Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................4
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................5
TASK 3............................................................................................................................................7
P5 Explain the importance of the commercial funnel and the application of New Product
Development processing for commercialisation of innovation..................................................7
P6 Build an Innovation Business Case for an organisation, including ways to access funding. 8
TASK 4............................................................................................................................................9
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property...........................................................................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is an idea that has been transform into the practical reality in order to make
change in the current environment (Altaf, Hassan, and Batool, 2019). Innovation in the business
refer to the development of new product and services that help business to increase its market
share and profitability. Innovation helps business to attract new customers in the brand in order
to fulfil the need and wants in the business. Whereas commercialisation refer the various attempt
to gain profit in the business by the new innovation through the sale of new product and services.
This report is based on F-drones, company is is focusing on building first drone to enable aerial
deliveries to ships and offshore platforms. This report includes information about innovation and
its importance to the organisation also difference between innovation and invention, also
includes the different types of innovation that company can use for better growth. Further, it
include the process required in commercialise innovation. At the last it include various rang and
methods for protecting ideas and understanding of their advantages and disadvantages in the
market.
MAIN BODY
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is an important aspect of the business that helps in increasing the growth and
sustainability in business(Astiti, Sakapurnama, and Huseini, 2020). Innovation helps businesses
to gain long term competitive advantages. By the various innovations in the business company
serve various options to their customers and increase their satisfaction level. It require more
innovativeness and creativeness with the willingness to bear risk in the competitive market.
Importance of innovation in compression to invention:
Innovation in the business helps in problem solving for the company it increase the level
of effectiveness in the business. Innovation assist company towards the better vision that helps to
gain competitive advantages in the firm. As compare to the invention both are different terms.
Both innovation and invention is essential in the business growth. Below are various importance
of innovation in the context of F-drones.
1

Solve problems: Business see the problems their customers face in their daily life and
innovation helps them to provide appropriate solution of those problems. Problem solving by
providing them effective product and services helps businesses to gain more customers base.
Problems in business environment can be solved when business person think out of the box it
helps in effective planning of the future growth by the innovation in the business. In the context
of F-drones, company is trying solve the problems in the out side business environment by
providing drone facility to the ships and offshore platforms. It helps the business of F-drones to
because more effective in the market and increase the rate or profitability.
Increase productivity: Innovativeness in the business assist company towards the
achievement of better productivity that can increase their profit share in the market(Awni, and
et. al 2019). It also attract the customers in the business so that they can they can become loyal
customers of the brand. It helps businesses in the potential growth in the market. With the use of
innovative technology in the business it can helps in the gain of better productivity and growth.
In the context of F-drones, business use innovativeness for the gain of effectiveness in their
drones so that it can help the target customers to use this product for effective business.
Comparison between innovation and inventions:
Invention: Inventions refer to the happening of idea for the product and services that
never been made before. Inventions refer to the creation of new product and services that never
been before in the market. It concerned with single product and services that can be liked by the
customers in the market. For the inventions it require high knowledge of research and
development so that product and services can be made in effective way.
Innovation: Innovation refer to the implementation of the idea for the product and
services for the first time. Innovation helps businesses to add value to pre existing product and
services. Innovation increase the level f effectiveness of the product and services so that business
make more profit. It increase the growth of the organisation by providing value to the product
and services in the market. It enhance the level of effectiveness by providing product and
services with innovativeness.
2