Innovation and Commercialisation

This report focuses on Chilly's Bottle Company (Abdul Razak and Murray, 2017), which produces high-quality water bottles. Founded by Tim Bouscarle and James Butterfield in 2010, the company has decided to innovate its product line in response to environmental changes and current trends. The new bottle features five LED lights powered by solar energy, providing illumination. The report will cover various aspects of innovation and commercialization related to this new product.

MAIN BODY

P1. Innovation with its importance in companies in comparison with invention.

Innovation- It is a method of converting idea and thought into a service or a product in the market. Every organisation follow this process in order to bring and innovating creative products as well as services (Abdul Razak, Murray and Roberts, 2014). In addition to this, companies develop new and creative things as per the needs and requirements of customer and to sustain in the market effectively. These new ideas create positive results and gain customer trust.

Significance of Innovation in Company: It is important for companies to bring changes in their products and services in order to attract customers and satisfy their needs. Innovation increase the value and enhance the sales of company (Ahmadi and O'Cass, 2016). With this, the company presence as well as profitability increases. Below is the significance of innovation process in an organisation which are as follows:

• Increased income- Chilly's Bottle, a company deal in manufacturing of water bottles and provide unique water bottles to their customers. Every customer has different needs and perception towards a product or services. It is important for high level authorities to identify the demand and needs of consumers and then develop new & unique products in the market. The managers of Chiily's Bottle launch water bottles with different feature. The bottle is solar powered and have five Led which can charge automatically with the raise of sun. It helps company to attract large number of people and rise the level of sales. With this, the organisation can earn high profits and build good reputation at marketplace (Chun, Chung and Bang, 2015). In addition to this, it assist company to compete with its competitors in market by its innovation and thus gain advantage from the market.
• Unique & high quality- Nowadays, people prefer to borrow those things which is different and unique in the market. Many companies offers unique product in market but matter is how it can be implemented and presented to customers. With reference to Chilly Bottles, the higher authorities brings and produce unique features in its product. The company produce bottles which have LED lights and the ability to charge itself by solar energy. Innovation aid companies to develop their value in market and high the level of customer base. Whereas, invention assist organisation to launch something which have no existence in market before. As the product has risk and flaws whether sustain in market or not. Therefore, in order to give high quality of products to customer in cost effective manner innovation is better as compare to invention.

P2.Explain how an organisation culture, leadership, vision and teamwork shape innovation & commercialisation.

Innovation plays a vital role in companies as the company survival and profitability depend on how unique services and product it offered in market as compare to rivals. In context to Chilly's Bottle, the company fulfil the demand of customers and offer good quality of bottles in market with different features (Dezi, 2018). The company provide creative product in market so that it can attract large audiences which lead to increase in sales as well as revenue. The company give services online as well as offline to customers in order to reach maximum numbers of customers and create awareness in market which automatically increases its customer base and profitability. With this, the new features that it adds in water bottle is the bottle have LED lights which can be charge through solar energy. There are several factors which can shape commercialisation and innovation. These are leadership, teamwork, vision, culture and so on. Below is the explanation of all these factors with relation to Chilly's Bottle is as follows:

Innovation & Leadership-

In order to carry out activities and operations of company effectively, it is important that managers have leadership skill which motivates employees to work with full zeal. Leadership skills assist companies to influence employee so that they can increase productivity of the company and implement their ideas appropriately as well as effectively. It is totally depend on staff members that how they execute the plans and strategies of the company. The business can grow and develop in market if they have skilled and motivated employees (Fuertes-Callen and Cuellar-Fernandez, 2014). With reference to Chilly's Bottle, the manager of the company have good leadership skill and is a good leader who encourage all the employees to implement all the activities effectively in marketplace which is related to its new product. 

Innovation & vision-

The vision statement of company is “ To remove the use of single layer plastic bottles and to manufacture those product which is reusable as well as sustainable with nature”. This statement assist company to make improvements in their product and add something unique or innovative in bottles. By the help of this, company is able to produce water bottles which keeps water warm for more than 24 hours with the help of solar energy.

It has been stated that organisation vision is positive and impact able as it helps companies to optimally utilise their time, money, energy, efforts and resources effectively. In addition to this, it also help companies to make improvements in their offerings and develop new features. On contrary, if an organisation vision is not effective then company may not be sustain in market (Hemphill, 2014). In order to accomplish vision, the company must have a leader who encourage all staff members to attain vision of the company effectively. With reference to Chilly's Bottle, it is important for upper level authorities to offer high quality product in the market so that they can achieve their vision and increase its company share. This will lead to achieve objectives of organisation with in stipulated time frame.

Innovation & Culture-

Culture plays crucial role in the performance and effectiveness of an organisation. The factors involves value, beliefs, language, opinions, religion, norms and so on of an individual. In every organisation there are so many employees who belongs from different culture, their perception, language is different. In order to develop new things it is important for managers to consider the ideas of all employees so that innovation can be implement by staff members efficiently. In relation to Chilly's Bottle, the managers keep equality at workplace and give chance to every employee to involve in decision making and share their opinions to everyone. It assist them to motivate employees to bring attractive idea for innovation which is beneficial for company as it sales can be raised. The company launch new product with considering the culture of people who purchase their product. In addition to this, this help company to build positive relationship with customers and gain their trust which further leads to engage customers for longer period of time (Kergroach, Meissner and Vonortas, 2018) .

Innovation & Teamwork-

An organisation can perform better when the employees work as a team in order to perform a particular purpose. Teamwork is more effective rather tan the work of an individual. With reference to Chilly's Bottle, there is a need to develop teams so that their ideas can be turn into innovation which motivates them to work with full potential. With this, it also motivate other team members to bring unique idea which leads to increase in sales as well as revenue of the company. In addition to this, it will built positive image of an organisation in the market.

P3. Discuss 4Ps of Innovation and the use of innovation Funnel.

The 4Ps of Innovation helps company to effectively plan for innovation in a product. The manager of Chilly's Bottle uses this 4Ps of innovation to enhance sales of a company which are as follows:

Product: The product is the life of an organisation so it is important to develop policies & strategies effective so that product can be sustain in market. In context to Chilly's Bottle, the upper level authorities need to develop affective strategies so that its new featured water bottle which consist of LED lights can attract people and increase company presence in market. With this, they can stop customer to shift to other brands and raise their customer base.

Process: The process to manufacture water bottles needs high cost and time of the company. The sector is made in which technical staff is there who implement the use of solar power bottles (Khan, 2014). With this, the company provide training to employees that helps in achieving goals and maintain sustainability with the product in the market.

Position: At this stage, the companies tries to build its reputation in the market or in the mind of its customers. In relation to Chilly's Bottle, the higher authorities studies whole market and then decide for innovation. It is important for company to position its new product in the target market. The manager of Chilly's Bottle target middle class people and to aware this people they use social media as a way of promotion. It helps Company to reach more people and make strong connections with them by providing proper information in an effective manner.

Paradigm: A planned process that helps company to handle issues and alter the features of innovative product effectively. It also assist managers to develop different aspects and grow their business. With this, an organisation can effectively use their staff members in production of solar power water bottles.

Use of Innovation Funnel:

This process is followed by company to develop and create innovative products for the customers. The main motive of using this process is to build reputation in market (Kutvonen, Savitskaya and Salmi, 2014). The three steps which a company uses in innovation is as follows:

Wide mouth of funnel- At this stage, the companies gain information and maintain data about market rends, customer preferences, customer demands and so on. With reference to Chilly's Bottles, the manager gain information about heat censor, solar power, Light emissions and many more so that they can develop product which is unique in market and gain competitive advantage.

Narrowing segment of the funnel- This is the second step in which the managers scrutinize the best idea for innovation. The company monitors all the plans in an appropriate manner. With reference to Chilly's Bottles, the company adopt the idea to develop solar bottles which have the capacity to keep water warm for 24 hours.

Narrow segment of funnel: This is the last stage where the execution takes place. Also, in this step the managers control and check the standards. In relation to Chilly's Bottle, the company launch its idea of LED light bottle in the market. They use advertisement, website, social media to promote and aware customers about new product (Mattila, 2017).

P4. Discuss developments and example of Frugal Innovation.

Frugal Innovation is a procedure used by companies to decline the cost of production or goods or it is basically removing non essential characteristics in the development of product. The companies adopt Frugal Innovation so that they can offer lower prices in the market and gain advantage at marketplace. It is stated from a study that it helps managers to offer high quality products in market at minimal price. With this, it brings out effective outcome within the limited resources.

Few examples of Frugal Innovation are:

• Haier Washing Machine- China
• TATA Nano - India
• ClickMedix- UK

 Frugal innovation in relation to Chilly's Bottle:

Chilly's Bottle is a renowned company in United Kingdom in terms of its quality and services. The company launch new feature in water bottle with an aim to fulfil demand of customer and satisfy them (Mazzarol, 2014). With this, it helps managers to earn more profit and increase its market share which leads to raise in goodwill f the company in the market. 

Analyse market opportunities: In relation to Chilly's Bottle, the higher authorities planned to analyse the market trends, customer preferences, customer taste so that they can bring new features and innovation as per their customers requirement. This gives company a chance to grab the opportunity which further leads to development and growth of company in the market. In addition to this, it will build customer loyalty which in turn increases sale of company.

Resources: Resources includes labour, land capital, entrepreneur and many more. It is essential for every company to use this resources effectively and properly so that they can increase their level of profits. In order to do Frugal development, the company needs effective resources that help an organisation to manufacture high quality goods in the company.

Innovation Funnels: It is the process of creating innovative service for customers and provide them high quality of goods in an affordable pricing. With relation to Chilly's Bottle, the upper level authorities of company need to acquire effective strategies and develop strategic plans to increase its operation in the market effectively.

P5. Specify value of commercial funnel and usage of New Product Development

Commercial funnel refers to the sales procedure which is known as revenue funnel. It mainly includes purchasing process in which products are offered by business firms on the behalf of customers choice and preferences at marketplace (Mazzarol and Reboud, 2017). Therefore, it is necessary for business to adopt commercial funnel in order to get lots of benefits in a perfect way. In reference with Chilly's they are using large number of services in order to attract large number of people that consisting different types of elements such as interest, attention, action and awareness. Therefore, commercial funnel is very important aspect which helps customers to select appropriate goods and services so that they can get high quality of goods and services. Whereas, Chilly's with the help of this funnels they can bring so many changes within its production process so that they are able to achieve its targeted goals and objectives.

Applications of New Product development

NPD considered as a procedure which brings so many goods and new services at marketplace. Therefore, in order to gain better image at marketplace each and every firm is required to have new product development process by which they can develop awareness towards its product within customer's mind (Monotti, 2017). Herein, Chilly's organisation launching its innovative business that named as Solar powered illuminating water bottle. With the help of this new product they can implement on so any innovative things like it will have 4 LED headlights by which it can charge within sunlight also. This innovating will bring effective profits for an organisation and able to develop more new product in a proper manner. There are some stages, those are mentioned below:

Idea generation: It is mainly considered as an initial stage which is generally used to develop better ideas towards achieving products goals. There are so many ideas which comes from individual mind and make firm effective. On the basis of this they are able to get effective profit and sales. Herein, Chilly's always develop new ideas on the basis of internal and external sources which is used to gain huge ideas about innovative tools. For example: innovative bottles like solar powered bottle, square bottle and so on. 

Idea screening: In this stage ideas and thoughts are generally screened by a manager of firm in order to select best ideas for betterment of future. It will help them to increase firm's value as well as customer's expectations. 

Concept improvement and testing: In this companies are associated with different types of product and than taste the quality of all over the goods and services. 

Business analysis: According to this respective firm is able to make their services better and needed to decide that what type of study they should use to attract customers in a perfect way. So that Chilly's is able to produce its water bottle with innovative style accordingly. 

Product development: In this, solar powered illuminating bottle will launched in limited quantity to satisfy customers needs (Özilgen, 2019).

Test marketing: In this stage product has been finally tested in marketplace. So it there is any needs for modifications than firm can apply new thoughts.

Commercialisation: In this last step product will established through Chilly's within marketplace so that customers can buy it easily.

P6. Innovative Business Case which regard assorted ways of funding.

Business case refers to the structured document which includes with different activities in regards with business. There are some points and activates of business plan in context with Chilly's, those are listed below:

Executive summary: Chilly's mainly deals with water bottle and formed in the year of 2010 in order to offer attractive bottle which has capability to always have cold water. It will benefited for customers and encourage them to purchase more. In order to offer innovative product that is solar power illuminating bottles which will made for having hot and cold water through innovations. Some of the point of business plan, those are given below:

Vision: To offer high technological performance bottler to overcome those problems faced by customers.

Mission: Is to increase value of their water bottle through applying innovative ideas.

Objective: To launch solar powered illuminating bottles through increasing sales 30% into the upcoming year. 

Target: Chilly's mainly target competitive scenario to beat their competitive rivals through launching solar powered illuminating bottles.

Problem statement: Issues which can faced by Chilly's is lack of availability of LED lights, funds and material as well.

Funding: To make manufacturing sales better manager of chilly's is required to invest huge fund in order to grab market opportunities to gain huge profits. For gaining more fund they can use few terms, explained below:

Banks and other financial institutions: with the help of this, Chilly's is able take loans and able to return fixed interest in a proper way(Razak, Murray and Roberts, 2014).

Friends and family: By having collection of fund from family and friend this business can repay loan when they want there is no restrictions towards refund. 

P7.The tools that companies use to retain, develop & protect intellectual property.

The process of creating artistic work, symbols,images, designs and names to use in business is termed as Intellectual property. There are various intellectual properties which include patents, trademarks, copyrights, trade secrets and many more. The main motive is to protect creative and innovative thing in the market. It is in under the control of government for which they charge an amount and protect it for a specific time period. The manager of Chilly's Bottle examine and analyse to use intellectual proper so that they can safeguard their innovation from public. Below are some of the Intellectual property is discuss:

Patent- It refers to an exclusive right given to the company or a person for invention. In this, patent owner has the right to decide whether and how invention is going to use by other people. The company or individual has the authority to file a case when its invention is used by some other entity in the market. The other people have no right to sell, use and import invention. In few countries, it is come under the civil Law and it has also been found that patent owner have authority to sue other person who make use of its invention (Tsai, 2015). In context to Chilly's Bottle, the manager of the company use patent to secure their new innovation which is production of solar energy water bottles that contains five LED lights from the public. In addition to this, the company can also earn money by giving rights to others.

Copyrights- It is described as the authority given to the creator by government for their artistic works. The government give right for specific time period and charge fee from creator. It is basically used to safeguard original work but not idea. The creator has the right to make alterations or changes in its work. With reference to Chilly's Bottle, the authorities decide to use this intellectual property so that they can secure its innovation in bottles from competitive market. The reason company adopt this intellectual property is to gain publicity from the market and to protect its creativity from public. This form of Intellectual property safeguards and protect innovation from duplication.

Trademark-  A sign or mark which helps company to differentiate its products and services from other people or enterprises. This intellectual property can be on labels, vouchers, Packages or on product. It helps company to make its brand or product different in market. In context to Chilly's Bottles, the company can use Trademark so that they can build its brand image in the mind of customers (Dezi, 2018). The people can use this innovation with other logo, mark or sign is the disadvantage of this Intellectual property.

From above stated intellectual property, it has been stated that the best and most suitable Intellectual property which the managers of Chilly's Bottles can adopt is Patent. It helps company to protect its new water bottles innovation from other company. In addition to this, the company can gain money by lending their invention to some other people for particular time period.

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CONCLUSION

From the above study, it has been concluded that innovation increases the value as well as profitability of a company. Effective innovation attracts and expands the customer base of the company. There is a comparatively higher risk in invention compared to innovation. It helps companies reach and retain customers globally over a long time frame. Additionally, companies use various intellectual property measures to protect their innovation and creativity from public or competitive threats. For funding innovation, a bank loan is considered a safe and secure method to obtain financial support. Moreover, frugal innovation assists companies in reducing costs and increasing profitability. For those seeking assignment help, understanding these aspects of innovation and commercialization can provide valuable insights into effective business strategies.

Also Read Sample on- Analysing the Financial Health of Grain Corp Ltd

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