- Explain the context for innovation and analyse the difference between the invention and innovation
- Define various types of innovation.
- Discuss the process required to commercialise innovation
- Analyse the range of methods for protecting ideas and discuss its pros and cons.
Innovation is a process of bringing something new in marketplace by turning ideas into solution which will add value from perspective of consumers in existing goods or services. Innovation involves multiple activities which brings out fresh ideas to perform activities in better manner and it is linked with the ability of creativity. Invention on the other hand is different phenomena, it is an action of taking new ideas and creating something fresh which do not exist in market. It brings change in business and marketplace and required because of regular changing environment(Mazzarol and Reboud, 2017). Chilly's Bottle was founded by James Butterfield and Tim Bouscarle in 2010 with an objective of providing a product to people by which they get cold water everywhere. Their aim is to give comfort to customers by providing them reusable water bottles which are easy to carry and reduces the use of single use plastic bottles. In this report, innovation and invention is studied along with its benefits which helps organisations to grow, expand and perform effectively according to changing environment. Chilly's Bottle has to evolve and innovate because of the increasing competition and regular changing expectations of people.
- Offering the best assignment writing help
- Delivering the orders as fast as possible
- Providing maximum satisfaction at affordable rates
P1 Comparison between innovation and invention
Innovation is changing structure of business and enhancing existing processes of organisation with new ideas which will provide better products or services to consumers. Innovation is process of developing better effective products, processes or ideas for doing business and providing appropriate results to public by way of products or services.
Invention is a slightly different phenomena, it is creating something new in products, processes and ideas but provided something entirely new to public or to organisation. Creativity and capabilities are the keys of inventing some new goods for public which will satisfy their needs and provide efficiency to company(Lopes and et. al., 2018).
Innovation is important for bringing creativity and productivity in organisation and its processes. Creativity and productivity will provide cost benefit to both company and consumers.
Invention is compulsory for all type of company and businesses. It provides productivity along with a unique competitive advantage to organisations in its processes. Invention provides stability and efficiency to company along with effective results and that is why invention is important.
Innovative ideas gives businesses a chance to stand out from the crowd and to be creative. Innovation also brings more business and chances of expansion and growth(Abdul Razak and Murray, 2017).
Invention is important also because of the changing environment and preferences of people. Invention is a method of providing something new to people which doesn't exist in market and which is needed by people. Therefore, invention is useful for people and entities.
Comparison between innovation and invention
Innovation is the process of developing new ideas and processes for making existing goods in better manner.
Invention is a procedure by which an entirely new product or services are developed by company and offered to public.
For innovate companies needs experts with technical knowledge, market understanding, market trends and financial support.
Invention is a sudden process it takes time but for it, organisations just needs knowledge, competence and finances.
Innovation action usually involves whole entity and its processes, as its application is spread amongst the organisational structure.
Invention just involve research and development department initially, until it is proven to be effective for company. After that it applies to specific and related functional units.
P2 Organisational role in shaping innovation and commercialisation
Innovation is a very useful techniques for Chilly's Bottle as discussed in above sections. Now for this section discussion is about Chilly's Bottle role in innovation which takes place. Many elements are present in organisation which can help company to innovate also, these factors can hinder it too if not executed properly. Innovation is a very effective method of bringing productivity in organisation providing better position in marketplace. Some elements which are keys of shaping innovation in Chilly's Bottle are as follows:
- Vision of Chilly's Bottle is to provide modern style water bottles to people, with unique technology of keeping the water cold for around 24 hours. They used high technologies, stylish designs and provide convenience to consumers. Comfort and convenience is delivered to them as their bottles are reusable which lead them to remove plastic bottles from their lives. Also their designs are so unique and attractive that it looks really nice while people carry them while travelling. This idea of consumer comfort and suitability gave motivation to experts for always think of some new innovation for proving their vision statement correct(Daellenbach, Davenport and Ruckstuhl, 2017).
- Leadership styles which are chosen by top management also plays a vital role in bringing innovation in operations of Chilly's Bottle. Leaders plays a vital role in motivating and encouraging employees for being participative and giving their opinion. If leaders are not friendly behaviour and do not have this practice of listening to their subordinates it will affect innovation. Employees who has goods ideas by which processes can be made better plus productivity of company can be increased, they will not come forward and put their opinion. This is because of the leaders attitude of always giving them instruction and not asking for their opinion.
- Culture of Chilly's Bottle will also have huge impact on innovation and creativity. Culture refers to the internal environment and systems of any company which either promotes the idea of innovation or ignores it. Employees work according to the culture of Chilly's, therefore its job of managers to make systems flexible and effective enough so that staff can think of new ways of producing products. This way innovation, productivity and efficiency all comes in Chilly's Bottle operations and business style(Ardito, 2018)(Rotstein, 2019).
- Teamwork is another element which can hinder or foster the idea of innovation. Teamwork is very effective and difficult at the same time, employees face a lot of problems while working in a team. But when they are comfortable with each other and maintains good relations it becomes easier for them to work and they provide better results. This is why teamwork is very helpful in bringing innovation in Chilly's Bottle operations as more expert people working for one thing is always proves to be very innovative and productive.
P3 Tools of innovation for examining innovative ideas
4P's of innovation is a model given by Rhodes's Notion, this tool enables organisations to understand and discover how innovation help and enhance business operations and other activities. It has four factors Product, Position,Process and Paradigm all these are discussed below:
- Person is the change related with changing or innovating the target audience. Here, innovation is done in context with the targeted group of consumers(Dua, 2017).
- Process innovation is self explanatory, changes are done in processes of production and other present in the organisation structure for completing its operations. New ideas or methods are searched for better processes bringing efficiency and innovation.
- Product is another element in which innovation can be done and which is very useful for innovating. Innovation in products or services can be very beneficial as it will attract more people and increase the efficiency of organisation.&
- Press represents the environment in which employees are working and innovation are done in the atmosphere of company for making it more adaptive of change and comfortable for staff(Do and et. al., 2018).
Innovation funnel is a tool which is introduced by researchers to describe the different stages which takes place in developing a process or a product. It has three broad steps by which this funnel is made and these steps are as follows:
- Wide mouth of funnel- This is the first step and its aim is to gather as much knowledge Chilly's Bottle can collect. This is done because its very obvious the more information and ideas company get the more easier and effective innovation it can develop or create. These information can be gathered from internal like prior records, sales accounts etc. and external sources like competitors, investors. These sources are divided into primary and secondary data collecting tools.
- Narrowing segment of funnel- On this stage, which is next from data collection now Chilly's Bottle will start screening the ideas and information collected in first step. This sorting is done on one basis and that is how relatable these ideas are with operations and what benefits are attached to it. Testing is also done on this stage that too with actual consumers of goods or services.
- Narrow segment of funnel- The third and the last step is narrow segment of funnel, where Chilly's Bottle will ensure if the chosen ideas and processes will provide the objectives of entity which were expected in the very beginning of the organisation. Then the new products or services are launched in market at this phase. All these steps are very simple and easy to adopt, therefore, Chilly's Bottle can use it for shaping innovation in its operations.
P4 Frugal innovation and its use in Chilly's Bottle
Frugal innovation is another process which can help Chilly's Bottle in reducing costs of manufacturing or production and remove complexities from processes specially from production process. Basically, Frugal innovation is another tool for bringing innovation, productivity and efficiency in organisation and it is also known as Frugal Engineering. This method is suitable for all types all types of organisations or businesses. Generally what is done in this process is, all non effective and non beneficial features are removed from products or services which is offered by Chilly's Bottle(Dezi and et. al., 2018). By doing so waste is reduced, resources are being used with their full potential this will result in lower costs. For companies to be productive and efficient they have to take some measure for reducing costs and that is exactly done by following frugal innovation model(Lin, 2018).
This model revolves around three elements which help in proper and appropriate implementation of frugal innovation model. These factors are purchasing power, resources management and innovative engineering or redesigning. Managers and administration staff of Chilly's Bottle should adopt frugal innovation, by this they can remove all unnecessary costs from all functions of business and mainly from production unit. When costs are reduced price of product will also goes down which then be adjusted according to purchasing power of buyers and attracting more people. When cost is saved by entity they can make more effective use of it in several areas like product development, enhancing manufacturing processes etc. which will ultimately bring innovation, efficiency and productivity for Chilly's Bottle.
P5 Application of commercial funnel and new product development processing
Commercial funnel another name is sales funnel because it is the process by which entities can attract more public, generate more leads and engage more customers to company. It is an important procedure which all organisations should practice and it involves Some steps in it:
- Attract- This step explains and maintains the proper ways or sources to attract more and more clients and investors. These attractive methods are selected after analysing and evaluating feedbacks from customers and then making strategies.
- Convert- It is the stage where general public is converted into customers of Chilly's Bottle. Company can make its products more attractive by adding some discounts or by adding some offers and convert peoples choice in favour of entity(Kedron and Bagchi-Sen,& 2017).
- Close- Once customers are attracted and identified by Chilly's Bottle third step is of close measuring. Chilly's Bottle should measure the interest of people in company and for being attached to it.
- Delight- This is the level where satisfaction of consumers are marked high by organisation as they have fulfilled their needs and their satisfaction level is achieved.
New Product Development is a method for identifying the core activities that are necessary and helpful for launching any new product or service in market. It includes certain stages which are discussed as:
- Ides generation- For developing any new goods its mandatory to create new ideas and initiatives according to the needs and wants of people. Main focus is on the requirements of current generations and their expectations from Chilly's Bottle. So the development of products should be in relation with the needs of present generation and that is why company keeps their designs updated and stylish(Quimba, Albert and Llanto, 2017).
- Concept definition- On this step organisation tries to illustrate their goods to clients. Basically, they market their products to consumers and convey unique features of their products to public.
- Market analysing- This is very important stage, because its compulsory for company to analyse and understand the& market in which they are doing business or they are going to launch their fresh product. Chilly's Bottle will also perform this step for better learning and gaining knowledge about their targeted market.&
- Product development- After all the hustle companies go through from generating and idea to analysing the market its time for them to design and develop products or services accordingly. These goods are created and designed after keeping in mind all the requirements and expectations recognised in above steps(Ahn, Minshall and Mortara, 2017).
- Commercialization- This is the last stage where new developed products or services are introduced in their respective markets, which is known as commercialising. First new products are tested internally in company and then if they fulfil all criteria they are launched in marketplace.
P6 Business case for Chilly's Bottle and ways of access funding
Chilly's Bottle is an organisation which is based in UK and its production takes place in China. Its bottle manufacturing company established in 2010, by James Butterfield and Tim Bouscarle. Their aim was to provide a product to people by which they can keep their water cool for at least 24 hours and reuse them for longer period.
Vision and mission
Chilly's Bottle vision is to provide modern and stylish products to public with comfort. Their aim was to remove inconvenience created by use of plastic bottles to planet and to consumers both. Mission statement of Chilly's focus on accelerating the use of reusable products in everyday life of people. They also concentrating on providing goods related to active urban lifestyles and make balance in life of consumers.
A very sever problem which is faced by every company is increasing competition and same is the case with Chilly's Bottle. They are also facing lots of problems but out of those increasing competition with regular changing environment is the most influencing and affecting. Competition is so high in marketplace and people are coming up with new innovative ideas which is directly affecting the business of Chilly's Bottle.
Due to increasing competition now managers of Chilly's Bottle have come with a unique idea of introducing a new product line. This product is better from other competitors products, technology prone, stylish and matches with the aim of providing reusable goods to people. It also provides a competitive advantages to company as it is unique and effective from others. It is a new bottle made with UV-C technology named as Chilly's UV. Its features are:
- These bottles are made of new UV-C technology which is used to purify water automatically stored in the bottle. By this UV-C technique 99.99% bacteria are removed from water making it healthy and purified(Monotti, 2017).
- Also, design of these bottles are very unique and these are so light weighted that anyone can easily carry them while travelling or from going from one place to another.
Sources of funding
- Bank loans are very easily available source of finance, Chilly's Bottle just have to apply for it. Bank loans are given by banks and interest rates, amount of loan and repayment amounts are fixed by banks.
- Equity capital is another source of raising funds, Chilly's can sale some of its shares to public for raising capital from public or from other potential investors.
P7 Tools for protecting and retaining intellectual property
Various tools and methods are their in market to protect, retain and development of intellectual property which can be used by Chilly's Bottle for keeping its new products design and technology safe. These tools restricts other businesses to use or imitate any new or existing products or services. These tools are:
- Patents- It is unique tool which companies adopt to mainly keep their new developed technology intact. Chilly's Bottle can get its new UV-C technology patented, so that other similar goods providing companies cant not use it and produce same products. Patents put restrictions on people to use and imitate any ideas, processes or designs of any type of goods.
- Copyrights- These are the legal right which owner of any intellectual property possesses or hold. In other words, it is a right to copy which is in hands of people of businesses who bought them through official means. It means that the original owner of product and others who hold authority are the only people who can imitate and reproduce once work.
You may also have a look on Here’s how to Get best Apple case study help! and If you are facing problem in Thesis help then we have solution of this you may check How Does Our Thesis Help Team Work? only at Instant Assignment Help Australia
The above report summarises that innovation an invention are two very important phenomena but are unique from one another. Innovation is done in existing goods or processes on the other hand invention is introducing some entirely new ideas, process or products. Both are required by companies as competition is increasing aggressively and needs of buyers plus their preferences are also changing regularly. Several tools and techniques which are highlighted in different sections of this report which are actually very useful for companies if they adopt them to innovate(Nabulsi, 2017). These methods enables organisations to study market, understand the needs of consumers, evaluate market and then develop a new product or ideas which are innovative. A effective business plan is provided in which new product is launched using UV-C technology and it has unique design. Sources of funds are being explored to raise and avail funds for completion of project and proper functioning of operations of company.
You may also like to read:
Books and Journal
Abdul Razak, A. and Murray, P. A., 2017. Innovation strategies for successful commercialisation in public universities.&International Journal of Innovation Science. 9(3). pp.296-314.
Ahn, J. M., Minshall, T. and Mortara, L., 2017. Understanding the human side of openness: the fit between open innovation modes and CEO characteristics.&R&D Management.&47(5). pp.727-740.
Ardito, L., 2018. Markets for university inventions: the role of patents' underlying knowledge in university-to-industry technology commercialisation.&International Journal of Technology Management. 78(1-2). pp.9-27.
Daellenbach, U., Davenport, S. and Ruckstuhl, K., 2017. Developing absorptive capacity for midstream science in open innovation contexts.&International Journal of Technology Transfer and Commercialisation. 15(4). pp.447-462.
Dezi, L. and et. al., 2018. Assessing the impact and antecedents of university scientific research on firms' innovation commercialisation.&International Journal of Technology Management.&78(1-2). pp.88-106.
Do, H. and et. al., 2018. Organisational factors, anticipated rents and commercialisation in SMEs.&International Journal of Innovation Management. 22(02). p.1850018.
Dua, Y. S., 2017. Incremental and radical innovation in entrepreneurship: evidence from selected Indian firms.&International Journal of Research, Innovation and Commercialisation.&1(2). pp.143-157.
Kedron, P. and Bagchi-Sen, S., 2017. Limits to policy-led innovation and industry development in US biofuels.&Technology Analysis & Strategic Management. 29(5). pp.486-499.
Lin, S., 2018. The structural characteristics of innovation ecosystem: a fashion case.&European Journal of Innovation Management. 21(4). pp.620-635.
Lopes, J. N. and et. al., 2018. Peeking beyond the wall: analysing university technology transfer and commercialisation processes.&International Journal of Technology Management. 78(1-2). pp.107-132.
Mazzarol, T. W. and Reboud, S., 2017.&Entrepreneurship and innovation. Tilde Publishing and Distribution.
Monotti, A., 2017. Funding Innovation and Commercialisation.
Nabulsi, S., 2017. Innovation, collaboration and commercialisation.&Australasian Biotechnology. 27(1). p.17.
Quimba, F. M. A., Albert, J. R. G. and Llanto, G. M., 2017. Innovation activity of firms in the Philippines.
Rotstein, F., 2019, June. Commercialisation of intellectual property [Book Review]. In&Intellectual Property Forum: journal of the Intellectual and Industrial Property Society of Australia and New Zealand&(No. 116, p. 56). Intellectual and Industrial Property Society of Australia and New Zealand Inc.