Innovation and Commercialisation
You are an Innovation Management consultant and you have been hired by a company to prepare and present a business case for an innovative product with commercial potential.Task 1Section 1You should cover the following issues:1. Background to the company and its commercial potential.2. Examine the difference between invention and innovation, analyse sources of innovation as a core process in a specific company;3. Critically discuss link between innovativeness of a specific organisation and its leadership, organisational culture and teamwork;4. Evaluate 4 Ps of innovation, appraise the value of the innovation funnel and frugal innovation with reference to your case study;Section 2You should cover the following:1. Explain the importance of the commercial funnel and New Product Development process for successful innovation.2. Build an Innovation case utilising the commercial funnel:a. Evaluate resource and funding considerationsb. Identify key risks that can impact the successful implementation of the innovationc. Establish specific Key Performance Indicators that will allow to control/monitor and assess the success of the new products implementation.d. Evaluate how the company can protect the intellectual property rights of the new product.