is useful in regard of
developing unique image in market and also leads to support the potential customers
regarding their brand image.
Comparison between invention and innovation:
Basis Innovation Invention
Meaning This process is concerned with
the development of new idea,
attributes and characteristics
regarding the goods and
services which is offered by
the company. Along with this,
brining innovation is useful for
the company as it leads to
enhance the consumption of
It defines bringing something
fresh and unique that does not
exist within the market. For
this, organisations also put
emphasis on making
something new that leads to
increase the product line and
also acquire huge market area
2