Report: Innovation, Commercialization, and Mr. Green's Healthy Drinks

This report delves into the concepts of innovation and commercialization, examining their importance to organizations and differentiating them from invention. It explores how organizational vision, leadership, culture, and teamwork shape innovation. The report analyzes various sources of innovation, organizational environments, and the development, embedding, and measurement of innovation within a business context. It explains the 4Ps of innovation, the innovation funnel, and frugal innovation, providing examples for Mr. Green's healthy drinks. Furthermore, it discusses the commercial funnel, new product development, and building an innovation business case, including methods for measuring effectiveness. The report also evaluates tools for knowledge and intellectual property management, offering evidence-based insights and critical analysis of challenges and strategies for successful innovation.

Innovation and commercialization
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Contents
Introduction:..........................................................................................................................................3
Task 1....................................................................................................................................................4
P1 Explain innovation and determine its importance to organisations in comparison with the
invention............................................................................................................................................4
P2 Explain how organisational vision, leadership, culture, and teamwork can shape innovation and
commercialization.............................................................................................................................6
M1: Analyse different sources of innovation, and how organisations can foster and develop an
environment and culture of innovation..............................................................................................7
D1: Critically analyse how innovation is developed, embedded and measured in an organisational
context...............................................................................................................................................8
Task 2....................................................................................................................................................9
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas.................................................................................................................................9
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context......................................................................................................................10
M2 Analyse and apply the innovation funnel in organisational context of Mr Green’s healthy
drinks...............................................................................................................................................11
M3 Evaluate the role of frugal innovation in the organisational context of Mr Green’s healthy
drinks...............................................................................................................................................12
D1 critically analyse how innovation is developed, embedded and measured in an organisational
context of Mr Green’s healthy drinks..............................................................................................13
Task 3..................................................................................................................................................14
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation..............................................14
P6 Build an innovation business case for an organisation, including ways to access funding.........15
M4 Build a detailed innovation business case which includes how to measure its overall
effectiveness using appropriate techniques available to test, iterate and improve............................16
D2 Critically evaluate the nature of innovation and the context in which it is developed, providing
evidence-based judgements on how organisations can overcome challenges to develop successful
innovations......................................................................................................................................17
Task 4..................................................................................................................................................18
P7 Evaluate the different tools that organisations can use to develop, retain and protect knowledge
and intellectual property..................................................................................................................18
M5 Present supported evidence-based evaluation of these different tools in the context of the wider
business environment.......................................................................................................................19
Conclusion:..........................................................................................................................................20
References:..........................................................................................................................................21
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Introduction:
Innovation is an iterative process of doing both matching the needs and desires of the clients
to the technological competencies so that they could fill the gaps of the knowledge about the
product conception, design, marketing and several other processes. The commercialization
has been depending on the abilities of the firms such as of Mr Daniel Green in the project so
that they could establish and protect the development and along with it protect the
propitiatory benefits in the marketplace. In the assignment below the difference between
invention and innovation will be explained along with the value and vitality of difference to
the diverse organisations and the different ways to engage with the leadership and culture.
The 4p’s of innovation will be discussed and the diverse approaches that Mr Green can adopt
for his Healthy juice firm will also be deliberated. The recommendations will also be
provided so that Mr Green can take the sips of innovation for his innovative and high-end
products that would be ruling the market for their uniqueness.
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Task 1
P1 Explain innovation and determine its importance to organisations in comparison
with the invention.
In the purest form invention can be said as the development of the products or determining
certain new elements whereas innovation can be said as the part when someone improves or
update certain products along with their significant contributions. There are certain
differences in innovation and invention such as inventing means coming up with a new idea
and innovating means updating that certain idea. There are requirements of scientific skills at
the time of invention and innovation requires the marketing, technical and the strategic skills
(Gavira, et. al., 2016).
The comparison between invention and innovation is done in the chart below,
Basis of comparison Invention Innovation
Meaning The invention has been
about inventing a fresh idea
and making a new product
or service.
Innovation is about
upgrading those products
and producing unique
materials.
What is it? It is the development of a
fresh product
Developing value and
advancement of the
originated ideas.
Concept An original as well as the
unique idea.
Already existing idea.
Skills required Scientific skills are crucial Skills such as marketing and
strategic are required.
Occurs when When a fresh idea strikes the When a need of certain
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scientists mind. product is raised in the
market
Concerned with Individual products as well
as the services
An amalgamation
of various products as well
as services
Activities They are limited to the
research and Development
department.
It is spread all over the firm.
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P2 Explain how organisational vision, leadership, culture, and teamwork can shape
innovation and commercialization.
In the current fluctuating digital markets, it is very much crucial to constantly innovate the
products and services so that the business persons such as Mr. green could stay ahead of the
business competitors. It can be very much crucial for the business to have diversity for their
products and if all the diverse viewpoints could be collected together and all the wide pool of
ideas could be beneficial for it. Effectual teamwork cold enhances the products and the
services. The clear vision of the business could assist in keeping the team members of the
business engaged with the services and all the beneficial points that are needed to be covered
(Kralisch, et. al., 2018).
The clear vision of healthy juice is to develop a certain innovative range of products and
services and keep the tradition of juice along with it. It has all been depending on the
leadership for developing the vision. Mr Green needs to have a more accurate vision of the
goals and all the values of the company. In an organisation, a leader can get as good as his
team so it is essential to focus on effectual teamwork (Tanev, et. al., 2015). There are certain
elements that are needed to be focused on at the time of planning for the success of the
company such as teamwork, vision and goals. The leader basically needs to aware the team
about all the benefits of innovation and motivate them towards innovating the ways they
work and focus on more productive work. Innovation basically means the change and the
individuals, teams and the organisations that find the old problems uncomfortable and
unproductive (Tanev, et. al., 2015).
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M1: Analyse different sources of innovation, and how organisations can foster and
develop an environment and culture of innovation.
The diverse sources of innovation:
The unexpected: The best place to look for the opportunities in the market and a good leader
needs to constantly track the activities of the market and engage with his team in the terms of
innovation and changes.
The Incongruity: There is a vast discrepancy in between what exists in the market and the
things that are needed to be in the market. It has been a key to the success of the company but
it can be certainly risky at the same point (Tolikas, et. al., 2017).
Process need: Identifying the process, weak points and the ways to solve them of Mr
Green’s company is incorporated in the process needs, it can be basically said as a task-
oriented process.
Demographics: There has been constant change in the population, income and the other
ranges of the elements and it is crucial to pay attention to these demographics (Bonazzi and
Zilber, 2014).
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D1: Critically analyse how innovation is developed, embedded and measured in an
organisational context.
Innovation could be said as the process that has been managed from the long-haul
perspectives that can’t be measured for the competitive goals of Mr Green's company.
Determining the goals and discovering the activities:
For developing the innovation, it is crucial to determine the goals of the company and have a
track of them, they need to discover the various activities that would lead to success
(Zeschky, et. al., 2014).
Short and long-term deliverables:
After defining the goals, it is crucial to accomplishing the goals. The step is about developing
the goals as per the needs of it in short or long-term.
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Task 2
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to
examine and shape innovative ideas.
The 4Ps of innovation that can be utilised by Mr Green in shaping the innovative ideas are
such as,
Paradigm: The paradigm is a step where Mr Green can start watching the new aspects of his
business. At the time of producing the juices, they can start an innovative way to sell their
milkshake long with the juices to keep the customers attracted.
Product: The product of the company needs to be completely unique as the success of a
company directly depends on the product as well as the ways in which they present their
products.
Process: The process includes the steps that are apart from the product such as of
distributing the products, manufacturing them and presenting them in the market (Tian, et.
al., 2015).
Position: Mr Green has to depend upon the various market segments that are targeting the
individuals based on their age and tastes. The step process could harshly affect the innovation
process.
Innovation funnel:
In the case of Mr Green, the chief concern for any kind of product is to develop a company’s
image as well as the firm’s product which was tended to be milkshake at the time of market
trends. The innovation funnel can be said as the processes that could take place in the market
for all the steps needed to develop the specific product.
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P4 Explain developments in frugal innovation and provide examples of how it is used in
an organisational context.
Frugal innovation can be said as a procedure for reducing the complexity of diverse goods
and services and also to diminish their prices. Basically, the frugal innovation leads to
removal of the non-required feature of the products that could affect its performance and
increase the cost of the product (Ke, et. al., 2016). The frugal innovation could be categorised
in the terms of circular economy, open innovation, the maker movement, shared economy,
social innovation and the co-creation.
In the context of the health juice organisation of Mr Green, they can cut down on the
unnecessary costs so that their product could be more competitive and they could also
contribute to the economy. Mr Green can start utilising the upgraded technology for the
manufacturing of their products so that they could cut the costs and also, they could change
the packaging techniques which will save the cost of current expensive packaging techniques
(Ke, et. al., 2016).
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M2 Analyse and apply the innovation funnel in organisational context of Mr Green’s
healthy drinks.
The innovation funnel is separated into three segments which start with the opening of the
funnel which is of idea development, the second step is of concept development and the
narrow segment is of concept to launch. Mr Green can utilise the innovation funnel in their
juice business by first developing the new ideas that are needed to be developed. The second
step of the concept which is of development includes of discovering the new product and
then finding out the scopes that are useful for the product and the third step at the narrow
segment is of concept to launch which incorporates of building the business case for Mr.
Green and then developing the products, testing the products and at last launching the
products (Weng, et. al., 2018).
(Figure 1: Innovation Funnel).
(Source: Sketch bubble, 2017).
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M3 Evaluate the role of frugal innovation in the organisational context of Mr Green’s
healthy drinks.
The role of the frugal innovation is in the context of the organisation that has been done by
Mr Green in their healthy drinks business can be highly profitable if it could be used in it.
The business group could easily put on the surveys and gather feedback from the clients and
gather knowledge regarding the products and know about the points where they could cut the
costs. The feedback’s that are collected by the firm could be utilised to point out the ways in
which they could cut down the costs of their products at various levels. The business could
also be settled with the assistance of diverse outlets so that Mr Green could sell diverse kinds
of products at the business (Yu, et. al., 2016).
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