Innovation and Commercialisation Strategies for Essence Drinks

This report delves into the critical concepts of innovation and commercialization, emphasizing their significance in driving business success and creating value for customers and stakeholders. It uses a case study of a Lassi business in the United States to illustrate the application of new product development (NPD) and the importance of a commercial funnel. The report examines various tools organizations can use to develop, retain, and protect intellectual property, including patents, trademarks, and copyrights. The conclusion underscores the importance of continuous innovation and adaptation to maintain a competitive edge and attract a broader customer base. This report covers topics like Innovation, Commercialization, Intellectual Property, NPD, Patent, Trademark, Copyright and Lassi Business.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 3 ...........................................................................................................................................1
Covered in PPT.......................................................................................................................1
TASK 4 ...........................................................................................................................................1
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property .....................................................................................1
CONCLUSION ...............................................................................................................................2
REFERENCES ...............................................................................................................................3

INTRODUCTION
Innovation and commercialisation is defined as the process of converting of an idea and
invention invention into services and products. It is important for different organisations to create
value and reputation in front of the customers and stakeholders (Ahn, J. M., Minshall, T. and
Mortara, L., 2015). This will help a company in enhancing the economical cost and satisfying the
needs and demands of the customer. In the given case, there is an entrepreneur naming Nirmal
Kumar who is having business of Lassi in United States. The company of Lassi is presently
selling mango lassi to customers. This company has decided to introduce innovation in its
product i.e. lassi for attracting more number of customers and increasing the profits of the
company in less time. This report consists of Importance of commercial Funnel and application
of New product development (NPD), an innovation business case for this organisation that
includes ways to access funding. At last this report will help to analyse the different tools that
this organisations can use to develop, retain and protect knowledge and intellectual property.
TASK 3
Covered in PPT
TASK 4
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property
Intellectual Property is the term which is used in business for representing the intangible
property which includes contribution of the individuals (Mazzarol, 2013.). Essence drinks can
use various methods for developing, retaining and protecting their intellectual property. Some of
these tools are discussed below:
Patent: The patent is the tool which is used by the business firms for protecting their
innovations and inventions. Such type of property right stays active even after 20 years of filling
the application. This tool is beneficial for the Essence drinks in protecting the recipe of their new
product which is developed by the employees.
Trademark: It is the design, sign or expressions which is used by the business firms for
distinguishing their products from the competitors. This is also known as the brand or logo. This
can be used by the Essence Drinks in terms of captions and taglines. Through these taglines and
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captions, Essence drinks can differentiate their products from the similar products of the
competitors which would enhance the effectiveness of the brand.
Copyright: This is a tool which provides the right to the owners for developing similar
product or materials from their existing products (Mazzarol, and et.al., 2014). This tool is used
when other firms wants to develop similar products which can be done by seeking the permission
from owner in order to avoid the penalty from the government. Through this tool, Essence drinks
can develop new products from their existing products for ensuring the success in the market.
CONCLUSION
From the above report, it is concluded that innovation and commercialisation are two
important factors in any industry. They help to create value among customers and this ultimately
leads to increase in sales and profits of the company. Commercialisation is defined as the process
for introduction of a new product or production method in the company. All companies must
undergo innovation and introduce new changes in the company so that more customers will be
attracted towards the product.
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REFERENCES
Books and journals
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impact on firm performance in innovative SMEs.
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation. 1(1).
pp.8-22.
Greenaway, D. and Rudd, C. D. eds., 2014. The Business Growth Benefits of Higher Education.
Palgrave Macmillan.
Hang Do, T., and et. al., 2014. Predicting anticipated rent from innovation commercialisation in
SMEs. European Journal of Innovation Management. 17(2). pp.183-208.
Hemphill, T. A., 2014. Patent assertion entities: do they impede innovation and technology
commercialisation?. Technology Analysis & Strategic Management. 26(7). pp.717-731.
Ismail, N., Nor, M. J. M. and Sidek, S., 2015. A framework for a successful research products
commercialisation: a case of Malaysian academic researchers. Procedia-Social and
Behavioral Sciences. 195. pp.283-292.
Kutvonen, A., Savitskaya, I. and Salmi, P., 2014. The evolution of external technology
commercialisation motives. International Journal of Business Innovation and Research.
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Mazzarol, T., 2013. The role of social capital, strategic networking and word of mouth
communication in the commercialisation of innovation. In Strategy and Communication
for Innovation (pp. 173-193). Springer, Berlin, Heidelberg.
Mazzarol, T., and et.al., 2014. Perceptions of innovation climate and the influence of others: A
Multi-country study of SMEs. International Journal of Innovation Management. 18(01).
p.1450009.
Miller, K., and et. al., 2016. Knowledge transfer in university quadruple helix ecosystems: an
absorptive capacity perspective. R&D Management. 46(2). pp.383-399.
Pellikka, J. T. and Malinen, P., 2014. Business models in the commercialization processes of
innovation among small high-technology firms. International Journal of Innovation and
Technology Management. 11(02). p.1450007.
Plewa, C.,and et. al., 2012. Technology adoption and performance impact in innovation domains.
Industrial Management & Data Systems. 112(5). pp.748-765.
Razak, A. A., Murray, P. A. and Roberts, D., 2014. Open innovation in universities: The
relationship between innovation and commercialisation. Knowledge and Process
Management. 4(21). pp.260-269.
Robertson, S. L., 2014. Corporatisation, competitiveness, commercialisation: new logics in the
globalising of UK higher education. In The Internationalisation of Higher Education
(pp. 31-44). Routledge.
Sengoku, S., 2015. Innovation and commercialisation of induced pluripotent stem cells. Stem
cells in regenerative medicine: Science, regulation and business strategies, pp.423-446.
Smith, H. L., and et. al., 2014. Entrepreneurial academics and regional innovation systems: the
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Online
New packaging technologies that could change the world. 2016. [Online] Available Through:
<https://blog.matthews.com.au/new-packaging-technologies-change-world/>
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