ENTR301: Innovation and Commercialisation Report - Essence Drinks

This report provides an overview of innovation and commercialization strategies, using Essence Drinks as a case study. It covers the company's background, commercial funnel, new product development process, and commercialization steps. The report also explores the importance of business cases and different intellectual property tools, such as patents, in protecting innovative ideas. It highlights the significance of innovation in gaining a competitive advantage and expanding businesses. The report concludes by emphasizing the crucial role of innovation and commercialization in organizational success, offering valuable insights into the practical application of these concepts within a business context.

Innovation and
Commercialisation

 Introduction
 Background of the Company
 Commercial Funnel
 New Product development
 Commercialization
 Business Case
 Different Intellectual property Tools
 Conclusion
 References
Table of Contents

Innovation is the process where the entrepreneurs use to
innovate their Idea into physical finished goods and services. It
resulted in the introduction of products and services for
improvement in the existing goods which are already offered by
the company. It plays a critical role with respect to the growth
of the organisation and also helps them to expand. their
businesses at the global level. In this cut throat competition
every company is required to develop innovative ideas into
their products and services which helps them to attract their
targeted customers in the interference manner
Introduction

The Chosen organisation in this PPT report is Essence Drinks
company which was established by Akshay Kumar. Before this only
he has started his company with the innovative drink Idea known as
healthy mango lassi. When he launched his product in the
competitive market the company has and hence increased their sales
and increased the distribution capacity. This resulted in the huge
amount of profits to the organisation.
Background of the company and
problems

It is also known as the revenue
funnel of sales funnel which
means the buying process that
company's lead customers
through when purchasing their
products. It is used in order to
transform all the targeted
customers into their clients.
Commercial Funnel

It is the process which helps the organisation to successfully
manufacture the products while adopting different techniques of the
new product development process. It is important with reference to
the organisation when they used to introduce the new product in the
competitive market in order to determine the needs and wants of
their targeted customers.
New product development

 The last step of NPD talks about
the product is ready in order to
commercialize it. With reference
to the chosen organisation, the
company has opened the store
and made their soft drinks
available for their customers.
Commercialisation

This is connected with the company which used to demonstrate the reason
for being a proper project. On the other side, the organisation uses to
explain all the functions which they are performing. This helps the
company to make better decisions with respect to the successful project
they are launching in the market. With reference to be essence drink
organisation, the managers are required to design their business case
before innovating their production services into the competitive market
as this helps them to survive the products for a longer period of time.
Business case

In this case there are several steps which must be considered by the
organisation:
 Executive Summary: Innovation and commercialisation place major
aspects which helps the organisation in order to survive in the
competitive market. Investors get attracted towards the organisation
and invest their funds in the innovative products which are offered
by the company.
Contd..

Intellectual property is the tour which is used by the organisation in order
to protect their creation of products and services. Essence drink also
uses these tools in order to protect their innovative ideas. Some of them
discussed below:
 Patents: patent search tool which helps the organisation to get a licence
of ownership with respect to the innovative idea of product or process.
This helps the company in order to protect themselves from copying by
the other competitors. Essence drinks also use these tools which help
them to prevent their ideas and innovation from the competitors.
Different tools to retain intellectual property
for longer period

With context to the above report it can be concluded that Innovation
and commercialization plays an important role in order to the
success of the organisation. These tools help the organisation to gain
the competitive advantage from the market because of their
introduction of innovative products into the Marketplace
Conclusion

 Agarwal, N., Brem, A. and Dwivedi, S., 2020. Frugal and reverse
innovation for harnessing the business potential of emerging
markets—The case of a Danish MNC. International Journal of
Innovation Management, 24(01), p.2050009.
 Albats and et. al., 2020. Stakeholder management in SME open
innovation: interdependences and strategic actions. Journal of
Business Research, 119, pp.291-301.
REFERENCES