Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation, Commercial Funnel

Innovation and
Commercialisation

TABLE OF CONTENT
Innovation and Commercialisation........................................................................................................1
INTRODUCTION.....................................................................................................................................3
MAIN BODY............................................................................................................................................3
LO1........................................................................................................................................................3
P:1Innovation and determine its importance to organisations in comparison with invention..........3
P:2 Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation.............................................................................................................................5
LO2........................................................................................................................................................6
P:3 The 4Ps of innovation and the use of the innovation funnel to examine and shape innovative
ideas..................................................................................................................................................6
P:4Developments in frugal innovation with an example...................................................................7
LO3........................................................................................................................................................8
P:5 Importance of the commercial funnel and the application of New Product Development (NPD)
processing for commercialisation of innovation................................................................................8
P:6 Build an Innovation Business Case by including ways to access funding.....................................9
LO4......................................................................................................................................................10
P:7 Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property........................................................................................................................10
CONCLUSION.......................................................................................................................................11
REFERENCES ........................................................................................................................................11

INTRODUCTION
Innovation is an iterative method of balancing the needs and preferences of consumers
with technical competencies so that they can fill the holes in the expertise of product design,
design marketing and many other processes. The commercialization relied on the capabilities
of companies such as F-drone in the project so that they could develop and protect the
development and protect the marketplace's propitiatory benefits along with it. The world's
first transition drone has being develop as F-drones that enable aerial deliveries to offshore
platforms and ships. Their unique architecture is an mixture of long-range capabilities and
heavy payload that would bring shame to other current delivery drones (Reyes and et.al.,
2021). Since this report studies innovation and its meaning when comparing innovation with
invention, this research also explores vision, community, leadership and teamwork for
innovation and marketing. The 4P's of innovation and the meaning of commercial funnel and
new product creation processing in innovation and commercialization are explored as the file
by creating a creative business case for the company and also researching the various tools
used by the company as information and intellectual property preservation, development and
security.
MAIN BODY
LO1
P:1Innovation and Its importance for firm in relation with invention
It is an process of translating a new idea into commercial success or common use is
termed as innovation. In order to increase profit for the company and retain customers
towards their brand the creativity places a very much important role for growth of the firm.
Innovation and commercialization is the development of innovations and ideas in business
strategies to formulate a new approach and procedure. Because of the challenges faced by
some small companies, a phase of innovation and commercialization is also seen to be
embraced. Invention is the development of something never before seen. It is to transform
imagination into creativity and sources of creativity (Crilly and Firth., 2019). F drones need
to understand the difference between innovation and invention, create an innovation and
leadership vision, innovation networks, and build entrepreneurial teams.
Comparison between innovation and invention-

Basis Innovation Invention
1. Meaning Innovation is the effective
exploitation of new concepts. This
includes converting an innovation
into a commercial achievement
and facilitating its widespread
use. This is the stage where bold
ideas are brought to the public eye
until properly created. This is
what F drone firm has done, now
that its brand is in use around the
world and helps people
everywhere.
For example:-
 Discover US Bentley
Vehicles. Find Numerous
Sources for Fast Results.
Strong to use and easy to
use.
 Effective goods and
services such as Care of,
Amazon Scout, Impossible
Food, the self-driving
taxis of Google.
 Effective process
innovations such as
predictive orders from
Amazon, or processes in
additive manufacturing.
Inventions can be termed as
finding or identifying of a new
idea. In another words, it is
development of new method or
techniques or even particular
idea regarding the way
particular task can be
completed and end outcome
can be achieved.
For example:-
 Car designs, business
models, or Aston-
martin or any other
automotive industry
working prototypes in
the UK.
 In developing a
powerful and
functioning business
model, BMW launch
Mini-club man vehicle,
on the basis of the ideas
they had developed at
the stage of creation.
2. Concept Practical new concept execution. An original concept and its
theoretical work.
3. Competency
Needed
It required Marketing,
technological and strategic
capabilities kit.
It required Scientific
Competencies
4. Concerned by It focuses towards the
combination of different goods
and procedures.
It concern with a Process or
single product.
5. Activities Innovation Spread around the
department
Restricted to the Department
of R & D.
6. What it is?? Innovation involves adding value
to the same product or making a
transition.
The innovation relates to the
production of new goods.
P:2 The way comapny leadership, vision, culture and teamwork contribute in shaping
innovation and commercialisation
 Vision-