Innovation and Commercialization

This document discusses the concept of innovation and its importance to enterprises in comparison with invention. It explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. The document also explains the 4Ps of innovation and the use of the innovation funnel to shape innovative ideas. It discusses the development of frugal innovation and its application in the enterprise. Additionally, it describes the significance of the commercial funnel and the use of New Product Development (NPD) processing for commercialization of innovation.

Innovation and Commercialization
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Contents
INTRODUCTION...........................................................................................................................3
P1 Discuss about the concept of innovation and identify the importance to enterprises in
comparison with invention..........................................................................................................3
Comparison between innovation and intervention......................................................................4
P2 Discuss about the organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation...............................................................................................4
P3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas...........................................................................................................................6
P4 Discuss the Development of frugal innovation with examples of how it is used in the
enterprise......................................................................................................................................7
P5 Describe the significance of the commercial funnel, identify the application of New
Product Development (NPD) processing for commercialisation of innovation..........................8
P6 Produce or build an Innovation Business Case for enterprise, including ways to access
funding.......................................................................................................................................11
P7 Determine the various tools that enterprise can use to develop, retain and protect
knowledge and intellectual property..........................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
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INTRODUCTION
Innovation is based on the conceptual termed, which refers to the formulation and
implementation of new idea. It will help for increasing the maximum value of enterprise and
maintain high level of consumer satisfaction. For instance, most of cases enterprise may have
consider huge amount of cost or price in R&D but after successfully commercialise the idea. On
the other hand, commercialisation is also another essential aspect to consider an important
approach in term of innovative idea implementation in the Drone manufactures company.
This documentation will discuss about the innovation, identify its significance to
organization on the basis of comparison with invention. This report will discuss about the
organisational vision, culture, leadership and teamwork that will reshape innovation or
commercialisation. Describe 4Ps of innovation and use of particular innovative funnel to
implement innovative idea. Furthermore, discuss about the Application of new product
development, evaluate the different tool or platform that help for develop, retain and protect
knowledge or intellectual property. (F- Drones)
P1 Discuss about the concept of innovation and identify the importance to enterprises in
comparison with invention.
 Innovation- Innovation is basically refers to the implementation of new idea so that it
will help for inventing a new product. In context of innovation, there is no takes place
invention on the existing products, which gets improved (Andersenand et.al., 2020).
 Invention- it refers to the creation or introduction of new product or service which is
mainly referred as invention. Usually, enterprise can deal invention with better creativity
and production of business.
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Comparison between innovation and intervention
Invention Innovation
 It is all about making a new items
and then lunching in marketplace, as
representing new services.
 Invention does exists for Drone
manufacture firm as introduction.
 Invention is always increasing the
value of drone manufacturer
enterprise.
 Invention will help for improving
their entire business scientific skills.
 It is all about the making new things
that would be implemented into
existing product.
 Innovation is basically helping to
increase the profitability as well as
productivity of organisation.
 Innovation will help for increasing the
business values (Mendoza,
Alfonsoand Lhuillery, 2021).
 Innovation is supports the business in
context of marketing and strategically
skills, which are required.
Table: 1
It is become obvious thing that F- drones firm has been started to launch or introduce the new
product but one time, it requires for managing the current trends of business. Whenever,
launching F- drones with invention but run through innovation. It is best way to handle the
innovation of new Drones by F- Drones.
Importance of Invention to F-drones
One of the most important use of F-drones which lies in weather forecasting. Basically,
this type of invention is provide the facilities to predict the weather conditions. With exceptional
significant in which collect or gather information or data.
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Importance of innovation to F-drones
The importance of innovation to F-drones, which means that take a high quality aerial
photographs and videos. In order to collect or gather large information about through sensor.
Additionally, F-drones used by military to monitor or track activities of terrorist.
P2 Discuss about the organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation.
Commercialisation is the considered as conceptual termed in which deal with different
financial gains by launching new F-drones within competitive business market. F- Drones is
always performed the different operations such as sales, marketing, consumer support and
accounting. Whenever, F- drones company in which deal with business activities through
effective marketing plan.
Here, are mentioned the important points, discussion on the different criteria related to the
innovation and commercialization.
Vision-“F- drones” firm has its primary vision to launch F-drones innovative items which
needs to be commercialised in the different areas. This company has been decided to increase
growth of enterprise, implementing new features in Drones and then launch in marketplace. The
vision of F-drones which means that increase innovation and commercialisation because it
provide the facilities of weather forecasting.
Leadership-it is one of the important aspect of “F- drones” enterprise that which
innovative drone items need to be introduced. Generally, an efficient leaders should have been
used the transformation leadership style (Frederiksenand Knudsen, 2018). This is always
supports for inspiring or motivating towards innovation. So that a greater can use transformation
leadership style in order to include innovative idea. In most of cases, F- drones is also leading
market which means that maintain coordination among tough rivals. Transformation leadership
is related to the change in the concept which helping the leadership style to launch f-drones in
marketplace.
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Culture- nowadays, it has been rapidly changing the culture or environment of
organisation. It is likely relate to healthy or dynamic environment of “F- Drones”. Junior
manager of company is always tried to implement suitable policies, in order to provide the equal
rights for their staff members. Therefore, it is helping to handle or manage the innovation and
also commercialisation that gets affected.
Teamwork- In F- Drones, Junior manager will try to create a good relationship between
staff members. Therefore, it influencing individual people who are becoming perform task within
groups or team. When anF- drones leads the company growth and also increases its productivity
as well as profitability in marketplace. Moreover, every staff members have been contribution
towards team work in commercialisation of innovated Drones product. Thus, it brings innovative
idea and different departments or people engage in more innovation.
P3 4Ps of innovation and explain the use of the innovation funnel to examine and shape
innovative ideas.
4Ps of innovation is mainly described by Tidd& Bessant as process, position, product and
paradigms. These are primarily defined as following the position of innovation which is
completely change in context of Drones product are introduced. On the other hand, it is targeting
the best offers which lies and what are unique story. 4Ps of innovation is usually evolved over
time and makes sense to re-think about the concept in a new era.
 Paradigm- this type of concept is basically used F- drones which means that improve the
best way of enterprise technique or method. Usually, a company has been established the
unique paradigms in regards of innovation (Frederiksen,Mouridsenand Knudsen, 2019).
This will help for establishing the entire business and also do something or innovation
within existing Drone product.
 Product- “F- drones” is trying to make an innovative drone and also added all kind of
innovation unique features. Therefore, it is attracting large consumers towards innovation
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item. Usually company has been added as incremental approach in drone development
and successfully added more productivity of enterprise in context of innovation terms.
 Process- After dealing within paradigm, Company will try to processing of item supply,
workflow and hiring or recruiting the efficient staff members, who have been easily
handle or control the innovation process. Sometimes, company will perform different
steps in the product innovation.
 Position- the primary area of innovation which means that decides F- drones can frame
the items in front of marketplace. Therefore, there is a lot of involvement of different
factors such as employees, users and public etc.
As above discussion, it has been summarised about the concept of innovation in which develop a
unique drone’s item with including all essential features. Therefore, it enhance the better way to
represent uniqueness of items. By using 4Ps of innovation, it has been covered the different areas
that occurred in the process of innovation in proper manner.
Innovation Funnel
Innovation funnel is based on the process or method in order to develop Drone item. As it
is also indicating the funnel and represents the entire process of product development.
Sometimes, it is helping the organisation to handle the marketing needs of drone items. At
certain time, Innovation funnel can act as refinery system in the innovation of product and then
launch a drone in marketplace.
Innovation funnel is basically used in the development of F- drones, so that it should
consider innovation funnel process in which consideration of all different steps. Therefore, it has
been modified the Drone item and then launch in marketplace. Initial step, it involve the wide
mouth of funnel which means that gather or collect large amount or information or data
regarding the innovation (Martinsand Küsters, 2019). This is completely depends upon the
innovative idea in which opens or develop different opportunities for product innovation. In
another step, company will focus on the segmentation of collected idea and starts the screening
process. In this way, company can easily utilise large amount of data or information and then
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generate accurate result or outcome. In last step, it has been chosen the innovative idea which
must have delivered the enterprise service properly. Therefore, it supports for meeting all kind of
aim or objective in business establishment.
P4 Discuss the Development of frugal innovation with examples of how it is used in the
enterprise.
Fungal Innovation is basically refers to the elimination of unnecessary price or cost,
production of valuable goods (Mendoza, Alfonsoand Lhuillery, 2021). This will help for “F-
Drones” to achieve desirable goal and objective. Frugal Innovation is mainly helping the F-
Drones in different ways, it provide the maximum profit from different resources which attain a
proper sustainability and eliminate all kind of voids within organization.
Frugal innovation works on the basis of bottom to top approach which means that reliable
for Drones Manufacture Company to target large population. It is also gained more advantage,
benefits in the minimum resources. Frugal innovation can be worked in the different forms by
using innovation processes.
The innovation name called as frugal which means that not confined with specific
consumer but it is always concerned on the targeted audience from lower resources. Sometimes,
F- drones has been developed as misconception about frugal innovations in regards of low
quality of drone product. Main aim of enterprise is to use limited resources and then produce
large amount of goods. This will help for reducing the unnecessary cost or price in context of
investment. In most of cases, Drones manufacture firm is not harm its business reputation among
potential clients.
“F- Drones” is mainly used the frugal innovation concept in development of F-drones
items, which depicts its working such as reverse innovation, cost or price reduction, frugal
engineering and other resource based constrained innovation. All these kind of procedures are
defined within particular criteria and working on the drones manufacturing.
For Example- different MNC are basically using the innovation as top attain in which
increase profit for enterprise. Big dealers and other owner of enterprise is always trying to deal
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with frugal innovation and also satisfied their potential clients (Mendoza, Alfonsoand Lhuillery,
2021). Hence, it has been said that frugal innovation is quite impressive and handle or control
entire process of fragile. Sometimes, F- Drones is develop a maximum profit for enterprise by
covering wide range of client with existence of low price or cost.
P5 Describe thesignificance of the commercial funnel, identify the application of New Product
Development (NPD) processing for commercialisation of innovation.
The importance of commercial funnel which means that listing more about the potential clients
and then do perform different marketing activities. F-Drones can achieve a high profit of their
usual and also retain clients. Within organization, Commercialization funnel is play an important
role, especially if it come in the drone manufacturer enterprise. It has been leading as strongest
position of business in marketplace. Commercialization funnel is always supported the enterprise
which has been leading of enterprise because enterprise can easily modify the drone items.
Commercialization funnel can open and wide up of doors in which dealing with increase
consumer from single innovation of drone item.
 Awareness- early in their journey, it should have considered about the potential
consumers, who are going into specific problem. In this phase, it has been made a plan in
order to launch a specific F-drones item.
 Interest- in this phase, it is mainly identified the interest of potential consumers towards
innovative products.
 Decision- on the basis of survey, it has been taken important decision to launch f-drones
 Action- applying suitable strategies to develop importance of F-drone in marketplace.
New product development (NPD) processing
In order to successful achieve the business desirable goal and objective in context of drone
product development. “F-Drones” has been obtained new ones by carefully executed the new
product development process. Initially, company has been face the issue or problem regarding
development of new products. An odd weigh heavily against the success of business. New
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product development process is crucial aspect in order to understand the perception of client,
markets and competitors. This can help to develop unique drone item that deliver superior value
to the targeted audience (Prokhodaand et.al., 2019). On the other hand, there is no other way to
perform systematic approach because it has been considered as customer driven new item
development process in order to find out the importance of new drones in business success.
Usually, F- Drones has been considered major eight steps in the new product development
process or method.
Idea generation- In this process, it should start with innovative idea generation and refers to
the systematic search for new Drones innovative product development. “F- Drones” firm has
been generated the various idea which may even thousand, in order to find the best one.
Company has been considered the two different sources in new idea which primarily defined in
proper manner.
 Internal Idea Sources- It is based on the internal aspect of enterprise where F- Drones
firm will try to find new innovative idea. It means that perform research & development,
give a major contributions through potential employees.
 External Idea Sources- Company is always focused on the find new innovative idea
externally. It refers to different kind of external sources such as suppliers, distributors etc.
these are playing important role in the F- drones firm to target external client, because of
adopted the new product development process. In order to focus on creating greater
consumer values.
Idea Screening- It is another step in term of new product development process and then after
idea screening process. This type of process is nothing else then filtering unique idea which is
always influencing to potential consumers. F- drones is consider as unique idea to develop F-
Drones product and try to launch in marketplace. In another words, this type of idea will help for
generated a better screening to spot a good one, drop poor one as possible. At certain level, it has
been examined the purpose of idea generation which was created a large number of idea.
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By using Screening process, F- Drones has been succeeding the important steps in order to
reduce or minimise complex situation. Main reason for product development which means that
increase cost or price in proper manner (Yooand Chankov, 2018). Therefore, it become easier for
organisation to go ahead only when introduce a new drone’s item. This is always gained the
more profitability and productivity in marketplace. When dropping a poor idea as possible and
needs to be consequently as importance for business growth or development.
Concept of development and testing- this process will start with attractiveness of new
idea, which must have developed into a product concept. F- Drones should consider as better
version of new drones item in which attracts more consumers.
For Example- “F- Drones” company can use manufacturer of innovative drone. This type
of idea has passed all kind of idea screening and then develop a best one. Marketers have
performed the different tasks in order to develop a new innovative drones items. Company can
find out how attractive each concept is suitable for potential consumers.
When a company will do testing with groups of targeted clients. It helps to identify the
perception of potential consumer either physically as well as symbolically. However, it will
increase the reliability of test in context of new innovative product. Afterwards, it exposing the
concept to target group and then identify the positive aspect from consumer sides.
As per discussion occurs on the new product development processing, which means that
identified the use of innovation in the new drones development. Therefore, company will use
different development processes to achieve desirable business success in marketplace.
P6 Produce or build an Innovation Business Case for enterprise, including ways to access
funding
It is one of an essential aspect of innovation which make as business case. As per given “F-
Drones” which is always focused on the consideration of innovative idea in Drones
manufacturer. It is helping to the enterprise to understand the all essential resources. Sometimes,
it is to be consider as innovative attempts to examine both quantify as well as qualify them as
best way. Therefore, it needs to ensure a proper conclusion where reducing the more emotive
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parts, as follows innovative idea regarding drones item development. This will help for
eliminating any kind of complex situation or condition.
To work easily into “F- Drones” which could need to enlist some essential requirements. It
can make as innovative business case. Through the best way to start the business and enable
them to measure the performance (Prokhodaand et.al., 2019). This will help for delivered the
idea in future tasks executions. An innovative business case of F- Drones firm that should
include as product development process. In this way, it can easily identify pricing strategy,
consumer awareness program and other market emergence.
 To begin with development of new product, which means that modify innovative drone
item by adding features and then introduce in marketplace.
 The company has earned a lot of money and generate as huge revenue. Therefore, it has
been setting a proper reasonable price or cost to target potential consumers in markets.
 “F- Drones” can be used the different promotional activities because they always tried to
target more consumers. Promotional activities will be creating own brand image and
generate more lead.
“F- Drones” is consider as brand that offers various kind of practitioners the capability to run
their business effectively and efficiently. Generally, it will try to renowned enterprise for their
innovation. It becomes possible for enterprise to get a competitive advantage in marketplace.
Sometimes, it brings innovation in regards of handle the business practices and give business
growth in term of financial profitability. Hence, an enterprise may have considered some of
innovative idea such as Drones development along with existing business strategies to improve
business capabilities. It is worth nothing that enterprise take some hybrid approaches and launch
a uniqueness within drone’s item.
However, company is also provided the better supports for entire business performance
through practitioners, who really want to run the business independently. Generally, manager of
enterprise can use them effective strategies, which possible to maintain quality of services. The
innovation is possible for business to attract individual people who intended to purchase Drones
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for personnel use. Hence, company is focused on the improve the workforce and introduce
innovation in the marketplace. For this purpose, enterprise needs to concern about the workforce
engagement and interaction.
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Cash flow
Funding options-
 Bank loans
 Investors
 Relatives such as families, friends
 Small business investor
P7 Determine the various tools that enterprise can use to develop, retain and protect knowledge
and intellectual property.
F- Drones firm is basically used the different tools for developing, retaining and protecting
knowledge. These are consider as essential elements that supports for establishing as legal
business strong position in global marketplace (Prokhodaand et.al., 2019). it is very interesting
fact about the enterprise, consideration of all essential rights. However, “F- Drones” firm has
been acquired the tool or platform in which develop as business successful in marketplace.
Here, explaining the different tools as follows:-
 Patents- this is known as application of patent which is always helping the “F- Drones”
firm to protect their individual invention. It is also supporting the business to improve
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existing inventions. Advantage of patent is that when gives legal inventor, keep gain
more profitability as well as productivity in marketplace.
 Trademarks- In “F- Drones”, Trademarks are consider as main source of enterprise
which being marked among its potential clients. This type of concept is related to name,
words, symbols and other image of enterprise. These are basically applied in the
innovative product and establish a connection with Drones. It is helping to the consumer
to examine current brands and items. Advantage of trademarks such as creation of assets,
recognition of f-drone item quality etc.
 Copyrights- this type of application is marked as protection of any innovative idea in
artistic, literacy etc. therefore, it may support for enterprise to protect or secure the
uniqueness of brand image, reputation in marketplace (Mendoza, Alfonsoand Lhuillery,
2021). Advantage of copy right is to secure the sensitive content and legal authorised by
owner.
As per discussion, it has summarized about the different tool which support for “F- Drones” is to
maintain their brand position. For instance, patents, when applied in the workforce so that it can
help the organization to protect from innovative product such as Drones. The company is always
used the innovative idea, change to get high level which make their innovations become
common. Manager of F- Drones form to expect as unique design in their product through legal
patterns. On the other hand, trademark is also consider important tool in which represents the
brand image because it will be generated unique logo to gain more importance.
Copyrights is also useful ay all level where company has not involved with musical works,
literacy and artistic. However, it has been established patent, trademark and copy right which
makes an organization to use a legal system. In this way, it is helping to protect the entire
business intellectual property. Similarly, F- drones can use patent and trade mark database and
identify the necessary facts about invention. Usually, it has been represented the large amount of
information or data to patent or trademark as review. Furthermore, it is helping the enterprise to
generate more awareness towards innovation.
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CONCLUSION
From above discussion, it has concluded that Innovation plays important role in the
implementation of new idea within organisation. It is helping the entire business to increase its
overall organisation profitability as well as productivity in marketplace. it has been understand
the important aspect of commercialisation in context of innovative idea implementation in the
Drone manufactures company. In this report, it has been summarised about the concept of
innovation, identify its significance to organization on the basis of comparison with invention. It
has been identified the specific organisational vision, culture, leadership and teamwork that will
reshape innovation or commercialisation. Describe 4Ps of innovation and use of particular
innovative funnel to implement innovative idea. Furthermore, discuss about the Application of
new product development, evaluate the different tool or platform that help for develop, retain and
protect knowledge or intellectual property.
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REFERENCES
Book and Journals
Andersen, K.V. and et.al., 2020. The strategic responses of start-ups to regulatory constraints in
the nascent drone market. Research Policy. 49(10). p.104055.
Frederiksen, M.H. and Knudsen, M.P., 2018. Drones for offshore and maritime missions:
Opportunities and barriers. Innovation Fund Denmark.
Frederiksen, M.H., Mouridsen, O.A.V. and Knudsen, M.P., 2019. Drones for inspection of
infrastructure: Barriers, opportunities and successful uses.
Martins, B.O. and Küsters, C., 2019. Hidden Security: EU Public Research Funds and the
Development of European Drones. JCMS: Journal of Common Market Studies. 57(2).
pp.278-297.
Mendoza, M.A., Alfonso, M.R. and Lhuillery, S., 2021. A battle of drones: Utilizing legitimacy
strategies for the transfer and diffusion of dual-use technologies. Technological
Forecasting and Social Change. 166. p.120539.
Prokhoda, I.A. and et.al., 2019, May. Management of the life cycle of the innovation apiproduct
from drone larvae and its introduction in the food industry. In IOP Conference Series:
Earth and Environmental Science (Vol. 274, No. 1, p. 012122). IOP Publishing.
Yoo, H.D. and Chankov, S.M., 2018, December. Drone-delivery using autonomous mobility: An
innovative approach to future last-mile delivery problems. In 2018 ieee international
conference on industrial engineering and engineering management (ieem) (pp. 1216-
1220). IEEE.
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