Explain the context for innovation and determine the difference: Unit 8 Innovation and Commercialisation Assignment, UOW, UK
Unit Learning Outcomes
LO1 Explain the context for innovation and determine the difference between invention and innovation.
LO2 Explain the different types of innovation.
LO3 Discuss the process required to commercialise innovation.
LO4 Evaluate the range of methods for protecting ideas and understand their advantages and disadvantages.
Assignment Brief and Guidance
Scenario and activity:
Case Study: Essence Drinks
When Akshay Kumar, the founder of Essence Drinks, started the company two years ago he could not have foreseen the rapid early stage growth that took place. He launched the company with one drink (a healthy mango lassi) into the UK market and achieved a dramatic rise in sales in his first year due to the innovative formula and distribution capability.
However, as the company enters its third year of trading there has been a significant decrease in sales as a number of competitors have entered the market. Akshay thinks the answer is to create an innovative new range of drinks but does not want to move away from lassis.
You are working as a brand strategy innovation consultant for the company that Essence Drinks has hired to evaluate the situation and present recommendations on how the company should move forward.
you are to produce a business report to present to Mr Kumar to provide background information about innovation and the processes of innovation development. This is the first part of your research and will support the development of a business pitch which you are to present to Mr Kumar.
The business case report will address the following:
- Explanation of the difference between invention and innovation.
- The value and importance of innovation to organisations and how this can be embedded within the organisational leadership and culture at Essence Drinks.
- The different forms of innovation and the four directions of change an organisation can take. Explain the 4Ps of innovation and how this supports capability and management of innovation. Advise Essence Drinks which form of innovation they should engage in.
- Discuss the approaches that Essence Drinks can take to process innovative ideas, including the innovation funnel and frugal innovation, providing examples of different approaches used by other organisations.
- Explain and recommend the next steps Essence Drinks should go through to derive a new and innovative drink.
January 28, 2023