Innovation and Commercialisation Report: Akshay Kumar's Essence Drinks

This report examines the critical concepts of innovation and commercialization within the context of a business case study, specifically focusing on Essence Drinks. It begins by defining and differentiating between invention and innovation, emphasizing the significance of the latter for organizational success in a competitive market. The report then delves into the influence of organizational leadership, vision, teamwork, and culture on fostering innovation and successful commercialization strategies. It analyzes how these factors shape a company's ability to adapt, meet consumer demands, and maintain a competitive edge. The report uses the case of Essence Drinks to illustrate the practical application of these concepts, highlighting the challenges and opportunities faced by the company in a dynamic market environment. The conclusion summarizes the key findings and underscores the importance of integrating innovation and commercialization practices for sustainable business growth.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
PROJECT 1......................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of innovation to an organisation in comparison with invention.........................1
P2 Organisational leadership, vision, teamwork and culture shapes innovation and
commercialization.......................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
This change is fundamental in order to manage the development process a well as
produce services and good according to demands and expectation of consumer. Though,
innovation is essential, this is required to commercialise new concept or idea to attract target
consumer which play a crucial role in increment of sales of services as well as market share of
enterprise (Ansell and Gash, 2012). The organisation render quality services and products to
company as well as create a genuine impression among public. The report will analyse various
purpose or meaning of invention and innovation. This assignment will also evaluate impact of
teamwork, leadership, culture on commercialisation and innovation
PROJECT 1
TASK 1
P1 Importance of innovation to an organisation in comparison with invention
The main important aspects in present era is changing and altering technology which is
transforming the trends in more advanced and modified way. Commercialisation is forming
process of fresh goods and services through using several effective marketings and promotional
tools to access in new trade. Entire industry is on their way for innovation for gaining more and
more consumer as well as portraying unique recognition of work within the environment.
Innovation
Innovation refer to implementation of resolution in effective way that enable in achieving
unarticulated requirements, new needs as well as existing demands of trade. Consumer is a
complex or challenge that can be resolved through the help of new products inventions (Boons
and Lüdeke-Freund, 2013). This is often presented as the execution of effective business solution
for attaining new business requirements, needs of existing requirements and unarticulated
demands. It involve evolution of processes, technologies, products, processes and other business
model according to demands of society, governments and markets. A business company require
to inn vote their products and services within a span of time in order to meet new requirements
and suit according to demands and trends. It is considered as organised engineering process that
make amendments in features of products for suiting in consequences. In order to make an
innovation, first of all this is required for essence drink to understand the concept of invention
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which they made through Mango Lassi, that have increased sales or organisation in efficient
way.
Invention
Invention refer to discovering of new idea, products, services, opinions, technology and
other services that can avail in catering alternation in competitive industry. Invention is a process
in which creation of products and services is made for very first time for developing a new
process and technology development in order to create a new object, outcome of good. An
inventor while inventing new procedure, make a big step understanding failure and success
probability (Cui and Wu, 2016). This is an idea which required to proven workable. Apart from
innovation, invention has its own existence which is very distinct form innovation. An
innovation refer to modification and adding new facilities but invention refer to inventing a
products initially to cater revolutionary change.
Difference between Innovation and Invention -
Invention Innovation
Developing new concepts, products, methods,
technologies or idea for forming new business
concept.
Advancement and modification in existing
services, commodities, methods, techniques
and mental objects.
Requirement of study in entire trade,
evaluating varies models, theories and
consumer expectation. It need technical and
scientific method of research.
Utilize new market trends and study. This
undertake systematic and organised research
process for proper innovation.
Example – Discovery of WWW in trade. Example : Continuous development in WWW
till present era of digitalisation.
Importance of Innovation & Invention
Understanding the components and concept of innovation & invention, this is essential
for organisation to identify its importance in a company like Essence Drink for development and
meeting competitive edge. Here is explained why this is required to make considerable changes
and innovate their inventions:
Build Competitive Benefits
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Innovation avail an organisation in attaining competitive edge by adding vales n services
and products (Invention Of the Year: The iPhone, 2017). Invention avail in reforming and
reconfiguring a products with various new and creative aspect that can enable in attracting
consumer. People like positive changes but can not accept it in certain ways. Through this
process, the company can effectively inform consumer about the alternation and effectively
execute it in enterprise that will avail in delivering competitive advantages for enterprise.
Balanced Utilisation of Resources
A company specially a small group of enterprise like Essence Drinks consist of unlimited
requirements and limited resources (Huberman and Miles, 2013). Innovation can avail enterprise
in allocation of resources in organised way for increasing optimisation of operations as well as
gaining more positive positioning of company. This avail enterprise in effective and creative way
in achieving success.
Development Skills of Communication
Innovation need some effective and creative approaches in which the communication of
message and commercialisation can be done in more significant way. Essence Drinks provide
Lassis that have gained good market position in UK but for conveying information and meeting
new level of success, they require accurate level of innovation in their company.
Workplace management
Innovation is alternation or advancement key that avail an enterprise developing its
products as well as structure and system. Through the help of this company can manage healthy
workplace by developing good communication and better function or system of enterprise. It also
support company's workplace through managing new knowledge, information and organising
training session for worker which avail in retaining of worker within the company itself.
Company Case
A products and services is invented or innovated by an organisation like Essence Drinks
this is required to use Commercialisation process for informing consumer about services.
Essence Drinks is developing organisation that have drastically emerge in the industry of United
Kingdom after the popularity of Mango Lassi (Jaffe and Lerner, 2011). The organisation whereas
not eager to evolve new services and products. But understanding requirements of people and
demands, they need to evolve new services which can assist them in sustaining in competitive
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industry. Through the help of techniques of innovation and invention, enterprise can successfully
achieve their business objectives as well as enlarge their sales in market.
P2 Organisational leadership, vision, teamwork and culture shapes innovation and
commercialization
This is required for Essence drinks to develop their products and service in competitive
business industry as its been three years since the company is selling Lassi special. Though it is
good for company to keep producing exclusive products like this but as change in trends and
market, clients demands for modification and new taste. In case of fulfilment of those demands
from other clients or consumer, enterprise won't be able to sustain as well as loss its potential
buyers. Through researching required information, The Essence drink required to develop and
change for competing the needs and demands of organisation as well as its consumer
(Rosenbusch, Brinckmann and Bausch, 2011). Through disruptive innovation, Essence drink will
be enable to create better warehouses, centres of distribution, new faactories, products etc. This
techniques can inspire and encourage people of organisation for more dedication availing in
enhancing knowledge and empowering people of it. Hence, this can avail in changing business
projects, meeting objectives and competitive edge as well as increasing shareholder etc.
Organisational leadership, teamwork and culture at Essence Drink
Essence drinks is the organisation which is sustaining in the industry which is alternative
and contain so many producing organisation with same components or products. There are
various types of researcher in this field that avail-several different outcome or views on the
impact of leadership, teamwork and other elements on the invitation or commercialisation
concept. It is major cause which make the organisation different in United Kingdom as they are
rendering public smoothing different then juices. Both Richard Branson and Steve Jobs are
perfect example in the respected case. They worker force is unique which can help in delivering
new perception to the company helping in new commodities. These leaders do not rule and
impose their opinions but lead entire worker group and team toward achievement. Both Richard
Branson deliver effective resource and their team for meeting the desired objectives as he have
been go through.
 Role of Leadership: leadership play a wide role in the development of company as it
avail in process of leading enterprise. Richard Branson use the democratic leadership
style in company whereas Will Jobs use autocratic leadership style that restrain the
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development or growth of enterprise. Through thinking about the leadership of innovative
ideas of enterprise like Essence Drinks, innovator of firm can benefit their enterprise's
decisions. Through delivering good innovation guidance or leadership style, an
organisation can make the desirable changes as well as implement a strategy in more
effective and efficient way. There are various types of leadership such as democratic,
participative, bureaucratic leadership etc. through help of participative leadership style,
company can make adoption of changes in styles of leadership in order to make the
changes in their work.
 Role of Teamwork: Teamwork habits assist a company or leader in managing work in
effective way and maximise the outcome through adding creativity in the process. This is
require for an organisation like Essence Drinks to make accomplishment of proper team
work activities in order to compete the rivals (Sawyer, 2011). Team work activities
deliver and support various diverged ideas for making direct and indirect changes in
products ad services. Through the help of such group activities, it become easy to make
innovation and embedded in innovation in a business company.
 Role of Culture: organisation culture is important aspects that make the organisation
different than other enterprises. It can avail enterprise a proper achievement and growth
as well as lead the company toward loss and lack of resources as well. Organisational
culture has a strong influence on contouring of ideas or creativity of company. If an
organizational culture is more traditional, the company more often adopt new inventions
or technologies in traditional style. The ideas can be created according to culture and
company types that can help in understanding employee demands and consumer
preferences.
Essences Drinks incorporates a clear vision, if the company desire to create their own
recognition and deliver a different product to society, they have to develop innovation strategy
for development of required products. Commercialisation is the process through which
organisation can meet their target criteria as it avail enterprise in meeting the objectifies to meet
target audiences (ZhouLi, 2012). Each individual of organisation have a limit which thy require
to accomplish within a period of time in order to gain access to success. There are various
companies which re conducting different research so as Essence Drinks do. In order to make the
appropriate changes the enterprise should conduct proper study over the subject, use proper tools
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of Commercialisation or promotion as well as make innovation or alternation in services or
products for rendering audiences something news or different. Through using funnel of
commercialisation and effective stages adoption of this funnel, the company Essence drink can
use and develop new services or products. In order to make the changes, development of
enterprise and establish a different recognition in competitive industry of United Kingdom, this
is indispensable to make proper and effective use of innovation and technology in company
either Essence Drink or any other large organisation.
Commercial activities helps in marketing and promotion of products as well as informing
people about new and amended features that catered after innovation process. Thus, this process
go along with the innovation procedure of enterprise (Stokes, 2011). Both procedure alto gather
make the efficient use of technology that can be used by this company as well.
CONCLUSION
This report state that innovation is one of the most significant process of an organisation
which is required to be managed in a company for development purpose. A company need to
manage various essential aspects for this process such as understanding and undertaking
innovation funnel, sing proper commiseration techniques etc. This is essential for a company to
modify and innovate their products as well as invent new productions for organisation in order to
emerge.
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REFERENCES
Books and Journals
Ansell, C. and Gash, A., 2012. Stewards, mediators, and catalysts: Toward a model of
collaborative leadership1. The Innovation Journal. 17(1). p.2.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production. 45. pp.9-
19.
Cui, A. S. and Wu, F., 2016. Utilizing customer knowledge in innovation: antecedents and
impact of customer involvement on new product performance. Journal of the academy
of marketing science. 44(4). pp.516-538.
Huberman, A. M. and Miles, M. B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.
Jaffe, A. B. and Lerner, J., 2011. Innovation and its discontents: How our broken patent system
is endangering innovation and progress, and what to do about it. Princeton University
Press.
Rosenbusch, N., Brinckmann, J. and Bausch, A., 2011. Is innovation always beneficial? A meta-
analysis of the relationship between innovation and performance in SMEs. Journal of
business Venturing. 26(4). pp.441-457.
Sawyer, R. K., 2011. Explaining creativity: The science of human innovation. Oxford University
Press.
Stokes, D. E., 2011. Pasteur's quadrant: Basic science and technological innovation. Brookings
Institution Press.
Zhou, K. Z. and Li, C. B., 2012. How knowledge affects radical innovation: Knowledge base,
market knowledge acquisition, and internal knowledge sharing. Strategic Management
Journal. 33(9). pp.1090-1102.
Online
Invention Of the Year: The iPhone. 2017. [Online]. Available through:
<http://content.time.com/time/specials/2007/article/0,28804,1677329_1678542_167789
1,00.html>.
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