Commercialisation and Innovation: A Detailed Business Report

This report provides a comprehensive analysis of innovation and commercialization strategies within a business context, using Essence drink as a case study. It begins by defining innovation and invention, highlighting their importance to organizations, and then explores the roles of organizational vision, leadership, culture, and teamwork in fostering innovation and commercialization. The report then delves into the 4Ps of innovation, the use of the innovative funnel, and the concept of frugal innovation. Furthermore, it examines the commercialization funnel, the application of New Product Development (NPD), and a business innovation case. Finally, it evaluates various tools for preserving intellectual property, offering a holistic view of innovation management and its practical applications in a competitive market, with a focus on launching new products such as a healthy mango lassi.

Innovations and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
Task-1-.............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with the
invention......................................................................................................................................3
P2 Role of organizational vision, leadership, culture and teamwork in innovation and
commercialization-....................................................................................................................6
Task 2-.............................................................................................................................................8
P3 – 4P’s of innovation and use of innovative funnel-............................................................8
P4 – Concept of frugal innovation and its uses in organizational context-...............................10
Task-3-...........................................................................................................................................11
P5- Importance of commercial funnel and application of NPD-...............................................11
P6 Business innovation case......................................................................................................14
P7 Evaluation of different tools which are utilised by business in preserving intellectual
property......................................................................................................................................15
CONCLUSION..............................................................................................................................15
References-....................................................................................................................................17

INTRODUCTION
Innovation is referred as the process of practical implementation of new idea that is related to the
introducing new product and service as well as create improvement or adding new features and
launching these products in market in order to expand business in competitive market. It is
related to practical implementation of a respective invention in order to make meaningful impact
of relative society and market. It is iterative process that includes various purpose such as
matching needs and demands of clients through implementing technological competencies in
order to fill the gap of knowledge about relative concepts of products such as product
conception, product designing and includes marketing process. On the other hand,
commercialisation is defined as the procedure of introducing as well as launching new or
innovative product in commercial activities as well as making it available in market. It is related
to both concept of manufacturing and consumption of products for personal usage, practices,
aims, methods and lead the organisation towards generating profit. In this report the chosen
organisation Essence drink which is established before tow years ago by the Mr. Akshay Kumar.
The organisation is planning to launch new drink such as A healthy mango lassi in the market
of United Kingdom in order to rise domestic sales by implementing innovative formula as well
as effective distributing capabilities. In this report concept of innovation and invention as well as
difference between them is discussed. Apart from that 4Ps of innovation, importance of
commercialisation funnel, new product life development and innovative business case in covered
in this project report.
Task-1-
P1 Explain innovation and determine its importance to organisations in comparison with the
invention
Innovation: Innovation is defined as the procedure of practical implementation of new
innovative idea, new products and services and improvement in them in order to offer them in
respective market. It is related to adding new value in products to satisfy all needs and demand of
customers to cover wide area of market. As Essence drink organisation launching new product
such as a healthy mango lassi which is made by fresh fruits and dairy products according to
demand of customers of United Kingdom. When a product or service is renewed by applying
new techniques to make it more attractive to customers. Process of renewing the service or

product is very long. Innovation takes time. This process of making new product or service is
known as innovation. It creates value in the industry. It gives competition to the other business.
By innovation company can have competitive advantage. Competitive advantage create more
sales which is good for company.
Invention: Invention is referred as the unique or novel device, process and method which is
related to product development process. Invention is related to improving products, process and
creating a new objective. In current competitive environment invention is necessary to expand
business in global market. For example- In an organization, research and development
department has number of persons. It is not necessary that all the persons have same idea
regarding the product or service company is providing. Every individual has their own ideas.
When all the idea are bring together and develop a final conclusion then, it is known as
invention. Inventions are unique and do not exist before.
Importance of innovation and invention: In an organisation innovation and invention
plays important role to conduct all business functions in effective manner as well as facilitates to
gain various sustainable competitive advantages. Innovation is related to creating effective,
products and new ideas for business. As Essence drink organisation launching a healthy mango
drink in potential target market to attract new customers and retain the existing one. It help the
respective organisation to solve all problems that come in launching products in efficient manner
as well as provide creative solutions. As the mango drink is produced by fresh mangoes and
dairy items that attract customers and increase productivity as well as profitability of Essence
drink organisation. new innovative ideas help business to compete with existing market
competitors in effective manner and gain various competitive advantages as well.
Invention described as the development of the products or developing certain new elements
on the other hand, innovation is defined as the part that includes improvement or update certain
features in products along with their significant contributions. There are some differences in
innovation and invention such as inventing is coming up with a new idea and innovating means
updating that specific idea in effective manner. There are some requirements such as scientific
skills at the time of invention and in innovation marketing, technical as well as the strategic skills
are requires. Invention and innovation are different from each other that are described below:
Comparison between invention and innovation

Basis of comparison Invention Innovation
Meaning The invention is defined
about inventing new and
fresh idea in order to
developing a new product or
service.
Innovation is defined as the
process of upgrading those
products as well as
producing unique materials.
What is it? Invention is related to
creating new and fresh idea
and product.
Innovation of related to the
developing value to the
original idea and concept
that is created in invention
process.
Concept Invention is original and
unique concept that is not
developed by someone
before.
Innovation concepts are
already existing idea that are
implemented in business
products and services.
Skills required There are various scientific
and well as crucial skills are
required to invent new idea
and concept.
In innovation marketing as
well as strategic skills are
required in order to
implement innovation in
products and services.
Implementation time period Invention is implemented
when a new and fresh idea is
strikes in scientific mind
Innovation is implemented
to launch product in
competitive market
according to customer’s

requirements
Concerned with Invention is concerned with
individual products as well
as the services
Innovation is concerned
with amalgamation of
different products as well as
services
Activities The respective concept is
related to research and
development process.
Innovation is related to
whole organisation in
process, products, activities
and services.
P2 Role of organizational vision, leadership, culture and teamwork in innovation and
commercialization-
At workplace commercialization and creativity can be impacted in various ways. It can be
understood by an example, Mission and vision are reviewed by seniors and it is useful in
activities related to innovation. Leadership qualities of workers should be understood constantly
in order to carry out operations. Essence drink organizers ensure that variety of approaches
should be applied at workplace in order to maintain the activities for the longer period. Factors
which affect the innovation are as follows-
Vision- Vision means company’s expectations from overall business activities. Main goal of
essence drink is to manufacture products with high quality. That helps clients to meet their needs
in an efficient way. When it comes to organization, vision means applying modern and creative
approaches in order to achieve all the needs of customers in an efficient manner.
Leadership- It is very crucial factor. It can be defined as giving creative ideas at business
organizations. Father of innovation, Steve Jobs, has taken many initiatives to make services or
products in such a ways so that it can be able meet the needs of consumers. It is an ability of
development of plans, policies and code of ethics that aids in the development of creative

activities. Reinforcement components that have been included in process of thinking, results in
new advancement practices.
Commercialization is involved in managing financial gains of the company when new product or
services launched. It is associated with marketing, sales, customer support and accounting. It is
helpful for an organisation regarding dealing with market status as well as planning. Vision of a
company helps in managing growth and innovation stage.
Culture provides the management and operations of the company inefficient manner. It is said
that new mango lassi will be introduced in market and if workplace culture is positive than it will
affect directly to the commercialization. Culture- It is the most important part of an organization.
Culture of the business affects the working environment of a business. A positive working
environment encourages employees to give some new ideas. Company needs to make sure that
culture should be based on experimentation so that new practices can be approached. Innovation
department of the organization has people who can create new ideas and meet positive results. It
is really important for growth of the organization. Opinions of the people are considered so that
any changes can be done accordingly in order to increase revenue and profit margins.
Team work : this includes managing different people involved in the innovation process. The
Team work consists of managing the processes involved in completing activities and project
related issues and handling them effectively. Teamwork- As the name suggests, group of people
needs to work together in teamwork in order to meet objectives or goals in a proper manner.
Team members in the group are from different sectors, in order to achieve target within given
time. Planning of work should be done in such manner so that efficient services can be provided
to the customer.
It can be said that organisation commercialization and increasing innovation are most
important factors for growth of a company. These have vital role in meeting organisational
requirements. There are different sources of innovation. These are mentioned below:
 Unexpected: this is a kind of innovation which is unexpected from opposition’s view of
point. It can create more profit and increase productivity of company.
 Congruity: this means that how a company can make sense for fitting innovation system .

 Market structure: it is associated with the commercialization profit . this means that the
way in which product or service is provided to the target customers.
 Demographics Golan it helps in deciding what and where the product should be
innovated in order to increase the profitability .
 Necessity: it includes the perception of different people and their thoughts on innovation .
 Changing perception: there are different people who are having their own point of view
regarding an innovation tool.
 New knowledge : this consists of managing the market and having an innovative idea.
Organisations are able to develop environment and culture of innovation by following the
above seven sources of innovation
Task 2-
P3 – 4P’s of innovation and use of innovative funnel-
It is a very creative method. Mostly it is used by marketing managers to create new ideas.
According to John Bessant and Joe Tidd, it is very important to analyze need of creativity as
well as entire process of creativity. Current model helps in deciding which steps are needed to be
taken. Following are the steps-
Product Innovation-
In this phase, Business has two options between these options business needs to choose one
either creation of a new product and service or try to sell existing products. Innovation must be
of high level to achieve the demand of the consumers. So, managers of company give their
services in a different manner. It is very attracting way to grab the attention of the customers.
Marketing managers develops proper marketing strategy after the analysis of the competitors.
Process Innovation-
It is second phase. It is the process of creative a new product from starting to delivery in the
market. This process helps in reduction of the errors related to the manufacturing. It is specially
applied to software companies like essence drinks. Management of the company should focus on
the technology development operations. It is very necessary for management to think about
future steps in process related to manufacturing and activities of organization.

Positioning Innovation-
When a new product is launched in to the market everyone keeps an eye on its performance.
Organization should try to achieve success in launching new product for that assessment of
product should be done properly by manager. Essence drink should do assessment on regular
basis in order to maintain this status.
Paradigm Innovation-
It is very important stage of innovation. It is the process of changing the mental models that
defines what an organization does. Sound strategy should be used in this phase. Company should
think how to make changes in goods for bringing the product in a controlled way.
Innovation Funnel-
After using all the P’s of innovation, funnel methods works as refinery method. Generally, an
organization creates various ideas for expansion of business and to provide high quality business
or service. This funnel filters all the ideas and among various ideas helps in choosing the best
one. It has three stages. Detailed analysis of all the stages is as follows-
 1st Stage- This is the first stage of innovation funnel. In this stage, Management of
essence drinks should conduct a detailed research of market. Market research helps in
collecting data of various companies. Company can give various new ideas on the basis
of gathered data. This data can be used for idea comparison.
 2nd Stage- In this stage, managers should collect information from consumers.
Information about the liking of the product. Hence, operation can be successful.
 3rd stage- This stage reflects that ideas of the company are very positive. Company can
achieve its goals within given time.
The new innovation funnel provides the Idea which can be evaluated in order to make the
process viable. It can be concluded that ideas can be archived by continuing or passing through
an additional stage. The main objective or this process is to generate more number of ideas
which are relevant to the present business scenario. In context of Mr akshay’s business, this
strategy driven innovation framework includes three planning perspectives which are caused
containment, incremental growth and new market expansion. The innovation funnel includes
Three types of innovation which our strategy, process, offering and delivering. It is concluded
that harvesting is one of the best ideas which can be used in innovation management process. It

is helpful for collaborating and building upon optimising innovation management process for the
new product. In context of new mango lassi, it is concluded that sales and profits can be
increased by managing the needs and demands of customers.
This business can do innovation campaigning which includes trained professionals who can
manage the delivering of new idea of mango lassi to the targeted customers. It will help in
integrating customers directly into the product or process design Approach.
P4 – Concept of frugal innovation and its uses in organizational context-
Frugal innovation is very important for every organization as it provides its productive use of all
available resources in every department such as human resource, finance and material
requirements. This idea is very friendly in nature. Products and services made with ideas use
lesser resources and are very efficient in use. It effectively complete its duties related to selling
the products to customer. This method is also known as creative tool otherwise; it will be very
difficult to customers to buy them. Product innovation initiation is completed by impetus;
otherwise, it is beyond capabilities of practice. Innovation is very important for company in order

to meet all the expectations of the customer. Products can be made more efficiently by using
innovation. Origin of innovation comes from transportation and healthcare sectors, now it is
spread into the technical market. This idea is also very common for the businesses that operate
on the small scale because those businesses do not have separate departments to implement this
idea. Resources are lesser there, it is also an issue. It focuses on delivering low cost products. It
values loyal customers more. Essence drinks is famous for producing variety of software
resolutions which operate on larger scale. This company also offered its products to those
companies which are operating at low cost through implementing frugal innovation. It allows
small companies to maintain their existence on the basis of digital tools, which further leads to
capture the market share. This idea is very important for the organization as it provides to meet
the needs of the customers. It also allows to eliminate the tasks which are not needed and do not
add value to goods. It is very important for the organization in order to make a positive
reputation so that efficient services can be provided to the customers. It is very important for the
management to take decisions very quickly in order to achieve goals.
Task-3-
P5- Importance of commercial funnel and application of NPD-
It keeps track of purchasing process when customers purchase the products. Commercialization
means offering new products or service in large scale quantities. It takes various processes to

deliver the products to the customer. It is very important for an organization to develop a strategy
in order to get successful in the market. According to sales funnel customers already know about
the products and they are influenced to buy it. Main advantage of the commercial funnel is to
alert the customers about the new deals. If any organization wants to innovate new goods then
this measure should be followed-
It is important to get product right in order to have active progress in market. When the product
is not able to fulfil the needs and demands of customers then it is off no success. When product is
not able to satisfy the needs and demands of customers then there will be no purchasing of that
product will stop management has to decide whether to innovate the product in order to increase
its sales. A new product development is a process which is considered before introducing a
innovative idea into product or service within market. New products are basically developed for
the purpose of improving the original product and modifying it for a betterment. This requires a
lot of research and development efforts. Some of the main things to be considered while the
management of new productive market are mentioned below