Innovation and Commercialization: Importance, Organizational Vision, Frugal Innovation, Commercial Funnel, and New Product Development

Innovation and
commercialization drive

Table of Contents
INTRODUCTION...........................................................................................................................3
P1. Innovation and its importance and comparison with invention. ...........................................3
P2. Organizational visions, culture, leadership and teamwork that can change the innovation
and commercialisation. ...............................................................................................................4
P3 4 Ps of innovation and use of innovation funnel to shape the innovative ideas.....................5
P4 Developments in frugal innovation........................................................................................6
P5 Importance of commercial funnel and application of new product development..................7
P6. Business case of F-drones......................................................................................................8
P7. Tools to protect intellectual properties................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is the process of creating something new or doing anything in a new and
innovative manner. Innovation comes with the improvement. Innovation does not include only
different things but to do those things with perfection. When new products and services are
launched in the market that process is called commercialization. F-drones launched transition
drones to provide aerial deliveries to offshore platforms. Their drones have a unique designs with
long range capabilities and heavy payload. Company also launches aviation grade drones which
are very safe and reliable. They want to become leader in heavy payload drones. This study will
discuss innovation and its importance and also explain organizational vision, leadership, culture
and teamwork will shape innovation and commercialization. Further it will discuss 4 P's of
innovation with the use of innovation funnel to shape innovative ideas. Also, evaluated
development in frugal innovation and its usage in the organization. This study will also discuss
importance of commercial funnel and application of new product development. Building
innovation case and providing ways to access funds. Evaluating tools which organization uses to
develop, retain and protect knowledge and intellectual property.
P1. Innovation and its importance and comparison with invention.
Innovation can be defined as creating something new combinations that consider launching of
new products, generating into new market, new methods of production, different way of
supplying goods, supplying to new organization of any industry.
Invention means process of developing new product process. It may be improvement upon with
some machine or creating something new result (Chege and Wang, 2020). Invention can also
provide security to inventor, property rights and also helps in identifying the actual invention.
Innovation is quite important for standing up with competitors. When new product is introducing
by organization, many peoples become excited about knowing the product, at the same time
competitors of F-drones also tries to balance their brand image, vision and missions and also by
innovating something new product in market. Through this innovation in organization have
better market share and also earn huge amount of profit in having some innovative product. But
innovation is not only enough, F-drones also focuses on technology instead of solving customer
problems.

For employee working in F-drones innovation can be also related to developing new services that
the company supply to their customer. Due to exploding demand and orientation of global
economy, the organization have starting innovative something new product or services in order
to create position of their business resources in making maximum effectively.
Basis Innovation Invention
Definition Innovation refers to execution
the new thought for goods and
services for first time in F-
drones company.
Invention states about the
presence of new ideas for
goods and services which are
being already exist.
Deals Deals with new services for
achieving new goals.
Deals with active services for
achieving target.
Required skills Fixed of commerce, method
and strategic skills.
It required scientific skills in
F-drones.
Obsessed with Aggregation of different
products and services.
Individual product.
Action Speeding across the
organization.
Controlled to research and
development department.
P2. Organizational visions, culture, leadership and teamwork that can change the innovation and
commercialisation.
In F-drones organization big issues in establishing the plans and major issue with people in every
transformation and developing new products (Gabriel, 2019). Training employee in organization
that are to be more creative, developing their new skills and be confident with creating thinks,
while working with new opportunities that could be more benefits for company in generating
new ideas.
The main purpose of innovation is creating new ideas and invention helps to create the
innovation and respect those new thinking. The main objectives of innovation and invention is to
commercialisation of new goods and services (Meissner,Polt and Vonortas, 2017).
Organizational culture have bound with all area of future objective or goals of company. In order