Innovation and Commercialisation: Driving Growth for Healthy Drinks

This report examines the critical role of innovation and commercialization in driving organizational growth and success, particularly for small businesses navigating competitive markets. It differentiates between invention and innovation, highlighting the importance of organizational vision, leadership, culture, and teamwork in fostering a culture of innovation. The report analyzes various sources of innovation and explores different types of innovation, including product, paradigm, process, and position innovation, using the 4Ps of innovation framework and the innovation funnel. It also evaluates frugal innovation and its application within the context of Mr. Green's Healthy Drinks, building a detailed innovation business case with measurable effectiveness techniques. Furthermore, the report discusses methods for protecting ideas and intellectual property, providing an evidence-based evaluation of tools Mr. Green can use, and critically assesses how innovation is developed, embedded, and measured, offering insights into overcoming challenges for successful innovation. Desklib provides access to this and other solved assignments for students.

Innovation and commercialisation
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Table of Contents
Introduction......................................................................................................................................4
LO1 Explain the context for innovation and determine the difference between invention and
innovation........................................................................................................................................5
P1 Explain innovation and determine its importance to organizations in comparison with
invention......................................................................................................................................5
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................7
M1 analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation........................................................................................9
LO2 Explain the different types of innovation..............................................................................10
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas...............................................................................................................10
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context................................................................................................................12
M2 analyse and apply the innovation funnel in organisational context of Mr Green’s healthy
drinks.........................................................................................................................................13
M3 evaluate the role of frugal innovation in organisational context of Mr Green’s healthy
drinks.........................................................................................................................................14
D1 critically analyse how innovation is developed, embedded and measured in an
organisational context of Mr Green’s healthy drinks................................................................15
LO3 Discuss the process required to commercialise innovation...................................................16
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P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation......................................16
P6 Build an innovation business case for an organisation, including ways to access funding..17
M4 build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve....................18
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and
disadvantages.................................................................................................................................19
P7 Evaluate the different tools that Mr Green can use to develop, retain and protect knowledge
and intellectual property............................................................................................................19
M5 present supported evidence-based evaluation of these different tools in the context of the
wider business environment......................................................................................................20
D2 critically evaluate the nature of innovation and the context in which it is developed,
providing evidence-based judgements on how Mr Green can overcome challenges to develop
successful innovations...............................................................................................................21
Conclusion.....................................................................................................................................22
References......................................................................................................................................23
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Introduction
Nowadays every business organisation focuses on innovation and commercialisation for
achieving high growth and success in the market. Basically, it is a key driver which enhances the
performance of the company and increase economic growth. With the help of innovation and
commercialisation small organisation can survive in the tough competitive market for a long
time. It is essential for the company to develop a new idea, strategies, and plan for making
innovation in the workplace for attracting a huge number of customers towards their products
and services. This project report is based on healthy drinks which are started by Mr. Daniel green
two years ago in the United Kingdom. Firstly it launched only one drink which is a healthy
milkshake in which company generated high revenue because of innovative formula but in the
third-year sale of its drink goes down because of new entrants in the market. In this report, it has
been examined the importance of innovation and invention within the organisation. Organisation
uses a different process of new product development for producing any new product in the
market. Apart from this, different types of innovation have been analysed in this report in the
context of Healthy drinks. In the end, several approaches to frugal as well as innovation funnel
have been evaluated.
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LO1 Explain the context for innovation and determine the difference between invention
and innovation
P1 Explain innovation and determine its importance to organizations in comparison with
the invention.
It is highly important for the Mr. Daniel green to make innovation and invention in healthy
juice for maintaining high performance and growth in the large competitive market. Innovation is
a concept which is used by the organisation for making any new product, procedure, and
activities. This will add effectiveness in products and services which help in satisfying
customer’s need. If an organisation focuses on new concept, idea, and creation then it influences
positively on sale and profit margin. Health drinks are a small organization which uses
innovation for surviving in the tough business environment. There are so many advantages of
innovation to customers and organization like customers get something new and fresh whereas
Healthy juice can build its unique position in the market. By making continues innovation in
products and Services Company can easily build great image among customers (Bajaj, 2018).
By using the concept of homogeneous juice by adding new formula, unique flavour and Taste
Company can create a good image in mind of customers. New products easily attract customers
because of a different flavor, design, and taste. With the help of innovation, any company can
maintain long-term growth and success in the large market. Mr. Daniel green gives high attention
to innovation to compete with its competitors. This will make financial strong and help in
gaining huge growth opportunities in the large market.
The innovation and invention are completely different from each other which are used by the
business organisation for achieving long-term growth and success in the tough competitive
market. Mr. Daniel green invent a new concept of homogenous juice which is completely new
for customers that encourage them to purchase it and try at least once. People will consider
homogenous juice more innovative and would like to buy from its store. Without invention and
innovation company is unable to survive in the market for a long time (Olefirenko and
Shevliuga, 2017).
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There are various points which make innovation and invention differ from other are given as
under:
Invention Innovation
 It is the completely new concept of the
idea to produce new goods and services which
is never been used by any company and
person.
 It is a process of creation of new goods
and services
 In the invention, the company creates
and discover a new method, device, and
procedure which does not exist before in the
market.
 Innovation is basically an
implementation of a great idea for making any
new product.
 It can add value to the existing product
and also develop any new
 Innovation is the development of any
new products, technology, and process for
fulfil the current requirement of market
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P2 Explain how organisational vision, leadership, culture, and teamwork can shape
innovation and commercialisation.
It is important for the organisation to develop good culture, vision, teamwork, and leadership
within the workplace for encouraging employees to focus on innovation as well as
commercialisation that help in accomplishing high growth and development. Leadership can
motivate and encourage employees to give an innovative idea and thought to produce a new
product in the market which attracts a huge number of customers. By taking help of
commercialisation organisation can explore invention in employees, team, and group. It is
essential for Mr. Daniel green to create an effective vision, leadership, mission which influence
employees towards the commercialisation and innovation of new products and services. By
generating new idea and concept healthy juice can easily increase sales and profit margin in the
tough competitive business environment (Mukerjee, 2012).
(Figure: Culture of the organisation)
(Source: Bajaj, 2018)
Healthy juice is based in the United Kingdom that attracts a large number of people towards its
product by taking help of innovation as well as commercialisation. If the organisation provides
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good culture, leadership, vision, and mission to employees then it will encourage them to create
new idea and concept for achieving set goals and objectives. For attaining a high level of
profitability it is necessary for Healthy Juice to use effective leadership approach like coaching,
autocratic, democratic and others. For taking the right decision and planning it is very much
important for the organisation to involve employees which help in taking the right decision. The
company must follow customer based concept for satisfying their needs and requirement
effectively (Baden-Fuller and Haefliger, 2013).
It is very much important for the company to focus on the culture, leadership, vision, and team
for shaping commercialisation and innovation in Healthy Juice. As per view of handy, company
categories culture into a various section like role, person, task, and power. Power is allocated to a
higher authority so that they can control other employees and their work. In organisation, team
culture is followed by the organisation to attain set target in certain time. Mr. Daniel green
focuses on person culture for motivating employees to generate a great idea for innovation and
commercialisation.
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M1 analyse different sources of innovation, and how organisations can foster and develop
an environment and culture of innovation.
It is necessary for a business organisation to involve every employee in the decision as well as
strategy making process. With the help of innovation, the company can boost up their sales and
profit in the large competitive business environment. In the workplace, there are various issues
and a problem arises that can be resolved by innovative ideas. There are several sources of
innovation which are used by the business organisation to enhance the level of profitability and
productivity. Market competition, high operational cost, and economic circumstances are a
source of innovation. By taking help of innovation healthy Juice can easily overcome issues and
problem of business activities. This will help in improving position and performance of the
company in the market. The new concept of Homogeneous juice is completely new for people
which are totally transparent. People do not think that homogeneous can be a juice that develops
after filtration (Falguera and Ibarz, 2014). It is a unique concept in which company adds different
mixture and flavour for presenting homogenous juice. Healthy juice follows great pricing
strategies for attracting a huge number of customers. With the help of effective leadership style,
Mr. Daniel green can create good environment and culture of innovation within the workplace.
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LO2 Explain the different types of innovation.
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas
It is essential for a business organisation to follow great strategies for innovation in the
workplace to motivate employees to generate new ideas and concept that help increasing level of
growth and success in the market. The company uses 4Ps of innovation in the development of
new product process to attain set goals and objectives in certain time.
Product innovation: It is highly important for the healthy juice to use product evolution
procedures for implementing new concept homogeneous juice which is transparent drink and
completely innovative for people. To enhance growth and development in the market it is
necessary for an organisation to develop new idea and concept for producing a new product at a
low cost that fulfils the current requirement of the market as well as customers. Mr. Daniel green
understands the importance of product innovation for surviving in the market. Huge idea and
suggestions are required for developing an innovative product which is completely different from
other product.
Paradigm innovation: Perception and taste of customers change very quickly according to
which organisation produce goods and services. There are various issues and a problem arises
within the organisation during new product development. Healthy Juice uses innovation for
improving its business activities in the large competitive market (Cantarelli, 2012).
Process innovation: To improve the effectiveness of quality and cost it is necessary for an
organisation to create an innovative process which enhances its performance in UK market.
Healthy juice requires a great process for producing Homogeneous juice by filtration and many
other processes that make it great and effective for customers. It is challenging task for Mr.
Daniel green to make the short process of manufacturing with great quality to fulfil customer’s
requirement. By following fast and innovative process company can attract a huge number of
customers toward it a new product. This juice is healthy for people because in manufacturing
process a large amount of fruit mixture added to it that make homogenous juice healthy for
people.
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Position Innovation: It is difficult for the healthy juice to communicate about homogenous juice
concept because it is completely new for people as no one can think that homogenous can be a
juice. Company use great strategies and planning for making a great image in the marketplace
among customers and clients. Healthy juice decides the market area where they have to launches
new product according to which they make strategies through which company can easily
compete with competitors (Bain and Kleinknecht, 2016).
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P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
With the help of frugal innovation, the company can easily reduce complexity as well as the cost
of products and services. Frugal innovation helps the company in removing unwanted and
unnecessary practices from durable products. Healthy juice uses frugal innovation for upgrading
position and development of new product in the marketplace.
In the UK huge organisation provide juice and different types of drinks to customers so it is
challenging for Healthy Juice to make stronger position among its competitors. The company
purchases raw material in less amount from suppliers for producing high quality of homogenous
juice (Von Schomberg, 2013).
It is highly important for Healthy Juice to produce great quality and uniqueness in homogenous
juice for attracting a huge number of customers. By manufacturing homogenous juice in
available resources a company can offer it to the customer at fewer prices that enhance their level
of satisfaction.
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