Unit no - 8 Innovation and Commercialisation
Added on 2021-01-02
22 Pages5983 Words345 Views
Business DevelopmentLeadership ManagementDesign and Creativity
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UnitNumberandTitle08:Innovation and CommercialisationLearners Declaration:I certify that the work submitted for this unit is my own and the research sources arefully acknowledged. Learners Signature: -191
Table of ContentsINTRODUCTION...........................................................................................................................3LO1..................................................................................................................................................3Importance of innovation to the Chills organization comparison of invention..........................4Organisational vision, leadership, culture and teamwork can shape innovation andcommercialisation........................................................................................................................5Different sources of innovation that foster and develop an environment and culture ofinnovation in organisations..........................................................................................................6LO 2 ............................................................................................................................................84Ps of innovation.........................................................................................................................8Developments in frugal innovation............................................................................................10LO 3 ..........................................................................................................................................12Commercial funnel.....................................................................................................................12Innovation Business Case ........................................................................................................16Executive Summary...................................................................................................................16LO 4.............................................................................................................................................1Different tools that company used to develop, protect and retain knowledge.............................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................12
INTRODUCTIONInnovation in business is one of the most important thing which has to take company athigh platform. It defines as procedure of making money and creating ideas or innovation intoservice or products that create value for which consumer will pay. Commercialisation is theprocess of selling innovative products and services in the return of monitoring gains. The presentreport is based on Chilly's organization which started their business in 2010. This report explaininnovation and their importance for company and also clarify organisational vision, culture,leadership and teamwork that shape commercialization and innovation. It justifies 4Ps ofinnovation and innovation funnel to shape innovative ideas. This study explain importance ofcommercial funnel and reflects the innovation business case for company. Furthermore, thisreport evaluate various tools that firm used to retain, protect and develop intellectual property. LO1Innovation is the procedure of translating an invention or idea into service or productsthat create value for which clients will pay. Its aim is to bring something new as well as differentfrom existing products within marketplaces. In business, innovation results when new conceptand ideas is applied by organizations in order to satisfy the requirements and needs of consumers(Brem and Viardot, 2015). For instance, Chilly's company founder, James Butterfield and TimBouscarle innovated a Bottle that alwayskeep water cold. It helps people to have cold water forlong journey, they do not need to buy plastic water bottle. It contribute to increased profits in thefirst attempt due to its innovative feature of Bottle. However, with growing competition,organization faced gradual decrease in its revenues that affected their overall businessperformance. Here, invention is defined as unique method, concept, process and composition, it is theprocedure within overall products development structure. It helps to improve the existingproducts and also refer to the new process for making an object. Invention increase theprofitability of business as well as contribute to generate revenue rather than before.Byimplementing and adopting invention in current business structure organization can achieve itsobjective that is selling reusable and insulated water bottles, which allow people to keep watercold for long period of time. However, it clearly define that innovation and invention is differentto each other (Shan, Song and Ju, 2016). After many trials some times invention is failed and3
also consume a lot of time which is not appropriate for business, on the other hand getslaunching for first time whereas in innovation, some changes made in the recent product inaccordance to the clients requirements. For instance, Chilly's company take risk of innovatingcold water bottle which inverted out profitable, it prevents land pollution that get increased dueto high amount use of plastic bottles. By innovating this new products they can raise its positionwithin market which is beneficial for them as well as for their consumers.Accordingly, differences on basis of importance include on creation which centring ongaining competitive benefits for organization. Innovation is done through out the adoption ofinvention by company team that helps to accomplish new project effectively. (Bhardwaj andet.al., 2017). Difference between innovation and invention :INNOVATION INVENTION It occurs when someone improve and makethe significant contribution to current goodsor services. It define as the creation and development ofgoods for the first time.Innovation helps to provide the uniquecompetitive position for Chilly's business inmarketplace.On the other hand, invention consist with riskas failure that negatively affect overallprocedure of investing new goods. It is disruptive and best way to go towardssuccess and growth for business.It is outcome of ideation and practicalmanifestation Importance of innovation to the Chills organization comparison of inventionInnovation is consist with uniqueness, it is the act of making some changes to existinggoods by introducing new ideas or way. Innovation is beneficial for company which theyadopted for gaining competitive benefits within market place. Simply, it is related withprocedure of implementing and making creativity in business for improving their performance.Chilly's firm by makinguse of creative idea in firm can maximized market share and alsoincrease their consumer base. As compare to invention, Innovation is more effective forcompany by which they can get the positive outcomes and make success in very first time.1.By adopting innovative business concept or producer, organization can develop newproducts or services of unique features.As compare to invention, innovation bring newopportunities for Chilly's as it helps to gain competitive advantages consist with low risk of4
failure. With the help of innovation company can create their good image among targetconsumers.2.Hard work and perspiration is very important, innovation create dynamic productswhen Chilly's company implement this in their business, it consume less time more thaninvention. 3. On the other side, invention is focusses on making new things, ideas and goods which iscompletely new and unique from the existing ones. It is usually related with implementation ofdifferent techniques as well as new methods for manufacturing existing services & products. Byadopting invention organization can get many benefits as well as retain people with them forlonger.Organisational vision, leadership, culture and teamwork can shape innovationand commercialisationCommercialisation:This is the process of managing and running some business with main aim of financialgain with starting new business or product.Define Innovation and commercialization are the front lines for any organization to maintain theperformance management and establish transparent channels for proper employees' engagement(Saebi and Foss, 2015). Organisational vision: This is the core values that must be followed by the company'staskforce. Here, there is a relationship between the employees with management of the companyand policy making. How vision is shaping innovation at ED?This vision will help Chilly's to reach the vision of the company in systematic modesthrough promoting innovation and bringing the employees to work for one common objective. Organization vision is to reduce air and water pollution by innovating new product that isreusable and helps to balance distinctive styles. Leadership: A good leader is the one who looks after the organizational vision and guidethe entire taskforce to reach it by consistency and with persistence. Under effective leadership,the company can reach a good market positioning and promotes the commercial aspects as well.5
Culture: This is the social parameter that helps in assessing the behaviour, attitude andcognitive ability of individuals for reaching the vision by taking guidance from leader. Forinstance, an amiable culture leads to improved levels of productivity and effectiveness.Teamwork: This aspect helps the employees of any company to bring innovation withcombined efforts from each individual. Here the team members work together to create newproducts to reach the vision.In regard to the same, Chilly's Founder is a visionary who constantly directed the team toemploy new and fresh ideas for gaining larger pool of customers. Thus, they created a new ecofriendly substitute in technology ad launched it and received huge acclaims due to innovationand this company's distribution capability. This was achievable due to a good leadership whoguided the development team to move forward and took risks which proved beneficial. However,the popularity got decreased in the third year due to the substitutes in the marketplaces and thus,there is a need to continuously bring something new all the times to maintain the reputation andbrand image.Different sources of innovation that foster and develop an environment and culture ofinnovation in organisations6
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