Innovation and Commercialization

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. (Specialty 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 (Andersen and 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, Alfonso and
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 Speciality 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 Speciality Drones organisation.
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. Speciality
Drones firm is always performed the different operations such as sales, marketing, consumer
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