Innovation and Commercialisation at Essence Drinks

UnitNumberandTitle 08:Inn
ovatio
Learners Declaration:
I certify that the work submitted for this unit is my own and the research sources are
fully acknowledged.
Learners Signature:
1

References
Table of Contents
INTRODUCTION................................................................................................................................
LO1.......................................................................................................................................................
Innovation....................................................................................................................................3
Importance of Innovation in Essence Drinks...............................................................................5
Vision, leadership, teamwork and culture which will shape innovation and commercialisation 5
LO2.......................................................................................................................................................
4P's of innovation........................................................................................................................8
Innovation funnel.........................................................................................................................9
Use of Innovation Funnel at Essence Drinks...............................................................................9
Frugal innovation:......................................................................................................................10
LO3.....................................................................................................................................................
Commercial funnel:...................................................................................................................11
New Product Development (NPD):...........................................................................................11
New product Vanilla Essence Lassi at Essence Drinks:............................................................13
Innovation business case:...........................................................................................................13
Access Funding ways:...............................................................................................................15
LO4.....................................................................................................................................................
Tools for development retention and protection of knowledge.................................................15
Effectiveness and ineffectiveness of tools to protect knowledge and intellectual property:.....17
CONCLUSION..................................................................................................................................
REFRENCES.....................................................................................................................................

INTRODUCTION
Innovation refers to process of creating new thoughts, innovative plan& latest thoughts in
appearance of techniques or strategy. In other terms it is procedure that consists of various
actions for revealing fresh behaviour for undertaking things. Commercialisation on the other
hand is defined as procedure of framing financially viable values for company (Abdul Razak,
Murray and Roberts, 2014). Through utilisation information and transforming those into finished
products and merchandise desires related with consumers can be fulfilled. This description is
done on the basis of Essence Drinks that was established by Akshay Kumarand innovation of
new vanilla essence lassi. In before Time Company effectively made towering trade-in context of
ground-breaking modern formulation. This project encompasses of vision, culture, teamwork,
innovations importance, and leadership which will effectively aid an organisation to outline
commercialisation and innovation. Furthermore, 4Ps of innovation and progression in frugal
innovation contains in this report. Apart from this, significance of the concept of commercial
funnel and formative appliance are covered in this report. Lastly, business case is covered in this
report by considering funds and a range of tools which further helps in developing and retaining
information.
LO1
Innovation
Innovation is a formative procedure in which an organisation adds more value to its
company products and service in order to gain more competitive advantages in the marketplace.
It is attained as on the whole result of commercialism and invention. Innovation termed as a
process with the help of which alteration and modifications can be done in the existent services
& products of corporation by adding together something fresh in their production process.
Modification and alteration made by an organisation in its products and services can be made in
the form of a size and design. Innovation is done by a company to provide some extra benefits to
its consumers by evaluating their recent perception and needs. Process of innovation can
effectively aid companies like Essence Drinks to increase its consumer base which
simultaneously lead towards increase in company profitability. In context with Essence Drinks,
3

References
company keeps on adding something unique and extra to their products in a continuous way so to
increase value of their services.
Invention: Invention is defined as a method for creation of new devices, products and
procedures are carried off. In simple terms it is mainly an activity in order to bring something
new.
Difference between invention & innovation:
Basis Innovation Invention
Concept The procedure of accumulating
together worth to services and
produce that are served by
organisation. They implement
creativity in their production
process by which efficiencies
and competitiveness can be
improved within marketplace.
Invention is termed as a
method of commencing of
something innovative which is
new. By this company can
effectively aims towards
budding a new market for their
specific creation (Chun, Chung
and Bang, 2015).
Scope There is a wide scope for
company as dissimilar actions
can be undertaken with the
help of innovation, technology,
cost, theme and market
(Dincer, 2017).
It holds a constructive
approach which can be taken
into deliberation a single
service.
Occurrence It is essential for Essence
Drinks to create enhancements
within their existing
commodities.
Distinctive ideas is required to
be use by scientists with the
help of which company can
discover brand new goods
Skills required Dissimilar kind of abilities is
required to adopt by persons in
terms of technological and
adaptive skills that will help
them to prepare policy and
This is essential for company
to have effective technical
skills which will help them to
offer something new and