Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
Introduction...........................................................................................................................................2
Task 1.....................................................................................................................................................2
P1 Explain innovation and determine its importance to organisations in comparison with
invention............................................................................................................................................2
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
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.......................................................................................................................6
PART 2..................................................................................................................................................8
TASK 3.................................................................................................................................................8
P5 Examine importance of commercial funnel & use of NPD...........................................................8
P6 Develop a business case study in respective of organisation........................................................9
TASK 4...............................................................................................................................................12
P7 Discuss various tools to develop, retain & protect knowledge/ intellectual property of
organisation.....................................................................................................................................12
CONCLUSION...................................................................................................................................14
REFERENCES....................................................................................................................................15
Books & Journal:.............................................................................................................................15

Introduction
Innovation and commercialisation refers to the term of leads to a successful business
which is commercially driven with the knowledge of tools and techniques so that
organisations used to be more competitive in the ever-changing environment. Innovation is
one of the processes of making or doing something more in a more credential way,
innovation is one of the way of improving the concepts of an organisation, to innovate in
businesses, to do something differently and to make something better (Rydehell and et. al.,
2019). The discussion is based on the organisation F-drones which is building a first transition
drone to enable aerial deliveries to ships and offshore platform. The discussion includes
explanation in context for innovation and determines the difference between invention and
innovation, different types of innovation, the process that required commercialising
innovation and in addition to this, evaluation of the range of methods for protecting ideas and
understand their advantages and disadvantages.
Task 1
P1 Explain innovation and determine its importance to organisations in
comparison with invention.
Innovation refers to the creation of something in an organisation. There are two types
of innovation including evolutionary innovations and the revolutionary innovations. The
evolutionary innovations are one of the dynamic evolutionary innovations that are brought
about by many incremental advances in processes as well as technology. Revolutionary
innovations which is also known as the discontinuous and the radical innovations which are
often disruptive and new.
In other hand, commercialisation is one of the process of introducing the new
products and services in the market. It takes marketing, sales, production, distribution and the
support of consumers which are required to achieve the commercial success of the services
and some new products. The difference between innovation and invention includes
innovation is something which states that modification is required and on the basis of such
innovations and improvements, there is a need to have significant contribution in an
organisation as well. In comparison to this, invention is the creation of the products and
services or something which have been happened for the first time (Scott and et. al., 2019).

Creative thinking suggests that innovation and invention begin with the creative
thinking. The creativity reflects as the process in which individuals have been come up with
some unique and the new ideas or some good new approaches in the businesses. The ideas or
the innovative idea reflects new approaches in the business organisation. They could also
suggest out being a result of new products.
Basis of Comparison Invention Innovation
Meaning It refers to the occurrence of
an idea for a product and
process which have never
been made before.
It refers to the
implementation of an idea for
the product and services for
the first time.
The idea about what it is? Creation of a new product Adding value to something
which have been already
existed
concept The idea which is quiet
original and its working
structure.
The new idea and its
practical implementation
Required skills The scientific skills Strategic skills, set of the
marketing and technical
skills.
Occurs when New ideas strike the owner
or a manager
A need felt for a product or
improvement in an existing
product
Concerned with Single product or a process Combination of various
process and different
products as well
Activities Quiet limited Spread in all over the
organisation
Importance of Innovation
 A business must be always grow
 There is a need to have competitors
 Meet all the needs of the consumers