Innovation and Commercialization Report: Business and Product Analysis

This report examines the concepts of innovation and commercialization within a business context, using the example of 'Healthy Juice.' It differentiates between invention and innovation, emphasizing their importance in organizational vision, leadership, culture, and teamwork. The report delves into the 4Ps of innovation (product, process, position, and paradigm) and the use of the innovation funnel, alongside an analysis of frugal innovation and its applications. Furthermore, it explores the commercial funnel, the application of new product development (NPD) strategies, and the creation of a business case, including funding aspects. The report also evaluates various tools used by businesses to preserve intellectual property, providing a comprehensive overview of the subject matter.

Innovation and
Commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P 1 Explain innovation and determine its importance in comparison with invention...............1
P2 How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation.......................................................................................................................2
TASK 2............................................................................................................................................3
P3 Explain the 4Ps of innovation and use of innovation funnel.................................................3
P4 Explain developments in frugal innovation and provide examples.......................................4
TASK 3............................................................................................................................................5
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD)....................................................................................................................5
P6 Innovation business case including funding..........................................................................6
TASK 4............................................................................................................................................6
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property.......................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Invention and innovation are complimentary of each other, invention is to discover
something with an idea or concept and innovation depends on the alteration of existing things
with a new concept that can give a value to the customer or business. Invention needs scientific
approaches to process an idea effectively which gives valuable output, for example Albert
Einstein discovered the Theory of Relativity. Once Einstein invented the theory, later it was
studied by the various scholars and innovated as per their examination and experiences and this
process is known as innovation. This report is about a business innovation and
commercialization of Healthy Juice which is founded by Mr Daniel Green who is looking for the
new idea of innovative products. Therefore the report includes differences between invention and
innovation and its importance within leadership and culture, different forms and 4Ps of
innovation(Shakeel, Takala and Zhu, 2017).
TASK 1
P 1 Explain innovation and determine its importance in comparison with invention
Innovation refers to modification of processes or putting some more efforts to process the
products and ideas. In order to increase in business innovation can be define to implement new
ideas, creating dynamic products or amendment in existing goods and services. This use to
increase the likelihood of business because it creates value for customers because of that they
make transaction against the use of products and services. Healthy Juice was started with an idea
to sale the unique flavour of juices and they observed that there was a dramatic sales but the
lack of innovation after three years they firm goes to declining the business. This happened
because people was looking for the new relish that they enjoyed, that old concept of providing
juice was not satisfying their needs and there was nothing new which can allure people according
to their imagination. The company can search for the new ideas that can make attract people like
they can offer more products such as smoothie, ice creams, milkshake, mock-tails, etc. But Mr
Daniel does not wanted to apart from the juice then they can innovate new ideas of juices like
they can offer new ranges of juices along fruit juices that can be aloevera, amla, wheat grass
juices, etc. cause these all juices are healthy and that's what the business came in
inception(Sheep, Fairhurst and Khazanchi, 2017). They can also use some basic ideas in
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packaging and promotion that can also influence the people. The business should get innovate
the products cause it has significance in business, that can be include as -
 Healthy Juice can get the competitive advantages in marketplace because there are so
many firms which are offering the same type of products.
 It aid to establish the best method for business in terms of unique priority, sector specific
issues and business objectives(Dutta and Hora, 2017).
 It increase the customer engagement.
Difference between invention and innovation
There are some difference between invention and innovation that are given below-
Invention Innovation
 Invention can be defined as a creation
or introduction of the product for the
first time.
 Invention is about to develop an idea
into physical s world through scientific
reasons and logical methods.
 Invention can be done by only one
person or it is limited to research and
development department of a firm.
 On the other hand, innovation refers to
improvement of existing product for
better results.
 Innovation adds some extensive value
to the product that has some utilisation
for customer.
 Innovation can be in various sections of
a company as needed by them.
P2 How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation.
The innovation supports an organization to give hike in business activities through
offering a definite vision, leadership, culture and teamwork which aids to shape firm with new
concepts.
Vision : Vision defines a core purpose of the organization and therefore good leaders
determines a vision with articulation and passion that has to be achieve relentlessly. A
predetermine vision encourages the organization to take challenges in order to attain the goals
and objectives. Healthy Juice is putting the efforts to gain the success with determination and
within a fixed time(Dutta and Hora, 2017).
Leadership : Leadership is about to direct a team towards the target in order to reach
out to the vision with new emerging technologies and processes. When the leadership is eager to
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adopt new changes then the team will also get inspire by them and then they will also admit the
new challenges and changes that can make them stand in the market. Innovative leadership will
face less struggle in the competitive environment. Healthy Juice should have an innovate
leadership so that they stay in the market for a long time.
Culture : Culture is about social value that is learned and transmitted to the members.
The organizational culture can be define as the guidance to the staff members because they
should get know what to do and what not to do. This also includes practices, values of the
organization. In Healthy Juice there must be some ethics and policies which are followed by the
employees because they are the foundation of success.
Teamwork : Team work is most important in a business, because if a business or the
staff member does not have a unity then it is next to impossible for a business to touch the sky.
Team work makes a task easy as there are many members are involved in a team and they all
shares some responsibilities in completion of a module. Innovative teamwork refers to including
the ideas which can make the work efficient and effective with certain technologies.
In Healthy Juice these things would be essential to be get successful in competitive
environment.
TASK 2
P3 Explain the 4Ps of innovation and use of innovation funnel
Innovations can be divided in forms and they are named as -
Sustaining innovation – Sustaining innovation is used when a business is seeking for a better
option for the process what it is already doing. In this form the existing capabilities are improved
in the market to get the clear idea of the problem which needs solution and the skills regarding
the product(Clayton, Feldman and Lowe, 2017).
Breakthrough innovation – It involves to make changes to an existing product, service or
process that has significance affect on business.
Disruptive innovation – Disruptive innovation is a unique innovation that creates a new market
and value network and eventually disrupts an existing market and value market.
Healthy Juice should adopt the sustainable innovation that can improve the products in a
better serve and it also use to enhance the user engagement(Goble, Bercovitz and Feldman,
2017).
4Ps of innovation
The 4Ps of innovation that are described below -
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Product innovation – Product innovation is about to everything what includes products
and services which are offered by organization. For an instance, a ball point pen which has gone
through several iterations since its origin. So, Healthy Juice needs to innovate its products which
should has some different value for the end user.
Process innovation – Innovation can be apply to the processes through which the products are
developed or delivered. For example, the products delivery should also include the working days
to deliver a product to the customers(Gaddy and et. al., 2017).
Position innovation – It is based on the changes how a specific process or product is perceived
and how the products or services are used.
Paradigm innovation – Paradigm is relates to innovation that defines or redefines the dominant
of an organization. The innovations relate to the mental models which shapes an organization.
Innovation funnel
An innovation funnel is used to describe the steps that take place in developing a process
or product. The main motive of the innovation is to create processes or products that can meet
market needs in manufacturing or economical form. At the beginning stage of development,
some ideas are collected that goes through a refinery system and after the refinement a few ideas
left which are applied by the organization because these remaining ideas will be combined with
refined idea and to generate a new concept. So Healthy Juice needs to use one of the innovation
form and innovation funnel that can generate new ideas which are beneficial for the
firm(Henttonen and et. al., 2017).
P4 Explain developments in frugal innovation and provide examples
Frugal development is a process which reduces the complexity and cost of good and its
production. It removes the non-essential features from a durable product. This kind of
innovations is different by high strength, practicality, friendliness and affordable price. It is a
making place in emerging markets with a purpose to reach to the end user from the narrow
bottom mouth to broaden level that has benefits for the all users. It is a concept that urges
business to respond to limitations in resources whether financial, material or institutional and
turn these constraints into innovative ideas and practical solutions. When Healthy Juice will
introduce its new range of products then frugal innovation will be implement itself. Because
initially, the products are introduced in the market at that time it would have low sales but
gradually it will increase it sales in wide marketplace. For example, innovation in cars aimed to
offer new features in car and increase in sales. The products are customized at reasonable cost
and high productivity in new introducing marketplace. These innovations are comprises with
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increment process and product innovations which target at the centre or bottommost of the
pyramid(Khan and et. al., 2017).
TASK 3
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD)
The commercial funnel or sales funnel refers to the buying process that company lead by
the customers when they purchase the products. That's why the sales funnel is also referred as
marketing funnel or revenue funnel because every sale begins with the a huge range of
customers and ends with a much smaller number of people who actually purchase the products.
There are several steps which works in Healthy Juice that can increase sales, that are as follow -
Awareness – This stage includes various problems for which the people begins to search
a solution and become aware of an organization via advertisement like content marketing.
Interest – creating interest is the second stage which engages the customers within the
organization so the interested people can ask questions to get the information about the desired
item(Perryand et. al., 2017.
Decision – When the customer become aware about the product or organization and get
the information about intended questions then they are able to make decision. At this time the
process may include sales offers and further research into the different options presented by the
organization.
Action – After passing through all the process customer finally takes an action to
purchase the product.
Though commercial funnel has a significance to generate sales various stages that are
essential to reach out customer's mind which aid to increase its sales. Healthy Juice should
follow these these steps because will made up attract the customers and then made their mind to
purchase the product.
Along with sales there is a new product development strategies that are as follows -
Conceptualization – In first state a new idea will be generated to introduce a product in
the market.
Screening of idea – In screening process the idea will be focus on more suitable plan that
is well suitable to the business.
Testing – After screening of idea and product development the testing of the product will
be applied to know the feasibility of product(Lim and et. al., 2017).
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Commercialization – commercialization refers to launch a product in the market to
make the people aware about the availability of product.
Health Juice is needed to follow the product development cycle which gives it a new
identity(Mamoand et. al., 2017).
P6 Innovation business case including funding
Healthy Juice is going in down fall due to lack of new flavours so now it needs to
innovate new kind of flavours in juice which it never used before. For example, the it is
processing only the fruit juices but now it can introduce wheat grass juice which is the most
healthy for everyone and also prescribed as a treatment. It can launch the juice by adding a range
of flavour so that people can attract towards it no matter in what age they are. Mr Daniel Green
can introduce a product for kids and elders.
To introduce a new product in the market there will be requirement of funds, so in order
to raise funds they can go to financial institutions and present their business plan that will help
them to get the fund.
TASK 4
P7 Evaluation of different tools which are utilised by business in preserving intellectual property
Intellectual properties are the most fundamental part of the organization that assist to
protect the business property from the competitors. These intellectual property rights acts are
applied on intangible assets from the rivals, it keeps safe plans, ideas so that they cannot be used
unauthorised people. Intellectual property is a property which arise from the human intellect, that
means human creation like movies, books, paintings, etc. There are three acts of intellectual
property that are as follows -
Copyright : Copyright work is given to the literary and artistic works such as books,
music composition, sculpture. This id authorised to the creator of original work. I t does no the
cover the ideas of work but it includes the proof in written format of the work. This only for a
limited period of time after completion of the time the owner can renew the copyrights.
Trademarks : Trademarks can be refer as distinct sign that can be a logo of company in
symbolic form, geographical indications, that can be a word or picture which represents a
company. The protection is for a life time there is no limit. Any firm can legally register a
trademark to make it a brand image(Schmitz and et. al., 2017).
Patents : Patents includes innovation, design and creation of technology, inventions,
industrial designs that needed to be protected from unethical peoples so that they cannot use the
invention for wrong purpose. It is granted by the government to an inventor, the owner has the
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right to exclude others from making, using, selling and offering to sell and importing an
invention for a limited period of time. After the fixed time patents can be renew by the
government. But it will take a lot of time to get register almost four to seven months after filing
the application(Shi and et. al., 2017).
CONCLUSION
This report is about the innovation and commercialization which moves around the
invention and innovation of an existing product that has a value to the end user. Because the new
things are modified according to the requirements of the customers which includes ideas, value,
concept, method and procedure. It comprises the various types of innovation along with its 4 Ps
and frugal and commercial innovations and also the intellectual properties which are used ot
protect the organizational properties.
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REFERENCES
Books and Journals
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Technology Ventures and the Benefits of Upstream and Downstream Supply‐Chain
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that facilitate science commercialization through entrepreneurship. The Academy of
Management Perspectives. pp.amp-2016.
Goble, L., Bercovitz, J. and Feldman, M., 2017. Organizing for Innovation—Do TLO
Characteristics Correlate with Technology Transfer Outcomes?. In THE WORLD
SCIENTIFIC REFERENCE ON ENTREPRENEURSHIP: Volume 4: Process Approach
to Academic Entrepreneurship—Evidence from the Globe. pp. 105-135.
Gaddy, B. E. and et. al., 2017. Venture Capital and Cleantech: The wrong model for energy
innovation. Energy Policy. 102. pp.385-395.
Henttonen, K. and et. al., 2017. Open innovation in SMEs: Collaboration modes and strategies
for commercialization in technology-intensive companies in forestry industry. European
Journal of Innovation Management. 20(2). pp.329-347.
Khan, S. and et. al., 2017. Ultrathin Colloidal PbS/CdS Core/Shell Nanosheets. MRS Advances.
pp.1-6.
Perry, S. J. and et. al., 2017. Developing Engineering Leaders: An Organized Innovation
Approach to Engineering Education. Engineering Management Journal. 29(2). pp.99-
107.
Lim, J. S. and et. al., 2017. Market orientation, innovation commercialization capability and firm
performance relationships: the moderating role of supply chain influence. Journal of
Business & Industrial Marketing. 32(7). pp.913-924.
Mamo, T. and et. al., 2017. Analysis of wheat commercialization in Ethiopia: The case of
SARD-SC wheat project innovation platform sites. African Journal of Agricultural
Research. 12(10). pp.841-849.
Schmitz, A. and et. al., 2017. Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management Journal.
13(2). pp.369-395.
Shi, T. and et. al., 2017. Effects of organic cations on the defect physics of tin halide perovskites.
Journal of Materials Chemistry A. 5(29). pp.15124-15129.
Shakeel, S. R., Takala, J. and Zhu, L. D., 2017. Commercialization of renewable energy
technologies: A ladder building approach. Renewable and Sustainable Energy Reviews.
78. pp.855-867.
Sheep, M. L., Fairhurst, G. T. and Khazanchi, S., 2017. Knots in the discourse of innovation:
Investigating multiple tensions in a reacquired spin-off. Organization Studies. 38(3-4).
pp.463-488.
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