ICON College, Unit 8: Innovation and Commercialization Report Analysis

This report delves into the critical aspects of innovation and commercialization within a business context, focusing on the 'Essence Drinks' company as a case study. The report begins by contrasting innovation with invention and highlighting its significance in organizational development. It then explores the role of organizational vision, leadership, culture, and teamwork in shaping innovation and commercialization strategies. The 4 P's of Innovation (Product, Process, Position, and Paradigm) are examined for their impact on companies. The report also addresses frugal innovation, providing examples and evaluating tools for knowledge development, protection, and intellectual property retention, including training programs. The conclusion emphasizes the importance of innovation and commercialization in business, summarizing the report's findings and their application to Essence Drinks.

Innovation &
Commercialisation

INTRODUCTION
• In this report we will learn about Innovation and
Commercialization and how they these elements are
important in the business world.
• This report will also determine Commercialization or
Invention process and strategy helps an organisation to
introduce a new product or service in the market.

TASK 1
• Innovation and its importance in the
organisations in comparison with invention.
• Innovation is that process which is brought in
the organisations for their further development
in market.

CONTINUED
• New technologies- New technologies which
comes in the market can be used Essence Drinks
to make innovation in the company.
• Preferences of customers- preferences of
customers changes with time. This crates the
need for organisation to bring innovation.

TASK 2
• Importance of organisational vision, leadership,
culture and teamwork in shaping innovation and
commercialization.
• Position Innovation – The organisations can
launch new products in innovative way to gain a
position in the market.

CONTINUED
• Organisational vision- Vision of the
organisation sets the direction in which the
company have to work (Raasch and Von
Hippel, 2013). Essence Drinks have vision
make some innovative changes in their product
and increase their sales.

TASK 3
• The 4 P's of Innovation as well use of
Innovation process for examining and shaping
the innovative ideas of the employees of the
Essence Drinks.

CONTINUED
• In organisation like the Essence Drinks the 4 P's of Innovation
have an important impact. The 4 P's includes Product, Process,
Position and paradigm. The Product of the Essence Drinks are
Mango lassi, Energy drinks etc. and this company is
incorporating real innovation to make the products best among
the rivals in the market.

TASK 4
• Ways to Develop Frugal Innovation with suitable
examples.
• Innovation in an organisation emerge under conditions
of resource scarcity where the usual answer are
deemed too costly or unavailable, The Essence Drinks
is following the Frugal Innovation criteria.

CONTINUED
• Evaluating various tools that the Essence Drink uses
to develop, protect and retain knowledge as well as
intellectual property with suitable examples.
• Training and Development – Employees within the
organisation should be provided proper training
programs

CONCLUSION
• From the above report we learn that the Innovation
and Commercialisation are two of the most important
elements in every business organisation. The study
includes the involvement of the two processes,
Innovation and Commercialisation in the Essence
Drinks company.

REFERENCES
• Kolychev, V. D. and Prokhorov, I. V., 2015. Conception, technology and
methods of development of university system of innovation projects
commercialization based on effectuation. Asian Social Science, 11(8), p.44.
• Mahr, D., Lievens, A. and Blazevic, V., 2014. The value of customer
cocreated knowledge during the innovation process. Journal of Product
Innovation Management, 31(3), pp.599-615.

THANK YOU!