Innovation and Commercialization: NPD, Business Case, & IP Tools

This report explores the critical aspects of innovation and commercialization, emphasizing the importance of the commercial funnel and new product development (NPD) processes. It details the four stages of the commercial funnel: awareness, interest, decision, and action, and highlights the benefits of NPD, including marketing strategy enhancement, customer relations improvement, business growth opportunities, and revenue increases. The report includes an innovative business case for a hypothetical essence drink company, addressing a sales decline with the introduction of a new mango lassi product, and discusses various funding sources such as loans from family and friends and bank loans. Furthermore, it evaluates the different tools organizations can use to develop, retain, and protect knowledge and intellectual property, such as patents, copyrights, and trademarks, to safeguard their innovations. The conclusion reinforces that innovation drives income and revenue growth, leading to organizational success, with the essence drink company serving as a practical example of leveraging innovation to overcome business challenges.

INNOVATION ANDINNOVATION AND
COMMCERICALIZATIOCOMMCERICALIZATIO
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TABLE OF CONTENTTABLE OF CONTENT
• INTRODUCTIONINTRODUCTION
• MAIN BODYMAIN BODY
• Explain the importance of the commercial funnel and the application of new productExplain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation.development (NPD) processing for commercialisation of innovation.
• Build an innovation business case for an organisation, including ways to access funding.Build an innovation business case for an organisation, including ways to access funding.
• Evaluate the different tools that organisations can use to develop, retain and protectEvaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.knowledge and intellectual property.
• CONCLUSIONCONCLUSION
• REFERENCESREFERENCES

INTRODUCTIONINTRODUCTION
Innovation is a term used in developing orInnovation is a term used in developing or
producing a new product or services or it can be aproducing a new product or services or it can be a
new way of doing something. This report involvesnew way of doing something. This report involves
the importance of commercial funnel, applicationthe importance of commercial funnel, application
of new product development and tools thatof new product development and tools that
organisation can used to protect their product.organisation can used to protect their product.
Additionally an innovative business case is alsoAdditionally an innovative business case is also
discussed in this report.discussed in this report.

COMMERCIAL FUNNELCOMMERCIAL FUNNEL
A commercial funnel is also named as sales funnel.A commercial funnel is also named as sales funnel. TheThe
commercial funnel states how to transform the ideascommercial funnel states how to transform the ideas
into products or services, the process of generating ideasinto products or services, the process of generating ideas
that are initiated in the market.that are initiated in the market. The commercial funnelThe commercial funnel
includes the four main stages which are explainedincludes the four main stages which are explained
below:below:
•AwarenessAwareness
•InterestInterest
•DecisionDecision
•ActionAction

It is a process in which the new product isIt is a process in which the new product is
developed in the market. A company woulddeveloped in the market. A company would
involve in this process because of changes ininvolve in this process because of changes in
consumer interest, preferences, competition andconsumer interest, preferences, competition and
advancement in technologies.advancement in technologies.
•Marketing StrategyMarketing Strategy
•Customer RelationsCustomer Relations
•Business Growth OpportunitiesBusiness Growth Opportunities
•Revenue IncreasesRevenue Increases
NEW PRODUCT DEVELOPMENT (NPD)NEW PRODUCT DEVELOPMENT (NPD)

INNOVATION BUSINESS CASEINNOVATION BUSINESS CASE
Executive Summary A business case is made for the particular company. The various ways are
determined which helps to reduce the complexity and competition of the
company.
Problem definition and
analysis
From this business case it is identified that the company has face the low
sales in the third year after the establishment
Solutions The company has produced a new variety or flavour of Lassi in order to
overcome this problem. This drink has attracted the customers.
Project description It is important for the essence drink company to assure about all the
resources and materials required in the process of innovation.
Market Research The company has targeted the all type of customers and the market
segment.

SOURCES OF FUNDINGSOURCES OF FUNDING
The company finds out the different financialThe company finds out the different financial
institutes in order to fulfil the requirement of theinstitutes in order to fulfil the requirement of the
funding. The essence company is a privatefunding. The essence company is a private
organisation so they have the variety of choicesorganisation so they have the variety of choices
for arrangement of their funds. The variousfor arrangement of their funds. The various
sources of funds are explained below:sources of funds are explained below:
•Loan From Family And FriendsLoan From Family And Friends
•Bank LoansBank Loans

TOOLS ORGANIZATIONS USE TO RETAINTOOLS ORGANIZATIONS USE TO RETAIN
INTELLECTUAL PROPERTYINTELLECTUAL PROPERTY
The essence drink company can use different toolsThe essence drink company can use different tools
in order to protect, retain and develop thein order to protect, retain and develop the
intellectual properties in legal context. The mainintellectual properties in legal context. The main
problem of the company is to protect the idea ofproblem of the company is to protect the idea of
business in the business environment. The companybusiness in the business environment. The company
wants to protect their healthy and tasty drink recipewants to protect their healthy and tasty drink recipe
from the market.from the market.

CONTINUE……CONTINUE……
• Patents:Patents: In this the right is given to the owner of the
invention of the idea. It is a kind of intellectual property
in which the rights are given to the owner that if their
idea get distributed or used by any other company then
they can file the case against them.
• Copyright:Copyright: This term refers to the author's right over
their creative literature and artistic works.
• Trademark:Trademark::- It is a symbol or sign marked which helps
to distinguish between the goods and services of
enterprises.

CONCLUSIONCONCLUSION
As per the report it has been concluded that the innovation helps to raise the income and
revenue of a company and leads to the successful organisation. Innovation means
introducing the new product, process, technologies and many more which helps the firm to
grow. An essence drink company produces an innovative product that is Mango Lassi in
order to increase the sales. The company has used the commercial funnel to produce a
new product.

REFERENCESREFERENCES
Reyes, D.R., van Heeren, H., Guha, S., Herbertson, L., Tzannis, A.P., Ducrée, J., Bissig,
H. and Becker, H., 2021. Accelerating innovation and commercialization through
standardization of microfluidic-based medical devices. Lab on a Chip, 21(1), pp.9-21.
Jiao, L.U., Yao, Z.H.A.N.G., Qinghua, D.U.A.N., Yinong, L.I.U., Kun, Y.U., Lihua,
W.A.N.G. and Jianli, Z.E.N.G., 2018. Structure innovation and commercialization
progress of bio-based lube base oil. Acta Petrolei Sinica (Petroleum Processing
Section), 34(2), p.203.

• THANK YOUTHANK YOU