Innovation and Commercialisation in Desklib

Unit 8–Innovation and
Commercialisation
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Table of Contents
Table of Contents.............................................................................................................................2
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................5
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
Task 4.......................................................................................................................................12
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property..........................................................................................12
CONCLUSION..............................................................................................................................13
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INTRODUCTION
Innovation is determined as implementation of new ideas, device and methods in an
organisation for the purpose of introducing new products and services. A business can only grow
when it is filling all needs and wants of their customers and bring innovation in their company
which can help to attracts and organise the business activities (Rakthai, Aujirapongpan and
Suanpong, 2019). In competitive business environment it is necessary for companies to use new
ideas, technology and devices that can be uses to produce new things and maintain the high
performance. This report is discussing about Heinz company that is a American food
processing company which was founded in January 1869. This is a food processing company
that is making different types of products. Now the management of such organisation are
planning to bring a new innovative product that is fruits custard as customers are more demand
a cool and healthy products that will attracts customers and increase the sales. This report covers
difference between innovation and invention, types of innovation, process which is required to
commercialise innovation and range of methods for protecting ideas that will help to increase the
competitive advantages.
Task 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation - This is defined as activity which is uses by organisation in order to introduce
new products and services by using new methods and devices is innovation. In small and large
businesses innovation is important that helps to attracts the people by providing them products
and services so sustainable advantages can be taken. For instance, Heinz is using innovation for
providing new products that is fruits custard that will help to keep healthy and cool in summers.
This custard will be prepared by all fruits and milk power with new taste. This type of products
are not available in market yet so Heinz’s management has decided to introduce this products
(Sime Kidane, 2019).
Invention – This means a process which is uses by organisation at the time of inventing
new products and services that helps to increase the business performance. In other words,
specific breakthrough which states transforming of new ideas in order to producing new products
and services. This does not involves any modification in existing products. If Heinz uses
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invention process then it needed to introduce totally new products which can influence customers
to make the buying decisions (Zarghami, Amrollahi and Jafari, 2020).
Difference between innovation and invention
Basis Innovation Invention
This means a process in which
existing products and services can
be modified and change in new
products that can attracts customers.
This means a process which is uses
to introduce totally new products
and se4rvices without modifying
that is not available in market.
Scope In competitive business environment
and organisation the scope of
innovation is narrow as it mainly
focuses on changes in existing
products and services.
The scope of invention is broad
that helps to introduce new product
and services that helps to increase
the organisational brand jimage4
and productivity.
Activities This process of done by
management of organisation by
brining new ideas and implement
them in business.
This process is related to R&D
which is important to bring new
products and services (Baru and
Nundy, 2019).
Types of products by using innovation
Radical innovation – This innovation is related to bring new products by creating value
that causes customers to breakway from traditions. In this organisation try to overcome from
traditional ways and bring new products.
Substantial innovation – This innovation is related introducing new products by
creating significant value for customers. Heinz is adopting substantial innovation which helps to
bring new products such as fruit custard by creating value for customer and satisfy them.
Incremental innovation – This innovation is brining changes in existing products and
services that helps to create the attributes and brand image (Milan, Ulrich, Faria and Li-Ying,
2020).
Cosmetic innovation – This innovation is uses to introduce the products and services
after modifying its attributes that support to run the business and increase profitability.
Importance of innovation in organisation
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