Importance of Innovation and Commercialisation in an Organisation

Innovation and
Commercialisation

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Task 1...............................................................................................................................................1
P1. Determine the importance of innovation within organisation..........................................1
P2) Explain how organisational vision, leadership, culture and teamwork shape motivation
and commercialisation............................................................................................................3
Task 2...............................................................................................................................................4
P3. Describe about 4Ps of innovation and usage of innovation funnel..................................4
P4: Provide developments of in frugal innovation and provide examples how it used in
context of chosen organisation...............................................................................................6
Task 3...............................................................................................................................................8
P5. Explain importance of commercial funnel and application of new product development
processing...............................................................................................................................8
P6. Design an innovation business that case of an organisation that involves new access
funding....................................................................................................................................9
Task 4.............................................................................................................................................10
P7. Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property..............................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
The term innovation is type of process in which customisation appears as well as it
mainly provide something new specification or creation. As per without presence of innovation
there would not have any scope of uniqueness or innovative aspect that can pretend or to be
reflected as added a new substance. As in context of organisation, innovation is prevails more
progress as positive outcomes (Kowang, Long and Rasli, 2015). It having a simple progress in
which it relates about the better progress which is relevant to competitive advantages to approach
working with certain working approach that makes challenges to better understand the impact of
innovation for our society at the large point of view. It is originally based on factor development
through better effectiveness where significant consequences that insists to break the strategy into
different level of market.
As in this report, the organisation is having working towards about F-Drone company as
it is tends to first innovative drone technology which in World that commence for deliver in
shipment transportation and off shore platform (Dincer, 2017). The report is below comprises
of innovation where it difference with having invention type of innovation and having process
required of commercialisation innovation at the range of method in order to enhance shield
towards innovative ideas for making better understating.
MAIN BODY
Task 1.
P1. Determine the importance of innovation within organisation.
Innovation refers to the effective term that can bring out the new combinations by
reflecting the unique goods and services which is original and cannot be copied by someone else.
Innovation helps the business organisation to gain the high profits and revenues with long term
sustainability within the marketplace. It will highly attract the customers and beating the
competitors within the market. This term is placing the effective impact on the organisation by
offering the long term sustainability with more perfection and fluency. On the other hand,
invention refers to that term which is based on the business that represent the fully new device
and products that cannot be offered by the business organisations to their customers that can
satisfy their desires. It generally included the several modifications within the commodities so
1

that demands and requirements of the customers are to be fulfilled appropriately and due to this
business firm will get the higher success and growth within a specified period of time.
Importance of innovation
For business enterprises innovations are very essential for boosting the sales and gaining the
customers attraction because it helps in longer survival of the company within the marketplace.
Some importance can be show below:
 Gaining competitors advantage – By doing the innovation be the F Drones company
can develops their brand image and profits and due to this they can beat the high competi-
tion within the marketplace which helps in developing their market size and long term
survival.
 Enhancing brand image- It is very essential benefit of innovation in which company
maximize their brand image for a longer period of time (Chun, Chung and Bang, 2015).
This wills helps in gaining high growth and success so that large number of customers is
retain with the firm and company will increase the brand image. For instance- F Drones
can do innovation to enhance their market image by retaining te customers who are loyal
with company.
 Profit maximization- Innovation helps the organisation to enhance the profit margin. In
context of F Drones manager can so focus on innovation for fulfilling market needs and
requirements so that high profits can be enjoyed.
Comparison between innovation and invention
Basis Innovation Invention
Values In business innovation helps
in developing the overall
working and because of this
values and image is to be
enhanced.
Invention helps in introducing
something for customers to
gain higher profit by
organisation.
2