Unit 8: Innovation and Commercialization Report: London Essence Co

This report examines innovation and commercialization within the context of London Essence Co Drinks, a UK-based company facing declining sales. It begins by differentiating between invention and innovation, emphasizing the importance of organizational vision, leadership, culture, and teamwork in shaping innovation. The report then explores various types of innovation (disruptive, incremental, radical, and architectural) and the 4Ps of innovation (Paradigm, Product, Process, and Position). It discusses frugal innovation and the process of commercializing innovation, including the development of a business case and the identification of appropriate techniques. Furthermore, it covers methods for accessing funding, evaluating innovations, and protecting intellectual property, concluding with an analysis of the advantages and disadvantages of IP for London Essence Co. The report provides recommendations for the company to improve sales through innovative product development and strategic market analysis.