Comprehensive Report on Innovation and Commercialization Strategies

This report delves into the critical aspects of innovation and commercialization, crucial for business success. It begins by defining innovation and outlining the new product development process, including idea generation, screening, testing, and commercialization. The report then presents an innovative business case, using Essence drinks as an example, and explores various funding options like debt and equity capital. It further discusses techniques for measuring the effectiveness of innovation, covering idea generation, development, and implementation strategies. A significant portion of the report focuses on tools to develop, retain, and protect intellectual property, specifically patents and trademarks, detailing their advantages and disadvantages. Finally, it evaluates divergent and convergence tools for idea management and concludes by emphasizing the importance of new product development for a company's success. The report includes a comprehensive list of references supporting the analysis.

INNOVATION AND COMMERCIALIZATION

INTRODUCTION
• Innovation is an activity that is done by the company from time to time in order to improve the
specifications of the products ad services that the company is going to offer. It help the company to
make changes in their products according to the demands and needs of the current market conditions.

NEW PRODUCT DEVELOPMENT PROCESS
• Idea generation:
• Idea screening:
• Testing:
• Market strategy:
• Feasibility study:
• Product development:
• Test marketing:
• Commercialization:

INNOVATIVE BUSINESS CASE INCLUDING
FUNDING OPTIONS
• Essence drinks is consumer goods producing company which manufactures the drinks which are
required by people (Moretti, F., 2019.). The company have achieved the success because of the quality
products they are selling and because of which they have expanded their business in different countries.
• Vision-
• Mission-
• Leadership-
• Culture-

FUNDING OPTIONS
• Sources of funds- The different sources of funds which are available to the company are discussed
below-
• Debt capital- The companies also has the right to take the money which they takes either taking it
through bank which is called as bank loan or they can also do issuing the debentures publically (Park,
S.C., 2018.). In this the loan amount if the essence drinks takes has to be paid after certain period of time
and that amount has to be paid with the interest.
• Equity Capital- The company main and the most useful mode by which they can take the money is be
selling the equity in the market. The individuals who purchase these equities becomes the shareholders
of the company according to the number of shares in which they have invested(Proksch and et. al.,
2019.). Essence drinks also has shareholders who have invested their money in the shares of the
company and some of the big shareholders have the right to take decision in the Board meeting.

TECHNIQUES FOR MEASURING
EFFECTIVENESS
• A thought: All the ideas starts with just an idea about the product or the services (Suryawanshi and et. al.,
2018.). When a company start the innovation or invention of any product or services it is important for
them t generate product related concepts. It will help the company in exploring new opportunities that
the company can gain from certain ideas.
• Idea development: It refers to the development stage of the idea where the company starts its planning
phase and try to find ways in which they can make that idea perfectly fit for the culture and environment
of the company.
• Strategies and plans: It refers to the actual planning phase in which the company plans to make that idea
as much as efficient as they can (Thorau, C. and Ziemer, H. eds., 2018.). It will help the company in
making appropriate strategies that can make sure that the implementation process go smoothly.

CONTINUE...
• Implementation of the idea: It refers to the stage where the company actually implements the idea in the
management ad the process of the products and services of the company. It helps the company in
managing the idea and implementing it in the most effective and efficient way so that the company does
not have to face any problem.
• Analysing market: It refers to the stage where the company have to analyse the market (Torchia, M. and
Calabrò, A., 2019.). The analysis is on the basis of the products and the services that the company is
going to offer to the market and whether the customers are accepting this change in a good way or not. If
they find any problem then they can implement those changes accordingly.

TOOLS TO DEVELOP, RETAIN AND PROTECT
INTELLECTUAL PROPERTY.
• Intellectual property refers to any work or any inventions which have been made by the individual and
that particular invention is unique and different (Varadarajan, R., 2018.). The Intellectual property main
aim is to preserve the method or the work which have been given by the individual. Some of the
Intellectual property has been discussed below-
• Patents- The patents is the right which has been provided to the inventor for a certain amount period to
use, make or sell the invention which they have made.

CONTINUE....
• Advantages-
• It gives the right to the inventor to save their work from getting copied, uses or being sold. No person or any
company can use the extraordinary work without the permission of the maker (Wright, M. and Phan, P., 2018).
• The patent also gives the right to protect your work for a certain period.
• Patents offers the right to owner if the difficulty of infringement does not take place.
• Disadvantages-
• For taking the patent right is quite complex and also time consuming for the owner.
• The person who has taken the right of patent need to pay the annual fee of the patents which they have taken
for their work otherwise it will fail .
• The time period which is given for the patents are only for limited period.

CONTINUE...
• Trademark- A trademark can be a symbol, word, name which helps to differentiate the company from
others . It is basically unique and different which cannot be copied by other companies as the company
has taken the trademark right like essence drinks.

CONTINUE....
• Advantages-
• The owner gets the right to use the trademark in the products and services which they are selling and this
helps in making the differentiation form other competitors.
• The big companies like Unilever can differentiate its products from other companies which might be selling
the similar products and this helps in recognizing the quality which the company is selling.
• No person or company can use the logo or the name of the company without the permission and if still
someone uses the name or the logo then they gets the protection under the act.
• Disadvantages-
• If the company trademark does not gets qualified on the principal register then they will not get the benefit of
trademark and with that they will also loose multiple benefits .
• The registration of the trademark is usually costly and it also does not gives the surety that the trademark will
be given after spending lot of time(Yu and et. al., 2021.).
• The cost of doing the advertisement and the marketing with the trademark will also increase.

EVALUATION OF TOOLS
• The tools that can be used by the company are given below:
• Divergent tools: According to this tool the inventor or the business owner must encourage their workers
to give creative ideas that can help the company in collecting more ideas that can be used by the
company in handling last minute changes in the management and innovation by the company (Zuñiga-
Collazos, A., 2018.).
• Convergence tools: This tool is more reliable and unique as compared to divergent tool. It is related to
the selection of ideas that are identified in the divergent tools approach. These tools will help the
company in choosing the right idea that can prove to be beneficial for the company .

CONCLUSION
• From the above report it is concluded that a company must understand the need of new product
deelopment in order to make sure taht the product that is going to launch is a success for the company.
the innovtive business case and funding options that the company can opt for are also given.

REFERENCES
• Maghsoudi-Ganjeh and et. al., 2021. Networking Capability and Commercialization Performance: The Role of
Network Structure. Journal of Business-to-Business Marketing, 28(1), pp.51-68.
• Mat Jalaluddin and et. al., 2019. Global trends in research and commercialization of exogenous and endogenous
RNAi technologies for crops. Critical reviews in biotechnology, 39(1), pp.67-78.
• Min and et. al., 2019. Commercialization of transferred public technologies. Technological Forecasting and Social
Change, 138, pp.10-20.
• Moretti, F., 2019. “Open” lab? Studying the implementation of open innovation practices in a university
laboratory. International Journal of Innovation and Technology Management, 16(01), p.1950012.
• Muizniece, I. and Blumberga, D., 2018. Methodology for determining potential of forest bioproduct
commercialization. Environmental Development, 26, pp.76-85.
• Novikov, S.V., 2018. Russian support for innovation and export growth. Russian Engineering Research, 38(4),
pp.305-308.

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