Innovation and Commercialization: A Report on Healthy Juice's Strategy

This report provides a comprehensive analysis of innovation and commercialization strategies, specifically focusing on the Healthy Juice company. It begins by differentiating between invention and innovation, emphasizing the significance of innovation for organizational success. The report explores the role of vision, leadership, and organizational culture in reshaping innovation and commercialization processes. It then delves into the 4Ps of innovation (Paradigm, Product, Process, and Position) and examines the application of frugal innovation within the organizational context. The report also covers the importance of the commercial funnel, the application of new product development, and the creation of an innovative business case. Furthermore, it evaluates tools for establishing, retaining, and protecting knowledge and intellectual property, providing a holistic overview of innovation management.

Innovation and commercialization

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Explaining innovation and determining its significance to organisation in comparison with
invention.................................................................................................................................1
P2 Vision, leadership and culture in redesigning innovation and commercialisation............1
LO2..................................................................................................................................................1
P3 4Ps of innovation...............................................................................................................1
P4 Development in frugal innovation and how it can use in organisational context.............1
M2 Application of development funnel in Healthy juice company.......................................1
M3 Role of Frugal development in Healthy juice company..................................................1
LO 3.................................................................................................................................................1
P5 Importance of commercial funnel and use of new product advancement handling for
commercialisation of development.........................................................................................1
P6 Development of advancement business case for an association, including approaches to get
to subsidizing..........................................................................................................................1
M4 Detailed development business case which incorporates approaches to quantify its general
adequacy.................................................................................................................................1
D2 Nature of advancement and approaches to conquer difficulties to create effective
developments..........................................................................................................................1
LO 4.................................................................................................................................................1
P7 Evaluate the distinctive devices that associations can use to create hold ensure learning and
licensed innovation.................................................................................................................1
Conclusion.......................................................................................................................................1
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation refers to the process of innovating and introducing something new in customs,
rites, etc (Birkeland, 2012). A change effected by innovating; a change in customs;. Something
new, and contrary to established customs, manners, or rites.. innovation pronunciation. In this
context, the following report will demonstrate an explicit understanding about innovation and its
significance to the organisation by refering case study of 'Healthy Drinks'. The organisational
vision, mission and leadership that can transform and redesign organisation innovation and
commercialisation will be discussed in this report. The 4Ps of innovation will be explain in this
reprot by utilising innovation funnel. The developments in frugal innovation with examples will
be elaborate in this assignment. The importance of commercial funel and the application of new
product development will be analysed in this report. An innovative business case for the
organsiation will be created in this assignment and eventually, the evaluation of different tools
that companies can used to establish, retain and protect knowledge and intellectual property will
be described in this report.
LO 1
P1 Explaining innovation and determining its significance to organisation in comparison with
invention
Invention refers to the process of creating something new for the first time and innovation
refers to the process of improving the existing invention in more efficient and effective manner.
Innovation is considered as the framework for converting innovative idea or a specific invention
or goods and servcies in order to enhance the customer value and organisations profits and
revenue (Sonne, 2012). With increase in globalisation new and emerging organisations are
establishing rapidly in United Kingdom thus generating stiff competition. In order to sustain in
competitive environment it becomes essential and rudiemntary for the busienss managers to
think innovative and upgrade their products and services in order to enhance customer base and
profitability. Innovation becomes milestone for determining success of the organisation. It is the
process which can be implemented in all the departments of the organisation such as marketing,
production, distribution, customer support, etc.
Apart from this, invention simply refers to the process of creating something new whicih
has not been created by anyone. Invention helps the organisations in providing new and unique
products to customers. This helps them providing competitive advantages and also assists in
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raising the profitability and productivity of the organisation. For instance, invention of driver less
car by Tesla. There are difference between invention and innovation but in order to maximise
organisational profits, it is essential for management to use both simultaneously. In simple terms
invention and innovation are essential part of organisation development (Abdul Razak, Murray
and Roberts, 2014). Albeit there are numerous challenges associated with invention and
innovation such as rise in cost, time and efforts, lack of skilled and creative employees,
inapproparite direction and planning, etc. Healthy Juice faced numerous challenges and
complicationsi in innovating its products and services. In this context, the difference between
innovation and invention are described below in the table:
Innovation Invention
Innovation refers to the process of improving
the existing invention in more efficient and
effective manner. Innovation is considered as
the framework for converting innovative idea
or a specific invention or goods and servcies in
order to enhance the customer value and
organisations profits and revenue.
Invention refers to the process of creating
something new for the first time invention
simply refers to the process of creating
something new whicih has not been created by
anyone. Invention helps the organisations in
providing new and unique products to
customers.
Innovation is done in order to upgrade or
enhance the features of products and services.
Invention is done in order to provide new and
unique products to customers.
Innovation helps in enhancing the quality of
products
Invention is made to create new products
It is incomplete without innovation Invention is done before innovation.
P2 Vision, leadership and culture in redesigning innovation and commercialisation
Healthy Juice is know for providing healthy and quality juice, milkshakes and other
refereshments to their target customers. With their innovative formulae the management were
able to attract ample of customers towards their organisation. The vision of organisation is to be
the leading healthy and organic juice provider in the country (Wang, Vanhaverbeke. and
Roijakkers, 2012). The mission of the company is to gain competitive advantage through
inventing and innvoating new and unique products. In order to accomplish the mission of the
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organisation every employee and staff work in team. Teamwork, leadership and organisational
culture helps in reshaping the innovation and commercialisation. Commercialisation refers to the
process of managing and running business activities in order to enhance financial gains.
Company's strategic intent significantly influence the success of the organisation. Apart from
this, the overall mission, vision, goals, objectives, organisational culture, value, teamwork,
leadership greatly impacts on organisational productivity and profitability. These not only
transforms the work process but also influence the innovation and commercialisation practices
followed within the organisation. Innovation and commercialisation is considered as essential
important for the growth and development of the organisation. In order to sustain in the
competitive environment it is rudimentary for business organisation to focus on their strategic
intent as it directly influences the innovation and commercialisation process of the organisation.
Organisational mission, vision, goals and objectives helps in redesinging the innovation and
commercialisation process of the organisation (Dries, Pascucci, Török and Tóth, 2013). Vission
of the organisation provides management a direction, mission provides a straetegy through which
they can reach towards mission. In this context, both the elements are essential for enhancing the
business growth and development. Organisation functions and business objectives relied on the
osition and their sales revenue in the future. After analsying the present level of competition,
Helathy Juice needs to develop strategies for innovating their products and commercialised it in
efficient manner so that organisational goals and objectives can be accomplished. Mission and
vision are both vital element which provides direction to the management and helps them in
increasing customer base.
LO2
P3 4Ps of innovation
4Ps of innovation is the model which is developed with the motive to improve the process of
innovation which is essential for the business organisation. In this context, the 4Ps of innovation
model which is to be used by the management of Helathy Juice is described below:
Paradigm: it is the pattern through which business managers conduct their business activities.
The transformation can be radical but business manager needs to keep in mind that not all
transformations are positive in nature (Sengoku, 2015). In this context, business manager needs
to focus on the patterns which provides more benefits and concentrates less on those products
which hampers their growth.
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Product: In this management and team members needs to brainstorm in order to enhance the
effectivness in the quality of product and services. This is important phase as it helps the
management to enhance the quality of products and services. Management needs to take
suggestions from the team in order to enhance and improve the quality of products and services.
Process: It includes improving and innovating all the processes which are associated with the
development of product to its dispatch to customers (Sengoku, 2015). In this context, manager of
Health Juice needs focus on improving the processes of the organisation in order to attain the aim
and obejctives of the company.
Position: Position is the location of work. Management needs to consider the position of the
organisation in order to enhance the customer base and profits of the company. They needs to
innovate new and efficient methodologies in order to robust the location of the organisation.
Thrifty advancement upgrades organization useful exercises as far as getting more consumer
loyalty approach (Kolychev and Prokhorov, 2015). It is the new sort of research for the
organization which helps in offering new product and administrations. Healthy juice company
dispatch new administrations for purchasers so they can undoubtedly buy retail administrations
or products on the web. Alongside that, they likewise give free home conveyance administrations
to the main buying. Cheap improvement process is the positive procedure of chipping away at
the premise of some particular statistical surveying. Through this, organization become
acquainted with about new market requests. It gets the best viable process regarding new
advancement development. Thrifty advancement is the term which communicates the
development or creation in the present business keeping in mind the end goal to develop the
consumer loyalty approach among clients. It gives better open door for the organization which
gives upgraded deals income to the organization (Song and et.al., 2016). With the assistance of
transmission of the example approach, improvement of frugal innovation happens adequately.
P4 Development in frugal innovation and how it can use in organisational context
This approach of frugal innovation is to make new outlines, urban communities, building and
developments. Through this, organization can without much of a stretch get new thoughts.
Parsimonious procedure of improvement is the nonstop procedure keeping in mind the end goal
to hold the compelling administration instruments and methods. Transmission example or
approach grows new idea and imaginative thoughts as far as new compelling procedure. It makes
new powerful procedure of working(. Wang, Vanhaverbeke and Roijakkers, 2012)Transmission
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view of three speculations. While of new product or administrations, they confronting a few
difficulties thoughts and clashes, for example, lacking foundation, antagonistic atmosphere
conditions, missing budgetary assets. As far as getting the best powerful sources, organization
needs to overcome from every one of those difficulties. Healthy juice company embraces lawful
controls and reception process as far as affecting procedure of working. Besides, another period
of advancement improvement is concentrate of the broke down thrifty developments. It gives
creative working and process regarding powerful process. Another progression is to deduct the
issues which having proficient pioneers and quality process, keeping in mind the end goal to
create viable procedure of working this is the compelling procedure of working which makes less
demanding procedure of working.
Advancement development cheap gives better market open door for Healthy juice company as
far as market notoriety. With the assistance of online administrations or new offering products
make enthusiasm among clients. To embrace the most ideal undertaking, it is the powerful
procedure of working which upgrades business exercises.
M2 Application of development funnel in Healthy juice company.
Healthy juice company is the firm which makes new administrations or propelled benefits with a
specific end goal to meet the best compelling procedure of working. Development gives new
procedure of working which gives new procedure of working. This procedure likewise makes
new client relations for long haul. On the opposite side, it likewise takes the long haul procedure
of working keeping in mind the end goal to accomplish advertise extension design.
M3 Role of Frugal development in Healthy juice company
Cheap development is the capacity to create the new product and administration as far as getting
the best viable sources. It is the way toward working which upgrade the worker inspiration and
this is a powerful procedure of working. It likewise makes the way toward working which isn't
helpful for the association. Another primary target of the association is to stable the market
position and presence errand situated process.
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LO 3
P5 Importance of commercial funnel and use of new product advancement handling for
commercialisation of development.
Procedure of product advancement is exceptionally successful and effective as far as business
extension techniques (Walt, 2014). Alongside that, new product or organization development
likewise improves the piece of the pie of the organization which gives viable procedure of
working. New product improvement process addresses the issues of clients and in addition
benefit of the associations. It helps in estimating the genuine position and friends share in the
market. New product advancement process upgrades the organization picture before the clients
or expanding rate of new product people. Keeping in mind the end goal to make new product,
organization additionally needs to receive compelling innovation advancement with a specific
end goal to achieve the fundamental goal. There is gigantic significance of business channel
keeping in mind the end goal to deliver new products and ventures. It is fundamental for the
organizations to drive their organization development. This is the tedious procedure which
require gigantic planning keeping in mind the end goal to make imaginative product and
administrations for the clients. It contends with different contenders and give extreme rivalry to
the market equal firms. New product advancemen.t Advancement is required nowadays as a
result of quick changes popular and necessities of the clients. It is the affecting procedure of
working which gives new administrations and powerful procedure of working. This gives the
new administrations and propelled administrations for the association upgrade. Development
commercialisation ought to accord to the requirements of clients.
P6 Development of advancement business case for an association, including approaches to get to
subsidizing.
Business case for development it is clear and critical viewpoint amongst creation and
advancement. Advancement is the new thought which builds up the business thought. It is the
specialized and important procedure of development for business case. Development presents
new exercises and administrations in the business condition (Osoro, Kirama and Vermeulen, 2017).
Regarding new powerful administrations.
• It helps in enhancing the business procedures and proficiency level of efficiency. This
empowers the business to accomplish consumer loyalty. For that, it expands the nature of
existing product and administrations.
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• Developed new whole product and administrations for clients with a specific end goal to
fill the quick changes holes.
• Innovation commercialisation is additionally including the benefit of existing
merchandise and ventures of Healthy juice company.
Development business case can likewise present advancement
• Enhance profitability among worker
• Reduce operational expenses keeping in mind the end goal to embrace high propelled
administrations.
• Become more aggressive and testing.
• Build the esteem including administrations.
• Increase turnover and benefit among showcase.
• It receives the best viable procedure of working
Frugal innovation
With a specific end goal to orchestrate the financing procurement so as to take the best powerful
process so as to meet the association targets. With the motivation behind gathering advancement
systems, organization can utilize their own assets or taking advantage of outer subsidizing, for
example, advances or value back. It gives new gainful administrations. As far as getting stores
from outside assets, they require gainful strategy for success that depicts business.
M4 Detailed development business case which incorporates approaches to quantify its general
adequacy.
Keeping in mind the end goal to quantify the adequacy of development design is to decide the
real execution of the organization. Director needs to screen the business exercises which makes
simple approach to play out the assignment. This gives the best powerful procedure to examine
the organization execution. Director likewise checks the representatives' execution towards the
undertaking doled out for estimating the viability.
D2 Nature of advancement and approaches to conquer difficulties to create effective
developments.
Organization needs to receive remedial activity or alternate courses of action with a specific end
goal to overcome from hazard and difficulties. Market vulnerabilities or changing requests may
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give organization challenges. For that, organization ought to get ready protect designs keeping in
mind the end goal to overcome from the negative effects.
LO 4
P7 Evaluate the distinctive devices that associations can use to create hold ensure learning and
licensed innovation.
Keeping in mind the end goal to ensure the protected innovation of the organization, Healthy
juice company needs to embrace designs and methods to ensure about the security and
insurances. F inor satisfying the necessities of association, there are a few apparatuses and
strategies which help to secure the organization's protected innovation(Stojčić., Hashi and Orlić,
2018.)
Trademark: Names, expressions, sounds or image utilized as a part of relationship with
administrations or products go under the trademark. Usually associated with organization
esteems which are unique in relation to others. Trademark organization ought to secure and other
can't duplicate it without the taken any legitimate activities.
Copyright: It doesn't enable anybody to utilize one's protected innovation for another. This ends
up void and illicit regarding law. Copyright secures the outflow of the business as opposed to
thought. Each organization needs to enrol the material to hold copyright encroachment.
Conclusion
This report concluded that innovation and commercialization are very essential elements
for an organization or business. The report identified frugal innovation and it’s importance for a
business, it also determined 4ps of innovation such as people, place, product etc. Furthermore,
the assignment identified various differences between innovation and invention.
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REFERENCES
Books and Journals
Abdul Razak, A., Murray, P.A. and Roberts, D., 2014. Open innovation in universities: The
relationship between innovation and commercialisation. Knowledge and Process
Management, 21(4), pp.260-269.
Birkeland, J., 2012. Design for sustainability: A sourcebook of integrated ecological solutions.
Routledge.
Dries, L., Pascucci, S., Török, Á. and Tóth, J., 2013. Open innovation: a case‐study of the
Hungarian wine sector. EuroChoices, 12(1), pp.53-59.
Sengoku, S., 2015. Innovation and commercialisation of induced pluripotent stem cells. Stem
cells in regenerative medicine: Science, regulation and business strategies, pp.423-446.
Sonne, L., 2012. Innovative initiatives supporting inclusive innovation in India: Social business
incubation and micro venture capital. Technological Forecasting and Social Change,
79(4), pp.638-647.
Wang, Y., Vanhaverbeke, W. and Roijakkers, N., 2012. Exploring the impact of open innovation
on national systems of innovation—a theoretical analysis. Technological Forecasting
and Social Change, 79(3), pp.419-428.
Weng, B., Grice, C.R., Ge, J., Poudel, T., Deng, X. and Yan, Y., 2018. Barium Bismuth Niobate Double
Perovskite/Tungsten Oxide Nanosheet Photoanode for High‐Performance Photoelectrochemical
Water Splitting. Advanced Energy Materials, 8(10), p.1701655.
Osoro, O., Kirama, S. and Vermeulen, P., 2017. Factors Affecting Engagement and Commercialization Of
Innovation Activities of Firms in Tanzania. Tanzania Economic Review, 4(1-2).
Stojčić, N., Hashi, I. and Orlić, E., 2018. CREATIVITY, INNOVATION EFFECTIVENESS AND
PRODUCTIVE EFFICIENCY IN THE UNITED KINGDOM. European journal of innovation
management.
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