Report: Innovation, Commercialisation, and Essence Drinks' Strategy

This report provides a comprehensive analysis of innovation and commercialisation strategies, focusing on Essence Drinks' new Kiwi Lassi product launch. It begins by defining innovation and its importance, contrasting it with invention, and highlighting its role in gaining a competitive advantage. The report then explores how an organization's vision, leadership, culture, and teamwork shape innovation, and it discusses various sources of innovation. The core of the report delves into the 4 P's of innovation (product, process, position, and paradigm) and how an innovation funnel can be used to examine and shape innovative ideas. Furthermore, it examines frugal innovation, detailing its processes and importance in reducing complexity and cost. The report concludes by emphasizing the significance of innovation and commercialisation for organizational success, offering a detailed case study with practical applications. The report also includes references to academic journals and books.

Innovation
and
Commercialisation

INTRODUCTION
In today's era innovation is referred to fresh opinion which is basically utilised to create
innovative product and services. It is also used in making modification and rectification in
existing product in order to bring innovation in it (Wang, Vanhaverbeke and Roijakkers, 2012 ).
In this report organisation chosen is Essence Drinks, now they are coming up with new
innovation in their product of Lassi in market of United Kingdom that is Kiwi kofe. This report
will focus on importance of innovation and how an organisation vision, leadership and culture
shapes innovation. Moreover, determining different source of innovation to develop an
environment and culture innovation as well as 4 P's of innovation to examine its shape.
Furthermore, analysing how innovation can be developed, embedded and measure with essence
drinks.
TASK 1
Innovation and its importance to organisation in comparison with invention
In today's context innovation plays a pivotal role within an organisation and in
competitive market place. Moreover, with the help of innovative product Drink Essence are
coming up new product in market of United Kingdom that is Kiwi Lassi. They are introducing
this product as people are more conscious towards health in today's context. For instance,
invention of specific product is to bring creativity for customers in order to attract large number
of audience towards it.
Innovation: Innovation is process of translating an idea or view in to product and
services that creates value in one's life (Edison and Torkar, 2013). It is changing process for
creating more effective ideas in existing or bring new product in competitive marketplace.
Invention: Invention is a unique process for creation of product or introducing a new
product for the first time in competitive marketplace.
Importance of innovation within an organisation
The importance of innovation in Drink Essence is to add value for an organisation as well
as to customers . They are coming up with new product that is Kiwi Lassi in existing product
line of Lassi. They are coming with this product as now a days people are concerned towards
healthy drinks. Thus, this will help them to stand up their business in competitive market place as
well as attract more customers which is one of the prime goal of particular organisation.

Importance of Invention:
In an organisation it is necessary to make change in market's product and services. It is
important innovation with new product directly depends in formation of new product in order to
increase market share as well as in many diversified sectors ( Ahn Minshall and Mortara, 2015).
For such instance, this will lead to develop a new innovation product as well as an organisation
can gain productivity and profitability in competitive market place.
Difference between innovation and invention are determined below
Basis Invention Innovation
Definition Invention can be defined as
creation of product and
services or introduction of
process for first time.
On the other hand, innovation
occurs when someone
improves on or make a
significant to existing product
process or services
Aim Creation of new product It means adding value to
existing product.
Occurs when When a new idea strikes out Need is felt or improvement in
existing product
Concerned Single product or process It is combination of various
product and process
The above mention are points are some of the difference between invention and
innovation.
P2 Determining organisation vision, leadership and culture and teamwork
In today's context innovation is one of the essential factors that help an organisation to
gain competitive advantage in marketplace.
Vision: Its mission is to achieve high level goals for future by maintaining their product
quality as they are more focused towards health of general people.
Leadership: In an organisation leadership consist of both strength and weakness of
company's workforce. Leaders of Drink Essence use their skills and knowledge to manage
resources in order to create innovation in their product and services. Herein, there are some of

the leadership to shape innovation and commercialisation in order to take initiatives in bring new
product in market of united kingdom. Thus, leaders take initiative because they want project to
become successful as well accomplished within stipulated time period.
Culture: In an organisation culture play's an essential within workplace. It shared
assumption, values and beliefs which enables an individual to behave within an organisation.
Additionally, culture also influences management decisions to shape innovation and
commercialisation as per norms and values of operating business. Moreover, Drink Essence are
maintaining norms and values and according coming up new product in market of United
kingdom.
Teamwork: Team work is a process of collaboratively with group of people in order to
achieve organisation goals and objectives. Herein, employees of Drink essence are working in
team by following step by step process in order to shape commercialisation and innovation for an
organisation.
Apart from this there are certain sources of innovation which can foster and develop an
environment and culture of innovation are:
Unexpected: Innovation can be done unexpectedly such as if an organisation are
working on project to come up with new idea which is beneficial for both organisation and its
potential customers. Thus, it help to increase market share and develop an environment and
culture innovation.
Market Structure: Market structure help an organisation to make changes as per need
and demand of market. Thus, when market demand for new things an idea of innovation arises.
Necessity: Necessity is mother of invention. Innovation are based on right ideas and
views in order to fulfil need of customers in new ways by inventing new product according to
demand.
The above mention are some of the innovation which can foster and develop an environment and
culture of innovation for an respective organisation.
P3 4 P's of innovation and use of funnel to examine and shape innovative ideas
The 4 P's of innovation are useful in examining and shaping innovative ideas, stages are
determined below:

Product innovation: Product innovation includes product and services offered by
organisation in competitive marketplace (Mohannak and Samtani, 2014). The most common
from of product innovation is to improve or bring innovation offered by an organisation.
Process innovation: Process innovation is relocation in product design according to
need and user's perception. This always include ways and changes in which form product is to
delivered or created.
Position innovation: This innovation position product related to changes how product
and services are used. It is mostly focused to frame and communicated to general public.
Paradigm innovation: It include change in underlying same product line such as what
alternative are frame to meet or need of customers as per their preferences.
Moreover, use of innovation funnel and shape innovation ideas is to provide a graphic structure
for thinking about general people as well as screening for alternatives. In order to shape
innovative ideas managers of Drink Essence is to encourage free thinking and idea that is
generated at time of execution. Moreover, to give shape in innovation ideas it is important to find
out problems and issues along with this evaluating solution that is beneficial for it.
P4 Development of frugal innovation
` Frugal innovation is process of decreasing complexity and cost of goods along with its
production (Mc Manus, 2012).From this an organisation create high quality of products with
limited resources. Herein, Drink Essence are comping up with innovation to bring new Lassi that
is Kiwi kofe. Process of frugal innovation are determined below:
Opportunity in adversity: This process take threat like adversity and turn into
opportunity. Moreover, if an organisation fails to do so then they will not able to create
opportunities in marketplace as well as make innovation in marketplace.
Do more with less: If an organisation are doing more with less innovation then they have
already created an unique innovation with better solution.
Think and act flexibility: For such instance Drink Essence need to create new product
that should be improvisational rather than rigidity. Moreover, they should make changes on
continuous basis as to make changes as per requirements.

Follow your heart: Be passionate and implement ideas and move forward (Robertson,
2014). Herein, Drink essence should be passionate because if the want to create something new
and innovative, mangers should have passion towards it for an unique creation.
In an organisation application of funnel means ingenious and creative with fix and limited of
resources. This idea usually provide more customization at lower cost in creating a urgency of
new approach. It help an organisation to think about innovation of new product as well as
providing a solution to those problems which occur during innovation and invention. Moreover,
by applying it a company can understand easily and find out need of customers and according
produce product and services.
Furthermore, it play's a big role in reducing complexity, production of cost of goods, removing
non essential features and solution to it. Additionally, when an organisation is going to create
innovation in product then it may face many complex problems this process help to reduce such
problems. Thus, it also play's a pivotal role in increasing profit in market structure as well as
providing huge margins over profit.
CONCLUSION
From the above discussion it has been concluded that innovation and commercialisation
is very much important for an organisation. It help in analysing effective innovation with
adoption of proper strategies as well as satisfying needs and wants of customers. Thus, it is
important for an organisation to add value their customer spending by new innovation in product
line.

REFERANCES
Books & Journals
Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012. Exploring the impact of open
innovation on national systems of innovation—A theoretical analysis. Technological
Forecasting and Social Change.79(3). pp.419-428.
Edison, H., Bin Ali, N. and Torkar, R., 2013. Towards innovation measurement in the software
industry. Journal of Systems and Software. 86(5). pp.1390-1407.
Ahn, J. M., Minshall, T. and Mortara, L., 2015. Open innovation: a new classification and its
impact on firm performance in innovative SMEs.
Mohannak, K. and Samtani, L.A., 2014. A criteria based approach for evaluating innovation
commercialisation.
Mc Manus, J.P., 2012. Intellectual property: From creation to commercialisation: A practical
guide for innovators & researchers. Cork: Oak Tree Press.
Robertson, S. L., 2014. Corporatisation, competitiveness, commercialisation: new logics in the
globalising of UK higher education. In The Internationalisation of Higher
Education (pp. 31-44). Routledge.