Innovation and Commercialization Strategies for YOYO Drink Report

This report provides an in-depth analysis of YOYO Drink's innovation and commercialization strategies. It begins with a company background and identifies a problem, followed by a commercial funnel designed to introduce a new preservative-flavored lassi product. The report details the marketing opportunities for this innovative drink, including potential collaborations and promotional offers. It also covers the industry overview, financial projections, sources of funding, and fund requirements. Furthermore, the report discusses techniques for testing the product, tools for protecting intellectual property, and concludes with a reflection on the team's collaborative process and the importance of innovation for business growth. The report references key academic sources to support its findings.

Innovation and
Commercialization

Table of Content
■ Introduction
■ Company background and problem
■ Commercial funnel for providing solution to problem
■ Innovative new drink product proposed
■ Marketing opportunity of innovative new drink
■ Overview of industry
■ Financial project
■ Sources of funding
■ Funds that are required to be raised
■ Techniques for testing
■ Different tools for protecting intellectual property
■ Conclusion

Introduction
Innovation is the procedure through which an business firm implement something new
within their existing product or process. Simply it create value for the amount paid by
customer for any goods and services as well company implement innovation with the
motive of satisfying need and wants of potential customers. This presentation is based on
innovation practices of YOYO drink.

Company background and problem
YOYO drink is small scale organisation who deals in mango flavour lassi within United
Kingdom. It was started three years ago and has been rapid growth in three years as well as
achieve rapid gradual rise in sale. Because of their innovative formula and organisation
distribution capabilities.

Commercial funnel for providing
solution to problem
In an organisation commercial funnel is the framework which have three phase that assist in
reforming present product by implementing various beneficial plans as well as policies.
Commercial funnel is essential for YOYO drink in bringing preservative lassi within
market area. Explanation of these are as follows :-
■ Pricing policy
■ Improving way of growing business
■ Emergence of advance technology
■ Implement investigation programmes

Innovative new drink product
proposed
YOYO drink introducing preservative different flavour lassi such as Banana, Saffron and
Strawberry. This will help in them in attracting large number of customers as well as
increasing sale again.

Marketing opportunity of innovative
new drink
There are several market opportunity for YOYO drink to bring their innovative new drink
in market. As respective organisation can collaborate with some famous company which
help them in gaining market opportunities as well as increasing sales. Along with this, they
can provide some discount offers which help in attracting customers.

Overview of industry
YOYO drink is working in food industry as they are supply drinkable item named as
healthy mango lassi. As within this industry level of competition is high due to which sale
of respective organisation decreases.

Financial project
Their requirement of funds for bringing innovative product which is preservative flavour
lassi such as banana, strawberry and saffron within market area of United Kingdom. Thus
fund required will be £ 20,000.

Sources of funding
Funds are backbone of organisation without these it is not possible to conduct daily
operations within effective manner. There are several source of funding available for
YOYO drink which help them in conducting their operations within effective manner.
Explanation of these funds are as follows :-
■ Bank and financial institutions
■ From family and friends

Funds that are required to be raised
There are several funds that YOYO drink have to raise such as funds for production,
marketing, technology and so on. That will help respective organization is taking better
place within competitive environment.

Techniques for testing
For testing effectiveness of preservative flavour lassi it is important for YOYO drink to first
test this product in market by providing free sample. Because this will help in identifying
that respective product is like by customer or not.

Different tools for protecting
intellectual property
It is important for YOYO drinks to protect their innovative product i.e., preservative flavour
lassi through intellectual property rights. Because they help in saving product or process
from any type of risk such as copying by others. There are several type of intellectual
property rights that can be use by respective organisation for protecting their product.
Explanation of these are as follows :-
■ Patent
■ Copyrights
■ Trade secrets

Reflection
In our team, there are five members and we all divided work according to their skills ans
abilities, such as one is responsible to gather information, another for analysing and
monitoring it that it is relevant for the completion of the report. Remaining are answerable
for other activities like implement the information and completing the assignment on time.
In this project all team member utilized their all competencies like time management,
critical thinking ability, communication, problem soling and others so that they can attain
the objective of the work in given period of time.

Conclusion
From the above discussion it has been summarized that, for an business firm innovation is
important because it help them in gaining competitive advantages as well as in generating
revenue. It is necessary to implement innovation because after some time customer get
bored from same type of offering and they want something new.

References
■ Ivascu, L., Cirjaliu, B. and Draghici, A., 2016. Business model for the university-
industry collaboration in open innovation. Procedia Economics and Finance, 39,
pp.674-678.
■ Shengrong, D., Zhu, L. and Jingzhong, L., 2016. On the Market Approach of Higher
Vocational Colleges’ Commercialization of Research Results under the Background of
Innovation-driven Strategy. DEStech Transactions on Social Science, Education and
Human Science, (hsmet).

Thank You