Innovation and Commercialisation

Innovation and
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
Explain innovation and its importance to your chosen organisation in comparison with
invention......................................................................................................................................3
How the chosen organisation’s vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................5
Different sources of innovation and how your chosen organisation can foster a culture of
innovation....................................................................................................................................6
Use and importance of innovation funnel and the evaluating the concept of frugal innovation
with examples from organisational contexts...............................................................................6
PART B............................................................................................................................................8
Commercial funnel and the New Product Development process................................................8
Build a Business Case for Innovation, which includes measuring overall effectiveness using
appropriate techniques including sources of funding..................................................................9
An evaluation of various IP tools that your chosen organisation can use but you can also
provide examples of the use of IP tools from wider organisational contexts............................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14
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INTRODUCTION
Innovation is defined as a complex procedure that mainly involves a various practices that
are diverse in nature for obtaining the specified results. Moreover, it is also determined that
innovation is a novel ideas which consist generation as well as perhaps this are performed to
make things simple and effective (Butticè and Noonan, 2020). On other hand, commercialisation
is essential as it is a source by which an innovation may be attained their anticipated social
advantage. As per the given scenario, the undertaken company for this report is Heinz which is
developed in year 1869 and considered as the most beloved Britain brands. It mainly produced
iconic products like Tomato Ketchup, Heinz Beans as well as Cream of tomato soup. This report
is divided into two parts. The topics which are covered in first part are innovation as well as their
effectiveness into firm, difference between invention and innovation, how leadership, vision,
teamwork and culture of company may shape innovation and commercialisation, 4P’s of
innovation and importance of innovation funnel. Moreover, in second part, commercial funnel,
new product development process, innovation business case and evaluation of various IP tools
are discussed in this report.
PART A
Explain innovation and its importance to your chosen organisation in comparison with invention.
Innovation is considered as the application of “new ideas, device or process”. It is often
also view as an application of effective solutions which meets new needs, unarticulated
requirements or existent marketplace. As various changing are occurring into market area as firm
react towards demand o customers. So, few changes are continuously as well as relatively small
in nature where as another includes giant steps forward. In past, the best as well as large firms
were those who have effective machinery and capital equipments. But at present ideas are
consider as most precious asset (Chrysaki, 2020). So, a effectual potential exist for a company
such as Heinz for exploring new opportunities and to market new products that can able to meet
the changing requirement of more sophisticated customers that is to deliver real step change
innovation. So, this is essential for an organisation like Heinz to perform innovation into their
business procedures and products as it will support to develop valuable goods. As per the
research of Heinz, it has been analysed that most of the people like beans and Shepherd’s pie but
no one likes to cook. Thus, respective company is introduced a new product named as ‘Baked
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Bean Cuisine’ which incorporating Heinz Baked Beans into a range of traditional recipes such as
Sausage Hot Pot, Cheesy Pasta Bake and Lamb Hot Pot. It is even possible to buy Baked Beans
Pizza. Also, it introduced a Barbie pasta shapes and for exploring the opportunities they are
planned to launches a new product called “Flavoured purified water for babies and Baby Basics
range of infant feeding accessories”.
Importance of innovation:
Innovation is vital at workplace as it assists to provide boundary into competitive market
simply and fastly. In context of Heinz, innovation is important as it helps them to expand their
opportunities and meet the changing demands of their sophisticated customers. In addition to
this, innovation into product may form an edge related to their development. Even an small
company can develop by leaps as well as restrict if they are making some advance products as
per the clients needs. It formed various opportunities rather than invention and also invention s
time taking and costly in comparison to innovation. Therefore, the effectiveness of innovation in
context of respective organisation is described underneath:
Obtaining competitive advantage: Innovation assist in getting competitive advantage by
rendering products based on needs of clients (Dutta and Rousseau, 2020). Heinz may gain
competitive advantage through introducing a new product called “Flavoured purified water for
babies” and Baby Basics range of infant feeding accessories to obtain competitive advantage in
marketplace.
Meeting the customer’s needs: Presently, most of children like to have flavoured things.
Therefore, Heinz introducing a “Flavoured purified water for babies” and Baby Basics range of
infant feeding accessories as this assists them to meeting the needs of their sophisticated
customers and also helpful in maximising profitability.
Invention: This is considered as totally new product which is different from any other
products into market. Moreover, it is transforming new ideas into product. Therefore, invention
is crucial for company like Heinz as the firm is performing same thing so the market get
saturated thus, they have to come up with new things which may cause a rebirth.
Difference between innovation and invention
As both innovation and invention are very much essential practices of business as well as
this support to increase firm’s operation. Also, differences between innovation as well as
invention within entity are discussed below:
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