Innovation and Commercialisation Report: Task 1 Analysis of Innovation

This report delves into the concepts of innovation and commercialisation, differentiating them from invention. It emphasizes the importance of innovation for business entities, highlighting how it drives value enhancement through new methods and tools. The report analyzes the role of organizational vision, leadership, culture, and teamwork in shaping innovation and commercialisation, using Essence Drinks as a case study. It explores internal and external sources of innovation, discussing how they contribute to a company's success and profitability. The report also touches upon the significance of change management and the delegation of roles within an organization to foster a culture of innovation, supported by relevant references.

INNOVATION AND
COMMERCIALISATION

INTRODUCTION
• In the current business scenario, all the business entities have been
emphasizing on innovation and creativity so that they can enhance the
value of business through adopting new and different tools and
methods.
• In order to make the business practices creative and innovative, it is
essential for the business entities to raise the existing standards and
that will also enhance the competitiveness of the business services.

ASSIGNMENT 1
TASK 1

1.1 Explain innovation and determine its importance to organizations in comparison
with invention
• From general point of view, invention refers to the occurrence of an idea for a
product or process that has never been made before.
• It chiefly includes creation of a new product; hence invention is an original idea
which needs creativity to make it more standardised.
• However, on the other hand innovation implies the implementation of ideas for
product or process for the very first time.
• Thus, innovation is a practical implementation of new idea.

Difference between innovation and invention
• The occurrence of an idea for a product or process for the first time is
known as invention. However, the implementation of such idea for the
very first time is known as innovation.
• Invention is related to the creation of new product; but innovation
means adding value or making changes in the existing product.
• Invention is always concerned with a single product or process and as
against this, innovation focuses on the combination of various
products and services.

Importance of innovation and invention
• Innovation is essential for the business entity as it aids in exploiting new
ideas that leads to the creation of a new product, process of service. It is not
just the invention; but it is related to bringing the product to the market place.
• Innovation is also essential since it aids the business entities to exploit new
technology and employ advance methods to generate new value to bring
significant changes to the service provision.
• Invention is essential for the business entity as that aids in finding out fresh
and new ideas for organizational development.
• Invention requires scientific skills; hence this is more vital for business
performance and productivity.

Examples
• For instance – Essence drinks could bring numerous flavours to the existing
drinks so that to acquire the attention of customers on higher extent.
Therefore, addition of different flavours in lassi drink could bring more
profitability to the company.
• Instance of invention includes introduction of entire new drink in the
company’s product list. This could be like drinks made of milk, yogurt and
other dairy products.

1.2 Explain how organizational vision, leadership, culture and teamwork can
shape innovation and commercialisation
• Innovation could result into creativity which is highly essential for enhancing the value of business. Thus, for
Essence drinks, innovation is crucial as that combines creativity which aids in conducting all the business activities in
unique manner.
• Innovation is also imperative for Essence drinks because creativity provides new ideas for quality improvement in
organizations. Thus, as a result innovation put these ideas into action.
• Change and innovation both are closely related to each other as change involves new and better ideas and this may
also assist the brand to create a new product for the end users.
• Thus, innovation could assist Essence drinks to comprehend that both innovation and change are essential for the
purpose of satisfying their most crucial stakeholders.

Contd.
• With the help of change management, Essence drinks could grow more in
competitive global market and as a result this can change the way of operating
business operations.
• For Essence drinks, innovation is essential as that underpins the value of
organizational leadership, team work and cultural facets. Therefore, this can assist
Essence drinks to operate all the practices in the best possible manner.
• It is essential for organizational members of Essence drinks to delegate all the roles
and responsibilities in prominent manner so that the chances of success and
prosperity could be encouraged.
• Apart from this, leader and manager must ensure that all the employees are being
involved in decision making process as that could assist them to amend the degree
of business creativity.

M1 Analyse different sources of innovation and explain how organizations
• There are two basic sources of innovation such as internal and external and all such
sources are useful in guiding the business entity about the ways to increase success
and profit aspects. With the help of internal sources, Essence drinks could enhance
the level of creativity and innovation.
• Internal source includes involvement of employees in decision making process and
as a result, workforce suggest the best ways to raise the standards of business entity.
• In order to develop the culture of innovation in Essence drinks, it is crucial for the
business entity to focus on teamwork and leadership so that it could manage all the
business activities in the best possible manner.
• Essence drinks could foster the culture of innovation through adopting new and
advanced technologies and this will also encourage the reach of business to
numerous market places.

REFERENCES
• Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation. 1(1). pp.8-22.
• Abdul Razak, A., 2016. Advancing social relationships in innovation networks and their
commercialization success in Malaysian public universities (Doctoral dissertation, University
of Southern Queensland).
• Rietsch, C., Beaudry, C. and Héroux-Vaillancourt, M., 2016. Validation of a web mining
technique to measure innovation in the Canadian nanotechnology-related community.
In CARMA 2016-1st International Conference on Advanced Research Methods and Analytics.
• Polzin, F., von Flotow, P. and Klerkx, L., 2016. Addressing barriers to eco-innovation:
Exploring the finance mobilisation functions of institutional innovation
intermediaries. Technological Forecasting and Social Change. 103. pp.34-46.
• Kedron, P. and Bagchi-Sen, S., 2016. Limits to policy-led innovation and industry
development in US biofuels. Technology Analysis & Strategic Management. pp.1-14.

Thank you