Detailed Report: Innovation and Commercialisation in Entrepreneurship

This report delves into the concepts of innovation and commercialisation, exploring their significance for organizations and their impact on product development, design, and marketing. It differentiates between invention and innovation, highlighting the importance of leadership, culture, and teamwork in shaping innovative strategies. The report analyzes various sources of innovation, including the unexpected, the oddness, process needs, and demographics, and examines how companies can foster an innovative environment. It further discusses the 4Ps of innovation (Paradigm, Product, Process, Position) and the use of the innovation funnel to shape ideas. The report also clarifies the concept of frugal innovation, providing examples of its application in an organizational context, and analyzes how innovation is developed, embedded, and measured. The content provides insights for businesses, particularly Mr. Kumar's Healthy Juice Business, on strategies for fostering creativity, market analysis, and sustainable business growth, offering a comprehensive overview of innovation management and its practical implications.

Innovation and
commercialisation

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
P1 Describe innovation and its importance to organisations.......................................................3
P2 Clarify how structural vision, leadership, culture and teamwork can shape innovation and
commercialisation........................................................................................................................4
M1 Analyse various sources of innovation, and how company can develop an environment
and innovation culture.................................................................................................................5
D1 analyse how innovation is industrialised, entrenched and measured.....................................5
P3 4Ps of innovation and explain use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................5
P4 Clarify developments in frugal innovation and examples of how it is used in an
organisation..................................................................................................................................6
M2 Analyse and apply the innovation funnel in an organisational context................................6
M3 Appraise the role of frugal innovation in an organisational context.....................................7
D1 Judgmentally examine how innovation is developed, embedded and measured in an
organisational context..................................................................................................................7
PART 2............................................................................................................................................8
REFERENCES..............................................................................................................................15

INTRODUCTION
Technology is an effective approach of adapting the needs and preferences of clients to technical
competencies in order to fill knowledge gaps in product development, design, advertising, and a
variety of other processes (Amadi-Echendu, J., 2021). The commercial exploitation of the
product has relied on the ability of companies such as Mr Akshay Kumar in the program to
develop and defend the production, as well as the favourable benefits in the ecosystem. The
distinction between creativity and innovation will be discussed in the assignment below, as well
as the importance and vitality of difference to various organisations and the various ways to
interact with leadership and culture. The four pillars of innovation will be addressed, as well as
the various approaches Mr Kumar can take for his Healthy Juice Business. Mr Kumar will also
be given recommendations so that he can drink from the fountain of creativity for his creative
and high-end goods, which will rule the market due to their uniqueness.
PART 1
P1 Describe innovation and its importance to organisations.
In its cleanest form, invention can be defined as the process of creating new products or
identifying new elements, while innovation can be defined as the process of improving or
updating existing products and making significant contributions. There are some distinctions
between innovation and invention, such as the fact that inventing entails coming up with a new
concept while innovating entails updating that concept. At the time of invention, scientific skills
are needed, and creativity necessitates marketing, technological, and strategic skills.
The difference between invention and innovation is discussed below,
Basis of comparison Invention Innovation
Meaning It was all about coming up
with a new concept and
creating a new product or
service.
Upgrading certain goods and
creating unique materials is
what innovation is all about.
What is it? It is the creation of a new
item.
Increasing the appeal of the
original ideas and advancing
them.

Concept An initial and one-of-a-kind
concept.
A concept that already exists
(Hernández-Ramírez, 2018).
Skills required Scientific abilities are
important.
Marketing and strategic
thinking skills are needed.
Occurs when When a new thought occurs
to the scientist.
When there is a market need
for a specific product.
Concerned with Individual goods, as well as
services, are available.
A collection of different
goods and services
Activities They are restricted to the
department of research and
development.
It has spread throughout the
business.
P2 Clarify how structural vision, leadership, culture and teamwork can shape innovation and
commercialisation
In today's modern markets, it's for business people like Mr. Kumar to continuously
reinvent their products and services in order to break fast of their competitors. It can be
extremely significant for a company to have diversity in their goods, because if all of the
dissimilar viewpoints and ideas can be met composed, it can be extremely helpful. Effective
cooperation recovers the excellence of the goods and services. The industry's clear vision can
help to keep the company's team members involved in the services and all of the important
points that need to be covered.
Good juice's strong vision is to create an innovative variety of products and services
while maintaining the juice tradition. All has hinged on the vision being developed by the
leadership. Mr Kumar needs a clearer understanding of the company's objectives and principles.
In an organisation, a leader is only as good as his squad, so effective teamwork is critical.
Certain aspects, such as teamwork, vision, and priorities, must be prioritised during the
planning process to ensure the company's success. The leader's main task is to inform the team
of all of the advantages of creativity and to encourage them to innovate their working methods

in order to concentrate on more efficient work. Individuals, teams, and entities that find the old
problems unpleasant and inefficient are referred to as innovators (Hu and Zhao, 2016).
M1 Analyse various sources of innovation, and how company can develop an environment and
innovation culture.
The different sources of innovation:
 The unforeseen: This is considered as the best place for looking to the opportunities in
the given market and effective leaders of a company should have to track the activities
which re to be performed by employees and their teams in making innovations and
changes.
 The Oddness: There is a discrepancy in between and what is existing in the market and
things which re needed in the market. It can become a key to success and at the same
time become risky.
 Process needs: Mr Kumar's company's method, weak points, and ways to address them
are embedded in the procedure needs, which can be clear as a mission-concerned with
procedure.
 Demographics: There can be constant change in the populations and income and other
element so they need to be pay more attention.
D1 analyse how innovation is industrialised, entrenched and measured
Innovation can be described as a process that has been handled from a long-term
perspective that cannot be calculated in terms of Mr Kumar's company's competitive goals.
Determining the goals and discovering the activities: It is critical to decide the
company's priorities and keep track of them in order to develop innovation; they must also
discover the different activities that will contribute to success.
Short and long-term deliverables: It is critical to achieve the targets after they have been
established. The next move is to create priorities that are tailored to the organization's short- and
long-term needs (Hwang, Choi and Shin, 2020).
P3 4Ps of innovation and explain use of the innovation funnel to examine and shape innovative
ideas
Mr Kumar may use the four Ps of creativity to form his creative ideas, which include:

 Paradigm: Mr Kumar can now begin to track the new facets of his company thanks to
the paradigm. They can start a creative way to sell their milkshakes long with the juices
while they're making the juices to keep customers interested.
 Product: The company's product must be completely special, since a company's
success is directly dependent on its product as well as the ways in which it is presented.
 Process: The method involves measures that are not related to the product, such as
product distribution, production, and consumer presentation.
 Position: Mr Kumar must depend on the different market segments that target people
based on their age and preferences. The phase process can have a negative impact on the
innovation process.
Innovation funnel: in the case of MR. Kumar, the main objectives of the company is that to
build the company reputation. And firms’ products which re at the time of market trends and this
was milkshake. This innovation funnel is referring to the process of market that occur for all the
steps and activities that are needed for particular product development.
P4 Clarify developments in frugal innovation and examples of how it is used in an organisation
Frugal innovation is referring to the method of reducing the complexities while reducing
their products and services cost. Basically, this frugal innovation is helps in elimination of the
non- essential features from their goods and services that can affects their efficiency and raise
their cost. This can be circular economy and open innovation that is maker movement and
sharing of economy and social innovation are the examples of frugal innovation.
In the case of Mr Kumar's health juice business, they may reduce needless prices to make
their creation more affordable and donate to the economy. Mr Kumar should begin using
upgraded technology in the manufacturing of his goods in order to reduce costs, as well as
changing packaging techniques to reduce the cost of existing costly packaging techniques.
M2 Analyse and apply the innovation funnel in an organisational context.
The invention funnel is divided into three parts, the first of which is idea creation, the
second of which is concept development, and the third and final segment is concept to launch.
Mr Kumar can apply the innovation funnel to his juice company by first generating the new
ideas that are needed. The second phase of the concept, creation, entails discovering a new idea
and then determining the product's scopes of application. The third step, concept to launch,

entails designing the business case for Mr. Kumar, testing the products, and finally launching
the products (Morris and Spilsbury, 2016).
(Figure 1: Innovation Funnel). (Source: Sketch bubble, 2017).
M3 Appraise the role of frugal innovation in an organisational context.
The task of frugal innovation is in the sense of Mr Kumar's organisation. In essence, the
drinks industry can be extremely profitable if it can be used in it. The groups of business is
collecting survey and collecting inputs and gaining information about goods and identify areas
that could reduce their prices at various level of information gathered. The company could also
be settled with the help of various outlets, allowing Mr Kumar to sell a variety of products at the
establishment (Morrish, Whyte and Miles, 2019).
D1 Judgmentally examine how innovation is developed, embedded and measured in an
organisational context.
When there is a need for resources and clients starting to demand and needs more reliable
and more high-quality goods, the term novelty is created by identifying differences between
products through numerous surveys, and then coming up with ideas to meet those requirements.

PART 2

Sick games will benefit as it begins to concentrate on a particular age group and produces more
high-tech and creative games for that age group. The demand for more virtual games is
particularly strong among those aged 18 to 35, who prefer more thrilling and realistic games. The
owners of the company should simply go with the flow of the market.
And Mr. kumar is more focusing on the company growth to attract large number of customer
base. He is able to draw strangers and convent guest and delight customers with their products.

 Strategies and plans: It are dangerous to describe the lawful plans and plans that will
assistance in the manufacture of the properties and services once the tactics have been
complete. The advertising and sales approaches that could be used to indorse and vend
the properties must be strongminded.
 Implementation of the idea: The idea must now be place into act, and the entire creation
procedure must be finished. It involves putt all of the tactics and plan into act in order to
transmit out the suggestions and their development (Pfotenhauer and Jasanoff, 2017).

 Analysis of market: The market should be additional investigated, and response met to
learn how client have responded to the products' and services.
Unalike resources are obtainable for various businesses to use in instruction to expand their
knowledge and defend the privacy of their business and their properties. Such methods are used
as per the changing material and growth over the period of time. Some of time are used and
manage below:

Trademark: these are able to manage and work as per the growing need and demand of the
customer and make the effective symbol, product’s and logos which are helpful and essential for
the growth of the trademark possibilities.
Patent and copyrights: Patent are helpful for assigning good and manage the growth over
different technologies. Whereas copyright are used to manage some effective literacy, artistic
and other musical work. Which are essential for the growth and achievement for the growth and
process of the chosen business approaches.
This is very important for the growth and achievement of the business to analysis the major and
growth over the period of time to make broader sector. Some of the major evidence based
approaches are used to maintain and helpful for assigning the growth to work and manage the
activities over the dissimilar tools and business location:
Conflicting Tools: As per the definition of the word, it refers for acceptance and make various
factors aimed at achieving proposals that can be debated at the similar time. Together innovators
and business owners can cooperate with their assistants to express their own ideas and put them
into action so that they can generate more imaginative works for the sales of goods.
Conjunction Tool: This is the term which are basically related to convergence tools to the set of
thoughts that may emerge during the use of the separation tools and different technique at any
given time. As compared to the divergent tool method, the meeting tool manner is slightly