Innovation and Commercialisation Report: Analysis and Evaluation - BTE

This report delves into the concepts of innovation and commercialisation, emphasizing the transformation of ideas into marketable products or services. It highlights the significance of the commercial funnel in influencing customer behavior and identifying market needs. The report explores techniques for assessing the effectiveness of innovation, alongside the crucial role of intellectual property rights in safeguarding unique formulas and designs. Through a critical evaluation, the report underscores the importance of strategic innovation, particularly in adapting to competitive landscapes. The analysis covers the application of innovation funnels, the importance of commercial funnels, and the protection of intellectual property to achieve competitive advantage.

Innovation And
Commercialisation

Cover Content
 Introduction
 Importance of using commercial funnel
 Techniques for testing effectiveness
 Tools used to protect intellectual property rights
 Critical evaluation
 Conclusion
 References

Introduction
 Innovation refers to transforming of unique idea
into products or services so that customers can
buy it in exchange of monetary value (Datta,
Mukherjee and Jessup, 2015).
 Purpose of innovation is to solve the problem
customer is suffering from so that they can live
their life hassle free.

Importance of using
commercial funnel
 Commercial funnels refers to activity which is used by
company to manipulate mind of customers so that company's
product will achieve new heights of sales (Thore, 2012).
 Main aim of this funnel is to identify the real problem
customers is facing and how they could modify their
products accordingly.

Techniques For Testing
Effectiveness
 Project efficiency
 Impact on customer
 End results

Tools Used To Protect
Intellectual Property Rights
 As mentioned in the case study, company has
unique combination of innovation formula
and distribution capabilities. But they failed
due to increase in competition.
 At that time Essence drinks have to protect
their formula through trade secrets,
trademark and design grant.

Critical evaluation
 So after discussing all the mentioned points it can
be said that company has implemented position
innovation in which they are trying to modify or
change their position in the mind of customers.
 It would help them to attract their existing
customer as well as new customers also.

Conclusion
 It can be concluded from above report that innovation
helps company to gain competitive advantage over
others.
 Innovation funnel is useful for providing the solutions
of problems associated with the innovative products
of the firms.

References
Datta, A., Mukherjee, D. and Jessup, L., 2015. Understanding
commercialization of technological innovation: taking stock and
moving forward. R&D Management. 45(3). pp.215-249.
Thore, S. A. ed., 2012. Technology commercialization: DEA and
related analytical methods for evaluating the use and
implementation of technical innovation. Springer Science &
Business Media.
Walsh, P. R., 2012. Innovation nirvana or innovation wasteland?
Identifying commercialization strategies for small and medium
renewable energy enterprises. Technovation. 32(1). pp.32-42.