Topic: Unit 8: Innovation and Commercialization
Case study: Chilly’s
Chilly’s was established in 2010 by James Butterfield and Tim Bousecarle with the sole aim of providing individuals with the ability to have cold water on the go without having to buy single-use plastic water bottles.
The result was to Chilly’s Bottle. A modern and stylish product designed in order to combine the convenience of plastic water bottle, with high performance technology and the eco-friendly advantages of a traditional flask.
They are working to accelerate the adoption and everyday use of reusable products and aim to do this through the creating products for an active urban lifestyle with the appropriate balance of distinctive style and unrivalled working. You have hired by Chilly’s as a junior strategy innovation consultant to analyze the situation and give recommendations on how an organization must be move forward and on what points they must focus on.
Task 1: produce a report addressing the given topics.
You are needed to analyses the concept of innovation and its importance to company in comparison with the invention. You must define how the vision, leadership, teamwork and culture can shape the innovation and commercialization. Furthermore, you can analyses the various sources of innovation and how the company can develop an environment and culture of innovation.
This report should explain the 4Ps of innovation and define the use of innovation funnel to analyses the shape of innovative ideas. Also explain the development in frugal innovation and give examples like how it is used in an organization context. Furthermore, you have to critically analyses how innovation is being developed and measured in term of organization.
You need to research and explain the significance of commercial funnel and its application of NPD for innovation and commercialization of innovation. Furthermore, you required to build an innovation business case for the company, including ways to access funding in order to analyses the overall effectiveness of accessing appropriate techniques which are available to test, iterate and improve.
Unit learning outcomes
- Define the context for innovation and analyses the difference between the invention and innovation.
- Enlist various types of innovation.
- Discuss the process to commercialize innovation.
- Evaluate the range of methods for protecting innovative ideas and analyses its advantages and disadvantages.