Unit no - 8 Innovation and Commercialisation

Unit Number and Title 08:Innovation and Commercialisation
Learners Declaration:
I certify that the work submitted for this unit is my own and the research sources are
fully acknowledged.
Learners Signature: -19
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Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
Importance of innovation to the Chills organization comparison of invention..........................4
Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation........................................................................................................................5
Different sources of innovation that foster and develop an environment and culture of
innovation in organisations..........................................................................................................6
LO 2 ............................................................................................................................................8
4Ps of innovation.........................................................................................................................8
Developments in frugal innovation............................................................................................10
LO 3 ..........................................................................................................................................12
Commercial funnel.....................................................................................................................12
Innovation Business Case ........................................................................................................16
Executive Summary...................................................................................................................16
LO 4.............................................................................................................................................1
Different tools that company used to develop, protect and retain knowledge.............................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................1
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INTRODUCTION
Innovation in business is one of the most important thing which has to take company at
high platform. It defines as procedure of making money and creating ideas or innovation into
service or products that create value for which consumer will pay. Commercialisation is the
process of selling innovative products and services in the return of monitoring gains. The present
report is based on Chilly's organization which started their business in 2010. This report explain
innovation and their importance for company and also clarify organisational vision, culture,
leadership and teamwork that shape commercialization and innovation. It justifies 4Ps of
innovation and innovation funnel to shape innovative ideas. This study explain importance of
commercial funnel and reflects the innovation business case for company. Furthermore, this
report evaluate various tools that firm used to retain, protect and develop intellectual property.
LO1
Innovation is the procedure of translating an invention or idea into service or products
that create value for which clients will pay. Its aim is to bring something new as well as different
from existing products within marketplaces. In business, innovation results when new concept
and 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 Tim
Bouscarle innovated a Bottle that always keep water cold. It helps people to have cold water for
long journey, they do not need to buy plastic water bottle. It contribute to increased profits in the
first attempt due to its innovative feature of Bottle. However, with growing competition,
organization faced gradual decrease in its revenues that affected their overall business
performance.
Here, invention is defined as unique method, concept, process and composition, it is the
procedure within overall products development structure. It helps to improve the existing
products and also refer to the new process for making an object. Invention increase the
profitability of business as well as contribute to generate revenue rather than before. By
implementing and adopting invention in current business structure organization can achieve its
objective that is selling reusable and insulated water bottles, which allow people to keep water
cold for long period of time. However, it clearly define that innovation and invention is different
to each other (Shan, Song and Ju, 2016). After many trials some times invention is failed and
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also consume a lot of time which is not appropriate for business, on the other hand gets
launching for first time whereas in innovation, some changes made in the recent product in
accordance to the clients requirements. For instance, Chilly's company take risk of innovating
cold water bottle which inverted out profitable, it prevents land pollution that get increased due
to high amount use of plastic bottles. By innovating this new products they can raise its position
within market which is beneficial for them as well as for their consumers.
Accordingly, differences on basis of importance include on creation which centring on
gaining competitive benefits for organization. Innovation is done through out the adoption of
invention by company team that helps to accomplish new project effectively. (Bhardwaj and
et.al., 2017).
Difference between innovation and invention :
INNOVATION INVENTION
It occurs when someone improve and make
the significant contribution to current goods
or services.
It define as the creation and development of
goods for the first time.
Innovation helps to provide the unique
competitive position for Chilly's business in
marketplace.
On the other hand, invention consist with risk
as failure that negatively affect overall
procedure of investing new goods.
It is disruptive and best way to go towards
success and growth for business.
It is outcome of ideation and practical
manifestation
Importance of innovation to the Chills organization comparison of invention
Innovation is consist with uniqueness, it is the act of making some changes to existing
goods by introducing new ideas or way. Innovation is beneficial for company which they
adopted for gaining competitive benefits within market place. Simply, it is related with
procedure of implementing and making creativity in business for improving their performance.
Chilly's firm by making use of creative idea in firm can maximized market share and also
increase their consumer base. As compare to invention, Innovation is more effective for
company 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 new
products or services of unique features. As compare to invention, innovation bring new
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opportunities for Chilly's as it helps to gain competitive advantages consist with low risk of
failure. With the help of innovation company can create their good image among target
consumers.
2. Hard work and perspiration is very important, innovation create dynamic products
when Chilly's company implement this in their business, it consume less time more than
invention.
3. On the other side, invention is focusses on making new things, ideas and goods which is
completely new and unique from the existing ones. It is usually related with implementation of
different techniques as well as new methods for manufacturing existing services & products. By
adopting invention organization can get many benefits as well as retain people with them for
longer.
Organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation
Commercialisation:
This is the process of managing and running some business with main aim of financial
gain with starting new business or product.
Define
Innovation and commercialization are the front lines for any organization to maintain the
performance 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's
taskforce. Here, there is a relationship between the employees with management of the company
and policy making. How vision is shaping innovation at ED?
This vision will help Chilly's to reach the vision of the company in systematic modes
through 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 is
reusable and helps to balance distinctive styles.
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Leadership: A good leader is the one who looks after the organizational vision and guide
the 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.
Culture: This is the social parameter that helps in assessing the behaviour, attitude and
cognitive ability of individuals for reaching the vision by taking guidance from leader. For
instance, an amiable culture leads to improved levels of productivity and effectiveness.
Teamwork: This aspect helps the employees of any company to bring innovation with
combined efforts from each individual. Here the team members work together to create new
products to reach the vision.
In regard to the same, Chilly's Founder is a visionary who constantly directed the team to
employ new and fresh ideas for gaining larger pool of customers. Thus, they created a new eco
friendly substitute in technology ad launched it and received huge acclaims due to innovation
and this company's distribution capability. This was achievable due to a good leadership who
guided 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 and
brand image.
Different sources of innovation that foster and develop an environment and culture of
innovation in organisations
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There are several types of innovation such as disruptive innovation, incremental
innovation, architectural innovation and radical innovation. These sources are required to
channelise the type of innovation that includes market structure change, demographics,
customers' requirements and perceptions levels of distributors, investors and customers and more
(Schuelke-Leech and Barry, 2016). Thus, there is need to adopt the best type to maintain the
brand image and reputation of the companies. Moreover, the technology and market are the
parameters that help in gaining simplistic perspectives for promoting innovation using the
different sources. Herein the culture and environment at workplace are important to conduct
tasks related to innovation and help the teams to design, analyse and supervise the required
resources for the product development.
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Illustra
tion 1: Types of innovation

LO 2
4Ps of innovation
4 Ps of innovation is the model to understand the improvement process of an organisation
to improve the planning process. This is based on bringing changes in the product or service to
the customers and gaining their loyalty and earn profits. The aim is to gain an upper hand on the
existing competition and attract the potential investors, distributors, clients and others. The
business strategy must be in accordance to the 4Ps such as
product, process, position and paradigm innovation.
Product: Chilly's company need to manufacture the best product according to clients
needs that helps to gain positive outcomes. They introduced cold water bottle with high
performance technology, which is quite beneficial for them.
Place: They need to chose right place for this new product as it helps to grab the attention
of customer and attract towards new innovative goods.
Promotion: organization have to use social media as the best marketing tool which helps
to promote their product and reach its target market.
Price: Organization set affordable price of this new or innovative product.
This innovation mix helps in overcoming the challenges of the organization in context to
given solutions to improve the customer centric approaches.
In context to this, innovation funnel would be an asset and is defined as the management
of the product development to meet the needs of the marketplaces. There are steps to take up
processes and operations in systematic modes to reach the market needs by using the innovative
funnel. Here the focus is to bring ideas and new concepts to attain the objective of any
organisation.
Innovation funnel:
Define
Innovation funnel, is the mechanism that able constant stream of ideas that can be
screened for viability. It also defines to as funnel management procedure, it is popular approach
for innovation that is used by Chilly's to create the innovation and realistic activities plan.
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It is applicable for Chilly's , innovation funnel contribute to make innovative products and helps
to make innovation in which company can be able to generate revenue.
The idea of this funnel is to quantify the potential customers' and discuss about the ideas
regarding a product or service. Moreover, it ensures the functional units of the company's teams
under feasible and innovative planning. Therefore, this funnel would be effective for the
management to give creative ideas for better results in terms of monetary aspects and gaining
customers.
Image :
Frugal Innovation:
Frugal innovation is defined as the process of engineering to make the processes less
complicated and minimising the costs of any goods and its production. It is related with the
technological advancement which assist every business organisation in making its business
processes less complicated as well as transparent. By making use of frugal innovation technique,
a business firm can reduce the complexity level of its business operations to a great extent. Also,
it helps the company in minimizing the overall cost expenses as associated with the most
unproductive business operations of the company. By using frugal innovation, cost of producing
goods and services can be reduced thus increasing the overall profitability aspects of the
company.
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Developments in frugal innovation
It is the concept or procedure that urges organization to respond to limitations in assets,
whether material or financial. Frugal innovation generally experienced to take sustainability
factor in development of products for businesses. In addition, it play significant role in reducing
waste material and abdicable features from existing product or service provided by
organizations(Thompson, Herrmann and Hekkert, 2018). it helps to grow business rather than
before and also contribute to enhance their performance. Some indicators are exist in frugal
innovation that help in brining affordability and practicality to overcome problems in short
period of time.
Illustration 2: Components of frugal innovation
(Source: Innovation Funnel, 2019)
Example: Frugal innovation is used for sustainable growth and development within UK
that helps to define new ways of goods development and design. UK innovation company,
NESTA used this concept for environmental constaraints.
Frugal innovation ideas with its examples includes following:
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1. Banking sector – It is one of the best example of frugal innovation adopt by Banking
industry for longer time period in order to provide better services to their consumers. They
implement new technology in business, and provide mobile banking service to people which is
highly beneficial for them. With the help of this facility they can assist large number of clients at
same time across the world. It permit consumers to transfer money at any place where every they
wants to easily. In simple words, mobile banking services is possible when banks make some
innovation within their existing services. It provide by financial institutions and banks within UK
that allows people to conduct financial transactions remotely by using mobile device like tablet
or smartphone.
2. R-600 refrigerator system- Samsung electronic innovate its newest refrigerator
model that earned coveted energy star as emerging technology. It help to conserve energy and
protect climate from any kind of pollution. R-600 refrigerator system meets EPA's demand
criteria that support to reduce energy and lower greenhouses gas emissions.
Frugal innovation and Chilly's :
Frugal innovation impact on organization business procedure it is used to create and
design procedure that helps to meet with the needs as well as demand of consumer, it also helps
to fulfilling requirement of people related with services or products. (Dedehayir, Mäkinen and
Ortt, 2018). Chilly' worker need to use frugal innovation that is beneficial for them to understand
the requirement of something new and better than before. By creating something different they
can attract people and also able to create new products effectively.
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LO 3
Commercial funnel
Commercialisation refers to process of launching new goods and services in market. It
includes service like marketing, distributing, customer service, production, operations, and sales.
These departments are responsible for business growth and development. Commercialisation
process consist of three phases which are involved in making marketing strategies. It includes
stages like identification, business process stage, stake holder stage (Bradford, Johnston and
Bellenger, 2016).
Overview of commercial funnel
Commercial funnel is also known as sales funnel or revenue funnel. It refers to a process
to buy goods and services from retailer or producer. It involves the steps that are included in
process of purchasing products. Every sale starts with different high potential customers and
ends with small customers. Generally, small customers are responsible for purchasing product.
High income customers are defined to buy luxury products not of regular one.
Commercial funnel is important to raise awareness among public about new and existing
products. Like company Chilly's has a great success in initial year to sell “ Normal Water bottle”
but after that it has significant decrease in selling products (Le Meunier-FitzHugh and Douglas,
2016). Its all depends on commercial one.
Commercial funnel include four sections for making process effective and efficient:
Awareness:
This section refers to promotion services through company. For aware customers about
new product, it first need to aware public about them, so that they can think to buy and have
services. For awareness stage, company can use social media marketing, as it is being in current
trend. Other channels are also available like public promotion. Introducing campaigns either by
mail or telephone. The Chilly's will apply commercial funnel into their sales and marketing
strategy like promoting and creating awareness among their customer. Thus it will help company
to create market potential identifying all target customer and dividing them into groups.
Interest:
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This section will refer to increasing interest towards new product. This can be achieved
by making some tactics like discount, prize offers or some cashback. These attractive tactics can
make customers excited (Madhani, 2016). This will increase their interest towards Chilly's
existing products too. After organization has identified the prospect customers to whom they will
be selling up their products and service they company will select the target customers. These are
those consumer of business who is ready to purchase the products of company on agreed prices.
Decision:
If customers will aware about the products then, it will be easy to make decisions for
them to have a product or not. Chilly's product will benefit to make some discount offers for
customers or some prize winning events. This will make decision in innovation of company and
have profitability as compared to previous one. Once the customer is completely aware of
business then will take up decision about whether to buy or not to buy the products of
organization. So this is very much important task which needs to be done by customers this
includes sales offer and research of options available with business.
New product development:
Define
This is a process through which it will be possible for Chilly's to bring new product into
marketplace with better use of technology and resources. The company will need to engage
within process of new product development with due to changes in customer preference, increase
into competition and advancement into technology.
Steps of new product development:
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Figure 1: Steps of new product development
[Source: Zahay, Hajli and Sihi, 2018]
Idea generation- This is the first step of new product development which includes the
creation of ideas about what need to be done this will be more in number.
Idea screening- This will include the testing or checking feasibility of all those ideas and
then selecting only one from them all.
Concept development- According to the above selected idea concept will be developed
which includes the formation of complete theoretical and budgetary constraints as well.
Business strategy development- after the concept is been developed company will plan
for development of strategy so that idea could be turned into action.
Products development- The product or service at this stage is prepared or created which
will be marked at some level of improvement.
Test marketing- The product will then be introduced for conducting test
marketing which examine the presence and popularity of products into market.
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Commercialisation- At this stage strategy will be formulated for launching up of
company’s new product into market.
Introduction- At this stage the product will be finally launched into market with set price
for customers.
New product Range at Chilly's :
Chilly's has introduced a new water bottle which is good for the health of all ages of
people. Moreover, the it is not so expensive due to which it will be purchased by all the
customers thus will lead to the increase in sales for the company. However, the company is
providing the goods at a very lost cost this will increase the reputation of the company among all
the classes of customers (Zahay, Hajli and Sihi, 2018).
Furthermore, the company is using the the best material to produce this bottle which in
turn will increase the rapport of company as an ecological citizen of the country. They designed
stylish product that helps to catch the eye of people. Further, the company is providing various
employment opportunities to people in different sectors like in delivering of product or in
marketing the product to customer etc. Moreover, the company is advertising its product through
various social platforms like Facebook, Instagram etc. through which people will be aware about
the new water bottle which keep water cold for longer time that is been produced by the
company.
Importance of New Product Development for Chilly's
New product development refers to launching new product. This is important to increase
the profitability of organisation. To increase profit margin, changes are necessary. But changes
are done according to customer demand and expectations (Schawel and Billing, 2018). It will
help out to have more market share. People will take interest in buying products. But introducing
product with good quality has primarily profited. Chilly's need to introduce a new product by
maintaining its quality and by using high technology to make product.
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Innovation Business Case
Executive Summary
Chilly's has planned to increase sale of products. Therefore, it makes a strategy to
introduce a new product that is very innovative. It will gain attention of customers and make
profit to both new and existing product.
Mission:
To introduce new product into market “Cold water bottle with friendly benefits of the
traditional flask ” for increasing profits of firm as well as preventing pollution.
Vision:
Creating new product which will be enjoyed by existing customer and calling up of new
customers as well
Need
For introducing new product, main reason is to overcome the loss that is faced by
company. Customer taste are changing constantly and they have desire to adopt changes and
make product accordingly. So, to fulfill customer expectations, Chilly's plans to make a new
product to gain attention (Du, Yalcinkaya and Bstieler, 2016).
Market research
After planning, this stage is necessary to aware public about introducing new product.
Research and development team of Chilly's analyze that current trend is of social sites and
mostly people are connected with these sites. So, its beneficial to make advertisement for social
sites and highlight the discount offer at initial process. It will gain attention of public and
increase their interest towards Chilly's products.
Investment cost required
For introducing New water bottle will take cost of £300. It includes overall cost will take
in promotion, distribution, production, rent and other variables.
Expected benefits
After launching new product “cold water Bottle, it will benefit to Chilly's in terms of
profit, growth, more number of customers, employment. More number of people will be
connected to business which makes directly profit to have competitive advantage (Lee, Kim and
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Joshi, 2017). Organic material is used for making product and this will cost high. So, to
overcome through this, a profit margin is set accordingly by analyzing competitive analysis. It
majorly benefits is to again gain trust of customers towards company.
Ways to access fund
For launching new product, managers of organization takes a step to arrange money for
making and promoting product. This cost also includes delivering charges to avail products to
customers. This money can be accessed by following ways: Bank loan: this is easier way to get fund. Owner of Chilly's can get access to bank for
funding loan. Banks are financial institutes that provide to needed one but this take a long
process to be a legal and authentic. After funding loan from bank, thy need to pay money
in installments with appropriate interest charges (Mu, 2015). But, against money, some
property tor assets are kept as a guarantee with bank.
 Owned capital: This way for accessing fund is self. This can be due to financial
background support. This way is very efficient in two ways. First is not needed to depend
on third party for borrowing and depositing money (Laine, Korhonen and Martinsuo,
2016). Second is save from interest charged. While lending through third party, it charges
interest which is extra amount of money and that is undesirable.
Budget:
Particulars Amount (£)
Salaries of employees 100
Collecting resources 50
Market research 150
Promotion 200
Selling 180
Total 680
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LO 4
Different tools that company used to develop, protect and retain knowledge
Chilly's launched new water bottle in UK market, that cannot be succeed due to this
reason firm face many difficulties in business. By using the best or effective tools organization
protect their intellectual property and resources and also retain it more in better way. There are
the various tools or methods that company used to protect their knowledge which are as follows-
Patents- it is the older way of protecting intellectual property and monopoly based on the
rights to make, sell and use qualifying invention. This legal process is considered as reward for
time and try expended in creating the innovation. Patent is right of organization owner which
exclude another from using selling and copying innovation for specific period. Thus, to protect
of patent company has to aid patent from Trademark office and US patent. In including to this
procedure of getting this tool is complex, time consuming and expensive as it contains different
formality. With the help of using patent as effective tool organization protect their products and
services which they need to provide for its customers.
Advantage: Patents is one of the best term that helps organization through gives rights to
stop someone or another firms from copyrights, selling their invention and products without
permission.
Disadvantage: if company apply for patents, it can be very time consuming and longer
procedure that consume a lot of time.
Copyrights- Patent protect the owner knowledge and property but copyrights cannot. It
only protects extends to specific form in which thoughts and ideas is expressed by company.
Copyrights law will secure sources and unique elements of owner. It defends the primary work
of Chilly's, in this suit advertisement, photography, video and recording created for marketing of
different and new services or products that is cold water bottle will be protected under copyright
act. Apart from this company have rights to transfer their work to anyone through assigning and
licensing. Copyrights secure arises automatically on creation of any real work of firm.
Advantage: Copyrights gives company of the original work, with exclusive rights. The
rights obtained through copyrights is typically constricted for specific period as stipulated by
applicable jurisdictions intellectual property authority.

Disadvantage: Copyrights does not permit organization to openly permit another to use
their work or products to distribute it even if they not making profit.
Trade secrets- It is any formula, device, process, mechanism and tool that is not
commonly known by others, it is maintained in secrecy by their owner and provide competitive
advantages to company because it is kept concealed. Trade mark, defined as words, symbol and
design that separate Chilly's products or service from being used by another. Trademark has been
sold and bought with permission of business owner.
Advantage: Some benefits of trade secrets is that it is inexpensive to get because they
cannot required registration fee or process.
Disadvantage: Trade secrets maintain many disadvantages that is different to its
intellectual property types. Nothing secures one from independently deriving similar or same
design for the invention protected with the trade secret.
Effectiveness of tools that business use-
Copyrights, trade secrets and patents tool is very effective because it helps to prevent
intellectual property of organization.
Ineffectiveness-
But copyrights and patents registration take a long time which is quite ineffective.

CONCLUSION
This report briefly summarizes about the concept of innovation and its important to an
organization. Further, the project have highlighted about how the organizational vision, culture
and teamwork will shake the creativity and commercialization for the company. On the flip side,
the assignment have framed the 4P's of innovation and uses of innovation funnel to shape
creative ideas and thoughts. Moreover, the report have commented on the development of frugal
innovations and how it can be used by the organization. Furthermore, the project have outlined
about the importance of commercial funnel and the application of new product development
process which consist of executive summary, needs, market research, cost, expected benefits,
ways to access fund etc. for the commercialization of innovation. Moreover, the report have
outlined about the innovation business case of an organization which includes the ways to
through which funds can be access. Eventually the project report have highlighted about the
different instruments that can be used by an organization to develop, maintain, and to secure the
intellectual property.
Recommendations:
 The best recommendation for Chilly's company that they should use copyrights tool to
protect their intellectual property.
 Organization must make effective plan based on 4P's that helps to increase their
profitability and grow business more and more.
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