Analysis of Innovation and Commercialization at Essence Drinks Company

This report examines the innovation and commercialization strategies of Essence Drinks, a company founded by Akshay Kumar, focusing on their Healthy Mango Lassi product. It explores the difference between innovation and invention, emphasizing the importance of innovation for business growth. The report details the commercial funnel, new product development processes, and commercialization strategies employed by Essence Drinks. It also covers the creation of a business case, the use of different intellectual property tools, specifically patents, to protect their product ideas and innovations. The report concludes by highlighting the critical role of innovation in gaining a competitive edge in the market, adapting to customer needs, and improving existing products and services. The company uses patents to protect their products from imitation.

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 practical implementation of an idea which can be
resulted in the introduction of products and services or improvement
in the existing goods which are offered by the organisation. It plays
a critical role in the growth of the business and helps them to
expand them at the global level.
Introduction

The Chosen organisation in this PPT report is Essence Drinks company
which was established by Akshay Kumar. Before two only he has
stated his company with the innovative drink known as Healthy
mango lassi. With this product the company has enhance their sale
and increase their distribution capacity. The report covers the
difference between innovation and invention. Importance of
innovation with respect to Essence Drinks and also focuses on vision,
leadership and cultural shape Innovation and commercialization.
Background of the company and
problems

It is the funnel which is used to
transform all the targeted
customers into two clients. In this
process the net income of the
organisation will be enhanced by
acquiring more new features with
respect to the product in order to
attract the customers.
Commercial Funnel

In order to stay successful the face of manufacturing products every
company uses Different techniques during the execution of new
product development processes. It is the process where the company
used to introduce the new product in the market which will be
helpful in meeting the desires of their customers. It is a very
difficult task for the company to determine the success rate of the
new product.
New product development

This is the last step of NDP at this
stage the product is ready for
commercialization. Essence
Drinks has opened the store and
made available there food drinks
that are their product at offline
and online stores. That will be
helpful in retaining their services
to a large number of customers.
Commercialisation

This case is connected with the organisation which demonstrates the
reason for being a proper project. On the other hand the company
used to explain all functions which are going to be performed by
them. Business case helps the company to make better decisions in
order to make a successful project in the competitive market. With the
context of the chosen organisation, Essence Drinks Company is
required to design business cases before innovating their goods and
service in the market so that their product can survive smoothly in the
competitive market.
Business case

In this case there are several steps which must be covered:
 Executive Summary: Innovation and commercialisation are the two
major aspects which help the company e to survive in the
competitive market. Essence Drinks uses different marketing
strategies in order to promote their drinks. This also helps in
determining their targeted customers by which the company can
accomplish their set goals within the specified period of time. This
helps in attracting the investors in order to invest their funds in the
innovative product of the company.
Contd..

Intellectual property it is the tool which is used to safeguard the creation
of a product or services of a company. Essence Drinks uses these
tools in order to safeguard their products which are mentioned below:
 Patents: it is a tool which helps the company to get a license to the
ownership about their idea of the product or process which cannot be
copied by the other business organisation or individual. Essence
Drinks uses this tool in order to prevent their idea and innovation
from the Revival firms.
Different tools to retain intellectual property
for longer period

From the above report it can be concluded that innovation is the most
important element in the success of the organisation. This helps
them in gaining competitive wages in the market because of their
introduction of innovative products or services. Innovation is
adventurous in modifying customers' needs in order to improve their
existing product or services.
Conclusion

 Bengtsson, L., 2017. A comparison of university technology transfer
offices’ commercialization strategies in the Scandinavian
countries. Science and Public Policy, 44(4), pp.565-577.
 Bolli, T., Renold, U. and Wörter, M., 2018. Vertical educational
diversity and innovation performance. Economics of Innovation and
New Technology, 27(2), pp.107-131.
 Cano-Kollmann and et. al., 2018. Burying the hatchet for catch-up:
open innovation among industry laggards in the automotive
industry. California Management Review, 60(2), pp.17-42.
REFERENCES