Explanation of the difference between invention and innovation

Explanation of the difference between invention and innovation. Define innovation and commercialisation, consider the challenges this creates for small businesses.

Explanation of the difference between invention and innovation
Define innovation and commercialisation, consider the challenges this creates for small businesses.
Define invention and how invention is created. How does invention become innovation, provide examples of this.

  1. The value and importance of innovation to organisations and how this can be embedded within the organisational leadership and culture at Essence Drinks.
    How do organisations create a structure and culture of innovation; Which organisations provide a culture of innovation and how?
    How can innovation vision and leadership be promoted in the organisation.
    What is an innovation network, provide examples.
    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.

Firstly, explain the innovation funnel to manage new solution/idea development. Go through step by step how it works

Secondly, provide an overview of the different types of innovation with a focus on disruptive and incremental innovation and exploring pros and cons of each approach.

What are the 4Ps of innovation?

The development of frugal innovation in response to necessity vs market driven innovation.
Further, 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.

Firstly, consider how Akshay can promote a culture of innovation in his organisation

Secondly, apply the innovation funnel to Essence Drinks with examples of other organisations using this model

Further, how can Essence drinks use frugal innovation, find an example of another organisation who has used frugal innovation?

Also, where does Essence drinks fit within the 4 P’s of innovation diagram? Also, what about after your considerations?
Finally, explain and recommend the next steps Essence Drinks should go through to derive a new and innovative drink.

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