Developing & Protecting Knowledge & IP at Wisehead Productions Ltd

This report analyzes innovation and commercialization strategies with a focus on Wisehead Productions Ltd, a soft drink company in London. It details the importance of the commercial funnel and the application of new product development (NPD) processes for commercializing innovation. The report builds an innovation business case for Wisehead Productions Ltd, exploring funding options and evaluating tools for developing, retaining, and protecting knowledge and intellectual property. It covers key aspects such as idea generation, screening, concept development, marketing strategy, product development, market testing, and commercialization. The report also presents a business concept for introducing a Kesar Pista flavored lassi to the UK market and discusses methods for securing funding through bank loans and investors. Finally, it examines the use of patents, copyrights, and licensing contracts to safeguard intellectual property.

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation :.................................3
Build an innovation business case for Wisehead Productions Ltd including ways to access
funding:...................................................................................................................................5
Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property:.................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES:...............................................................................................................................8
Books and Journals:................................................................................................................8

INTRODUCTION
The concept is the process of making of ideas into real through introducing new goods
and services that do not exist in the market or the improvement of some type of already existed
goods and services in to more effective and efficient form. Commercialization is the process that
defines about the bringing of new goods to services in a market. It involves various types of
different activities such as marketing the product, distributing them, taking customer assurance
and feedback, selling into the market and some other important functions that comes in the
process of achieving success in the commercial market with new commodities (Cai and Li,
2018). The chosen company for the following report is Wisehead Productions Ltd, a soft drink
organization which is situated in London. This report provides a detailed focus on the areas
stated above and application of innovative concepts which can support the development of the
respective organization. Differentiation between the concepts of innovating and inventing is
included here along with discussion on classification of innovation by applying the framework of
four P of innovation. The areas associated with business innovation such as commercialization of
innovation, frugal innovation and framework for building new product are explained in this
report. In addition to this, the ways of effectively gaining financial support for business is
provided in this report using business case. The area of protecting IP of a company is also
covered in this report which includes tools that assist in safeguarding of Intellectual property
technology.
TASK
Description of significance commercial funnel with usage of NDP to support commercialization
of innovation :
The usage of commercial funnel in a company can help the firm in identifying innovative
businesses concepts which give profitable results. In addition to this, commercial funnel tells
about the needs and wants of the customers by analysing the purchasing journey of consumer.
Wisehead Productions Ltd needs to apply the 4 phases described in the :
 Awareness – The focus of this stage is to make the target audience know about the
product. In context of Wisehead Productions Ltd, there are various ways in which the
company can enhance awareness about the product such as usage of digital portals to
reach the consumers and spread information about the features of the product. In addition

to this social media sites can also be used to creatively increase the awareness of the
product.
 Interest – It is important for to determine the level of interest shown by the target
audience to the product so that potential growth and sales related to the product can be
estimated. This can be done by monitoring reaction of social media users to the product
(Keisalo, 2018).
 Decision – Here the action which needs to be taken to attract target audience is finalized.
This can be completed by providing consumers alerts messages, notifying, giving updates
and providing some extra discounts. Action – In this, the list is made of the actual purchase makers. Wisehead Productions
Ltd must ensure that it fulfil the needs of the customers and provide them with
notifications and updates regarding the changes in the stock.
Following are the importance of the sales funnel:-
 With the help of this funnel the organisation are able to develop and picking the effective
marketing strategy.
 In order to increase the sale of the company this process is important and along with this
all objectives of the firm has been achieved.
 Company enjoy the competitive advantage over their rivals and effectively execute the
marketing strategies.
New product development process :
This process is applied by businesses in order to build new and unique goods or to
enhance existing product offering of the company in order to adjust them to consumer tastes and
preferences. Wisehead Productions Ltd is introducing new version of beverage in the UK
market, following points consists of the process that is should follow :
 Idea generation- The process of building a new commodity starts with an idea. Wisehead
Productions Ltd can consider the idea though practising several researches though its
R&D department (Altman, 2019). Idea screening – This idea works in identifying the practical process of the idea found
and chooses the best idea out the list of ideas.

 Concept development- In this step of the framework, the aim is to prepare tee overall
concept of the product so that the resources can be put into place and future plan about
product development can be determined. Marketing strategy- It is important for to decide on the suitable marketing strategy. This
includes addressing the possible cost of developing the new produce and the price at
which the product will be made available to consumers. Product development- This step tells about the implementation of idea and all the factors
considered and mentioned above.
 Market test- This step tells Wisehead Productions Ltd to finally test the established
commodity in the market though using any new type of marketing strategy (Varadarajan,
2018).
 Commercialisation- Though this, the product is launched in the marketplace and ready to
be dealt.
Preparation of business case in relation to the innovation developed at Wisehead Productions Ltd
which also includes ways to gain funding
Business concept determined in relation to developing innovative products which
cater to the needs of UK consumers is offering consumers lassi which is tastes as Kesar
Pista. The reason which makes this an innovative idea is that there are no other sellers in
UK offering consumers beverage with such exotic and unique flavouring. The consumers
will be able to taste delicious flavours of India through this beverage and also gain
refreshment.
Steps Description
Summary This business case is show the identification and providing of new
innovative product by the company in different elements accordingly to
have a deep understanding.
Objectives To capture the most share of the related market through satisfying the
customers with the tasty and healthy drink
Mission The mission of Wisehead Productions Ltd is to maintain the health
considering factor in all of its future products
Vision The vision is to provide the customers with new, tasty and healthy types of

beverages that they have not thought of
Innovation in
product
The innovation is the making and selling of new type of beverage that the
UK people are not aware of (Smith-Apeldoorn, Veraart and Schoevers,
2019)
Funding It can use bank loans and investors for funding in its new project. The bank
loan involves some interest rates and investor are the people that invest
their money in a company for gaining the authority and dividends.
Benefits It is a perfect combination of taste and health
Monitoring and
controlling
Wisehead Productions Ltd can use key performer indicator for this process
Evaluation of the tools which can support the company in developing ways to safeguard IP:
 Patents – These are some set of rights grated by the legal bodies to an inventor. The
details related to the innovation are enclosed and some related activities that can be
followed and used by any other person are provided. Copyrights- This provide with the security of both tangible and intangible creative
works. These are owned at the moment a person creates something new even if the
copyrights is not registered. Licensing contracts – These are the contracts that are needed for the employees to sign
before working in an organisation. This include the condition and regulations of the
related firm, Wisehead Productions Ltd can mention the non-disclosing principle in its
contract (Ramcharitar, 2020).

CONCLUSION
From the above report it has been concluded that, innovation is creative process that can
provide with a huge competitive edge to a company through availability of new types of goods,
methods, techniques or services that are not used by the market. Many different factor affect the
process of innovation and commercialisation. The modal of 4Ps of innovation involves product,
position, paradigm and process. Commercial funnel is a process that greatly helps in identifying
the best ideas from the marketplace. There are different types of tolls that provides protection to
business firm or a person towards the innovatory idea such as – patents, copyrights and licensing
contracts.

REFERENCES:
Books and Journals:
Altman, A., 2019. Plant tissue culture and biotechnology: perspectives in the history and
prospects of the International Association of Plant Biotechnology (IAPB). In Vitro
Cellular & Developmental Biology-Plant. 55(5). pp.590-594.
Cai, W. and Li, G., 2018. The drivers of eco-innovation and its impact on performance: Evidence
from China. Journal of Cleaner Production. 176. pp.110-118.
Keisalo, M., 2018. The invention of gender in stand‐up comedy: transgression and
digression. Social Anthropology. 26(4). pp.550-563.
Ramcharitar, R., 2020. The Invention of Trinidad Carnival: The New World
Gleichschaltung. Caribbean Quarterly. 66(1). pp.7-28.
Smith-Apeldoorn, S.Y., Veraart, J.K. and Schoevers, R.A., 2019. Definition and epidemiology of
treatment resistance in psychiatry. In Treatment resistance in psychiatry (pp. 3-24).
Varadarajan, R., 2018. Innovation, innovation strategy, and strategic innovation. In Innovation
and Strategy. Emerald Publishing Limited.