Innovation and Commercialization Strategies for Essence Drinks Report

This report provides a detailed analysis of innovation and commercialization strategies for Essence Drinks, a company specializing in Mango Lassi. The report begins by differentiating between invention and innovation, emphasizing the importance of innovation for business growth, and explores the role of organizational vision, leadership, culture, and teamwork in shaping innovation. It examines various sources of innovation, the 4 P's of innovation, and the application of the innovation funnel. The report then delves into frugal innovation, explaining its development process and evaluating its potential role for Essence Drinks. The analysis includes a case study of Essence Drinks and provides recommendations for fostering, embedding, and measuring innovation within the company. The report concludes by highlighting the significance of innovation for creating wealth, driving productivity, and improving the quality of life for businesses like Essence Drinks, focusing on how innovation can lead to sustainable growth in the UK market.

Innovation and
commercialisation-re1

Table of Contents
INTRODUCTION ..........................................................................................................................1
PART A...........................................................................................................................................1
1. Explaining the difference between invention and innovation.................................................1
2. Explaining the innovation determine its importance to Essence Drinks in comparison with
invention......................................................................................................................................2
3. Explaining how organisational vision, leadership, culture and teamwork can shape
innovation and commercialization in the context of Essence Drinks.........................................3
4. Explaining the different sources of innovation in order to foster or develop the environment
and culture of innovation............................................................................................................3
5. Explains the 4 P's innovation and also explaining the use of innovation funnel to examine
and shape innovative ideas..........................................................................................................4
6 Explaining the development process in frugal innovation in the context of Essence Drinks.. 5
7. Analysing and apply the innovation funnel to Essence Drinks Situation...............................6
8. Evaluating the possible role of frugal innovation to Essence Drinks.....................................6
9. Critically analysing how innovation can be developed, embedded and measured.................6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Innovation and commercialization is taught by distinguish practising innovators.
Innovation is the most crucial process to create new wealth, productivity growth and improved
quality of life. Present study will be based on Innovation and its important for the business
growth. Present report will be taking Essence Drinks which provides Mango Lassi. Overall,
study helps company to find the new development process through company can make profit in
UK market with the help of innovation and commercialisation.
PART A
1. Explaining the difference between invention and innovation.
Invention : Invention is the process or the creation of a new product or services for the
first time in the market (Amponsah and Adams, 2017). For example: Akshay Kumar started the
Essence Drinks with innovative drinks that is Healthy Mango lassi without any idea that
company has been taking high growth in the market.
Innovation : Innovation is the regenerated process or improves in the existing product or
services In order to make the new innovative thought process. For example, to sustain in the
market Mr. Kumar needs to innovate some new though process to beat the current competitors
rate in the market.
Difference between Innovation & Invention
Basis of
Comparison
Invention Innovation
Concept Invention is totally based on new
concept or theory to introduce new
product, services or process in the
market. Such as two years ago, Mr.
Kumar had invented concept of
Mango Lassi (Chun, Chung and
Bang, 2015).
Without invention, innovation has not
been possible. Innovation based on the
new idea within the existing product.
For example: Mr. Kumar can change
their product packaging or modify the
process of delivery to make customers
more happy and satisfied or Essence
Drinks can also adopt new flavours for
customers. Like organic coffee, sugar
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free juice, Mango Apple flavour,
orange passion fruit, Mango Melon,
etc.
Skills required Invention required new scientific
idea or new formula to reinvent
existing product or services.
Innovation process set on marketing,
technical and strategic skills.
Concerned Invention concerned with single
product or services.
Innovation concerned with
combination of different services or
products (Dincer, 2017).
Activities Invention is the activity of
Research & development.
Innovation is concerned with the
whole organisation. For example. It
comes from anywhere.
2. Explaining the innovation determine its importance to Essence Drinks in comparison with
invention.
Innovation activity can creates business new dynamic products or services to meet the
company standards and maintained the stability. Besides, Invention involves risk of
acceptability. Invention is not certain that it would rather acceptable by clients or not. For
example, if Mr Kumar invent new product or services, it might be not given better response as
compare to Mango Lassi (Do, and et.al., 2015). So it is better for the company to adopt better
idea or innovation to enhance the new idea with the existing popular product. Innovation
involves less risk as comparatively invention.
On the other side, due to lack of innovation process company fails to attract potential
employees and starts loosing them which is not appropriate for the growth of the company.
Therefore, it has been proved that, innovation is the important process for the Essence Drink.
Here, explains the importance of innovation for the cited company.
Importance of Innovation:-
Innovation lead sales volume: This is the foremost for the company to get high sales
volume to earn profit revenue to maximise the rate of return on investment to shareholder.
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Achieving Business growth : innovation is necessary or important for Essence Drinks to
sustained the company reputation in the market. It gives new opportunity or hope to the company
that company can perform more better to beat the competitors.
Increases productivity : Innovation also helps to enhance the employee productivity
which automatically increases the company profitability ratio as well (Gross and et.al., 2018).
Increases the market share : Innovation creates brand value of the companies that
affect positively on the company market share value. To increases the market share of Essence
Drinks, innovation is most required process.
3. Explaining how organisational vision, leadership, culture and teamwork can shape innovation
and commercialization in the context of Essence Drinks.
Organisation Vision : Company vision sets the company standards or targets for future.
For example: Essence Drinks vision relate company to traditional distillation techniques that
helps to innovate elegant drinks for the current generation.
Organisation Leadership : Leadership, company employees motivation level set the
performance benchmark that automatically affect the innovation criteria (Jackson and et.al.,
2016). Leadership shape innovation and commercialization by maintaining positive working
atmosphere. Innovative leaders has always looking for new ideas and come up with new
concepts.
Organisation Culture : Essence Drinks positive and energetic working culture can
motivate employees to build innovative thoughts and ideas. Culture motivate individual values,
beliefs, for that. Essence Drinks can give financial and non-financial benefits to their employees.
Organisation Teamwork : Effective team members are always motivated and energised
through they also motivate top other members as well. So this term helps to introduces new
thought to enhance the product marketing.
4. Explaining the different sources of innovation in order to foster or develop the environment
and culture of innovation.
Organisation needs to have creative employee in order to meet out the customer
requirements or company goals (Johannessen, 2017). Essence Drinks can adopt different sources
or ways to foster new innovation or idea to beat the existing competitors.
Sources or way to foster Innovative culture
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 Let Every Employee Play Designer : This is the best to develop innovation and
creativity among company culture or in a environment. Essence Drinks adopts free
culture for an employee. So that, they can think as a company owner and think to enhance
the company position or to create new products as well.
 Provide Lost of free time to think : Essence Drinks employees are free to think or
having time to come up with new ideas. Innovation is all about thinking about something
different unique. Free think working culture helps to foster productive environment
within the company.
 Encourage Risk -taking : This is the another source or way to promote innovative work
culture. Essence Drinks need to take risk for thinking something new that also motivate
company employees (Kang, Burdon and Mooney, 2019).
 Collaborative : Organisations is taking new steps of collaboration with outside group
agencies to think new product ideas. This source can helpful to foster innovative culture.
5. Explains the 4 P's innovation and also explaining the use of innovation funnel to examine and
shape innovative ideas.
4 P's of Innovation
Paradigm : Paradigm refers to the process that improves the way in which company frame the
new process. For example: Essence Drink new product packaging could be failed to impress
customers.
Product : this is significant P of innovation where company think about the existing product and
think about some new innovation. That how it can be more better to approach new clients or
customers. This innovation only explains the existing product innovation style. Those changes
are also known as incremental changes that helps company to keep sustained that particular
product.
Process : in next P refers the process of creating product offering. In other words, how company
is going to create that offering (Kesting and et.al., 2016). This process includes supplying,
workflow, training, hiring people. In this process Essence Drinks can also adopt current trends in
order to make product more preferable.
Position : This innovation P explains about the place or to which company offering the product.
How new packaging of Mango Lassi will going to farmed and communicated to the target
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people. Essence Drink can take help from advertisement or social media sites to promote new
packaging of Mango lassi.
use of Innovation funnel
Innovation funnel is the process which starts by putting inputs to the output. Basically
funnel is the broad term which breaks into three part first mouth of the funnel, second is
challenges is to narrow the funnel neck, and the final challenge is to ensure weather the process
has been taken right path or not. It helps to accomplish the innovation of new packaging by
Essence Drinks (Managing The innovation funnel, 2019). in other words frugal is useful to
introduces new technology, to make market more faster and strengthen etc.
6 Explaining the development process in frugal innovation in the context of Essence Drinks.
The main purpose of Frugal innovation is to minimize the company cost without
compromising on quality. In order to develop new product development or a frugal innovation,
such as Essence Drinks will going to launched Mango lassi in UK market with new innovation
that is different unique packaging which is never been produced by any other company (Lewis,
and et.al., 2017). Frugal innovation has based on some characteristics such as durability,
usability, affordable, and the best part is, it is highly acceptable by BPO consumer's needs.
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Illustration 1: Innovation Funnel structure
(Source : Managing The innovation funnel, 2019)

Idea screening : in this first step of frugal innovation Essence needs to take steps to think
about new idea with the help of market research and analysing company strength, current trends,
expected ROI etc.
Concept development & Testing : Essence Drink will planning to change Mango lassi
packaging style and provide product in more unique manner. They provides different styles of
packaging such as In container, Tetra Packets, Glass bottles etc. this process required testing to
ensure the new concept.
Business strategy : This step needs to adopt new promoting strategies to how company
communicate the idea in the market. In this process company needs to analyse the competition
level, costs involved, pricing strategies etc.
Product development : In this steps product idea has been transferred into tangible
product.
Test Marketing : this step explained weather new innovation adopted by clients or not.
Commercialisation : In this step, product is ready to placed in the market.
7. Analysing and apply the innovation funnel to Essence Drinks Situation.
In order to apply innovation funnel company needs to adopt some measures which starts
with strategic thinking. Such as Essence Drinks has constantly decrease in sales as for number of
competitors have entered into the market (Nepelski and Piroli, 2018). As per the Mr, Kumar
they don't want to get away from the main core product or invent something new. So that, they
take decision to innovate the packaging of the Mango lassi to attract customers towards again. So
this is the new funnel innovation of the company. In order to apply funnel innovation, Essence
Drinks conduct market research in order to analyse the current needs and competition level of
market.
8. Evaluating the possible role of frugal innovation to Essence Drinks.
Role of Frugal innovation
 Frugal innovation is important to reduce the cost of good sold and production process of
Essence Drinks.
 This helps to eliminate unwanted activities between the process of innovation.
 Frugal innovation is developing technical and scientific method to eliminate the resources
and achieve targets in an more appropriate manner.
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 Frugal innovation can helpful for Essence Drink to make attractive Product packaging
innovation for attracting customer focus.
9. Critically analysing how innovation can be developed, embedded and measured.
Innovation is the long term process which always needs to managed in an appropriate
manner. Innovation has measured once the process is completed, that helps to review the
outcomes. Innovation developed when new needs has come up with some new demands. Essence
Drinks has to measure the market expectation and try to full-fill accordingly (Planing, 2015).
Essence Drinks can also measure the innovation by taking feedbacks from customers.
Overall, process of innovation helps Company to build productive image in front of their clients.
Innovation outcomes can be positive and negative it depends on the customer adaptability
(Pérez and Molina, 2017). The main purpose of innovation is to enhance the company revenue
and market brand image.
CONCLUSION
As per the above report, it has been clearly mentioned that company needs to be done in
order to earn profit in UK market. In other words, study explained the importance of innovation.
Innovation 4 P's also explained by the study that helps to build a systematic process or
thoughtfulness for innovation.
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REFERENCES
Books & Journals
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efficiency throughout innovation and commercialisation stages: evidence from Korean
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Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation. 1(1). pp.8-
22.
Do, H. and et.al., 2015. SME owner-managers’ anticipated returns to commercialisation: the
influence of organisational factors.
Gross, R. and et.al., 2018. How long does innovation and commercialisation in the energy
sectors take? Historical case studies of the timescale from invention to widespread
commercialisation in energy supply and end use technology. Energy Policy. 123. pp.682-
699.
Jackson, A. and et.al., 2016. Kinetoplastid phylogenomics reveals the evolutionary innovations
associated with the origins of parasitism. Current Biology. 26(2). pp.161-172.
Johannessen, J. A., 2017. Conclusion: Innovation Policy. In Innovations Lead to Economic
Crises (pp. 155-162). Palgrave Macmillan, Cham.
Kang, K., Burdon, S. and Mooney, G., 2019. Innovation Cultural Factors in Australian Business
Environment: IT Organizations in Australia. In Handbook of Research on Contemporary
Approaches in Management and Organizational Strategy (pp. 129-145). IGI Global.
Kesting, P. and et.al., 2016. The impact of leadership styles on innovation-a review. Journal of
Innovation Management. 3(4). pp.22-41.
Lewis, M. O. and et.al., 2017. Stakeholder enrolment and business network formation: a process
perspective on technology innovation. International Journal of
Technoentrepreneurship. 3(3). pp.203-227.
Nepelski, D. and Piroli, G., 2018. Organizational diversity and innovation potential of EU-
funded research projects. The Journal of Technology Transfer. 43(3). pp.615-639.
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Pérez, J. M. M. and Molina, M. I., 2017. Leadership and Teamwork in Innovation Ecosystems.
In Key Issues for Management of Innovative Projects. InTech.
Planing, P., 2015. Business model innovation in a circular economy reasons for non-acceptance
of circular business models. Open journal of business model innovation. 1(11).
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8 ways to foster innovation in your company. 2019. [Online]. Available
through :<https://www.inc.com/guides/2010/04/fostering-innovation-in-companies.html>.
Managing The innovation funnel. 2019. [Online]. Available
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