Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 1...............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention. ....................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.................................................................................................................4
Task 2...............................................................................................................................................6
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas. ...............................................................................................................6
4 P's of Innovation:......................................................................................................................6
Innovation Funnel:.......................................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context..................................................................................................................8
Task 3...............................................................................................................................................9
P5 Importance of the commercial funnel and application of New Product Development (NPD)
processing for commercialisation of innovation. ........................................................................9
P6 Build an Innovation Business Case for an organisation, including ways to access funding
....................................................................................................................................................11
Task 4.............................................................................................................................................12
P7 Evaluate the different tools that organization can use to develop, retain and protect
knowledge and intellectual property..........................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation is defined as most important task for any organization as it involves long term
competitiveness and introduction of new products and services that can help to attain the
business goals. In other words, innovation is process of brining new product range by
understanding needs and wants of customers that increases performance and profitability (Aryal
and et.al., 2016). Commercialisation is related to selling the products and managing all functions
and activities effectively. To understand about this F-drones has been taken that enables aerial
deliveries to ships and offshore platforms. This provides unique design of specs and aircraft for
the purpose of running business accurately. The management brings innovation in their products
and services that supports to operate the business regularly. The report covers innovation by
identifying difference between invention and innovation, types of innovation, process that
requires to commercialise innovation and range of methods for protecting ideas.
Task 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is the process of production, assimilation and exploitation of existing
products and services that uses by organization in order to run a business and grow its
performance. This is important for organization to understand what is running in trend and how
the customers get satisfaction. In relation to F-drones, management focuses on innovation where
it introduces new products by analysing demand and increase the business performance
(Badizadegan and et.al., 2020).
Invention refers as process of developing a new though and product which is not
available in the market. This means introduce new products which are still not available and
attract the number of customers. In relation to F-drones, management focuses on invention and
launches new products for providing safe riding and journey to their customers.
Difference between innovation and invention

Basis Innovation Invention
Means This means to introduce new
products and services by adopting
changes and modifying existing
products.
This means to use the new technique
and ideas for introducing new
products that are not in market.
Required skills Skills requires in innovation are
analytical thinking, adaptability,
quantitative skills, risk taking and
entrepreneurship skills that helps to
introduce the products and increase
productivity (Ge and et.al., 2016).
In invention, there is need of
marketing skills, decision making,
motivation, working collaboratively
and critical thinking skills that
supports to recognise the new
products and services.
Dealing with This is first step that brings about
products, as deals with bringing
new ideas or distinctive approach to
the organization.
This deals with the process of how
can products and services brings to
the customer actually.
Importance of Innovation and invention
Creation of new ideas- Innovation is important as it uses by management to analysis the
needs by developing new ideas and thoughts that can help to operate the business smoothly. By
using innovation F-drones can introduce unique design of drones and services that attracts the
number of customers and increase performance.
Satisfaction of customer's needs – The reason behind using innovation is to analyse the
demand and satisfy the customer's needs in changing environment. In relation to F-drones,
management brings the innovation in their products according to new trend that helps to provide
customer satisfaction (Ge and et.al., 2017).
Attaining competitive advantages: The aim of organization is to focus on consumer
trend and introduce new products at less price as compare to others that can help to provide the
competitive advantages. F-drones uses the innovation activity that supports to attain the
competitive benefits by managing all functions.