Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation in organizations and how it can shape the success of a business. It explores the 4Ps of innovation and the use of the innovation funnel to examine and shape innovative ideas. The document also explains the concept of frugal innovation and provides examples of its application in an organizational context.

INNOVATION AND
COMMERCIALISATION
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Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................5
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................9
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation. ...................................10
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
...................................................................................................................................................11
P7 Different tool to retain intellectual property for longer period............................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................15
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INTRODUCTION
Companies in order to gain competitive advantage in market and posses a motive for long
term survival brings innovation in their firms which is a need of the hour. Innovation refers to a
generation of new ideas or concepts which makes things different or unique then existing. It can
be in any form such as in service or manufacturing industry in case like new innovation in
producing products, new ways in supply management or can be anything (Albert, 2019). The
term commercialisation refers to a procedure of establishment of products new vision or new
method in production process with a motive to enhance company's sales in market. In the present
report the concept of innovation and commercialisation will be discussed in respect of F-Drones
company who provides transition drones to ships along with a combination of advance
technology inbuilt in its products. The firm provides its services in a form of Marine Deliveries.
The report discusses about few concepts related to innovation and its importance, comparison
with the concept of invention. F-Drone's vision, leadership and culture along with 4Ps of frugal
innovation. The report also comprises of development of new product in a business innovation.
TASK
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Definition of Innovation:
The term innovation refers to a development or creation of new ideas or ways of
operations indulged in production process or products that are being offered to customers in
market. The reason to bring innovation is that it brings greater efficiency with better technologies
which reduces company's time and cost involved in production or supply of product. Innovation
allows companies to bring more efficiency and effectiveness in their products which helps them
to have competitive advantage in market over rivals (Anning-Dorson, 2018).
Definition of Invention:
The term invention defines a birth of new concept or emergence of any new idea that has
not any existence before. It can be any form say in technology, process, any equipment, or any
from of creativity. It generally means a discovery of something new that can be utilised for the
betterment of society as well as livelihood of people.
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Importance of Innovation:
Innovation helps companies to achieve their organisational goal with greater competence
to compete in today's competitive market. This brings application of advance technologies in
operation which takes company to experience growth and success. With the changing
environment organisations are very much required to inbuilt innovation in their firms. The
importance or relevance of innovation fro companies are mentioned below:
 Increases Development: Innovation enhances company's existing skills and
competencies which helps them to have effectiveness in their process. This sets a
benchmark for positive results along with expecting development in near future
(de Vasconcelos and et.al., 2018).
 Achieve Competitive advantage: In today's competitive world it is very
necessary for companies to bring innovations in their offerings so that they can
achieve competitive advantage. Companies can only compete with its rivalries
only through innovation.
With the help of innovation F-Drone brings new technological advancement in its
offerings which makes it a profitable business compared to rivalries in market.
 Increases customer satisfaction: As in today's market customer's are king and
every companies produces their product by keeping customers satisfaction in
mind. Through innovation companies are helpful in providing satisfaction to their
customer who ultimately leads company to success and gain more profits through
its sales (Demirkan, 2018).
 Market Share: F-drone through innovation in its offerings is able to achieve
more market share in industry. As customer always likes those products which are
innovative in nature and is backed by advance technologies. Continuous
innovation in products increases companies brand image in market which
ultimately gives more share in market to firm (Elstub and Escobar, 2019).
Comparison between Innovation and Invention:
Basis of Comparison Innovation Invention
Meaning & definition It refers to the generation of It means occurrence of new
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new idea which is to be
indulged in either product or
on its process.
plans for company's products
or process which was not in
existence.
Concept Innovation includes a practical
application of new idea
generated.
Invention includes original
ideas which are applied in
theories.
Skills requirement The concept requires certain
skills such as marketing,
strategic and most important
technical skill.
The concept of invention
requires some scientific skills
in order to apply this in
theories.
Occurrence It occurs when companies
analyses need for a change or
market demands some thing
new in products.
Invention takes birth when a
scientist thinks for a new idea
or concept and applies it.
Research Innovation requires a lot of
market research to bring new
in existing product.
Invention requires limited
research.
Reason The main reason behind
innovation is to develop
company's current offerings or
to add some more value to
product or service.
The main reason behind
invention is to add or
formulate new product.
Competition It gives a competitive
advantage to firms.
This gives rise to competition.
Example Use of Artificial Intelligence
in manufacturing process.
Emergence of concept
Artificial Intelligence.
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P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
The innovation and commercialization concept are differentiated form each other. As
innovation is taken into consideration for greater improvement in product and commercialisation
comprise of a strategic procedure which invents products and services for general marketing.
This helps companies to raise production, distribution, customer satisfaction and marketing sales
which are enhanced to reinforce companies products and services (Fukuda, 2020). The two terms
that is commercialization and innovation performs a very important role in business growth in
international market. The contribution of organisational vision, leadership, culture and teamwork
in shaping of innovation and commercialisation is mentioned below:
Vision:
The company is focused towards its objectives which are set for long term in nature. F-
Drone considers its functions in respect of statement of vision which was formulated at the time
of establishment of organisation and operations. The vision is one which depicts company's core
agenda. The company F-Drone is concerned towards providing drones with continuous
innovation which can lift and fly with heavy load for a motive to accomplish aerial transportation
of goods at large scale.
Leadership:
Leadership can be defined as a process of adopting some style into behaviour of a leader
that can help organisation to encourage and motivate firms employees so that they can work with
more enhanced competencies (Helfat and Raubitschek, 2018). There are various types of
leadership style such as Autocratic leadership style, Democratic and Laissez Faire.
In F-Drone company Democratic style of leadership is applied as this brings more and
more suggestions form employees who are the actual doers. This helps company to bring
continuous innovation in their products. This encourages company's employees in having more
and more participation by sharing their opinions in bring new innovation to the firm. Democratic
style of leadership in F-Drone develops team work and co-ordination that gives ideas for
innovation that a company can involve in its process or product.
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A leader brings innovation in firm by concentrating on various organisational aspects
such as by bringing innovative solutions to critical or challenging tasks that can be resolved with
new thought which can be implemented in development of product or process. The other ways
through which a leader can bring innovation into organisation are mentioned below: Team work: Allocating various tasks by a leader which are required to performed by
forming teams will give rise to numerous solution to a single problem or matter of
discussion that definitely allows innovation to take birth and is later being applied by a
leader in such organisation(Hernandez-Vivanco and et.al., 2018). Acceptance to change: When a leader is open to accept any kind of change in his
organisation then it allows a leader to think for bringing innovation in order to react and
implement those changes in their operations. A leader's acceptance to change motivate
and asks employees to think for innovative idea that can be implemented.
 Motivation: Motivation plays a very important role in efficiency and productivity among
employees. A leaders motivation fosters his team members to perform their task with
greater zeal and encouragement that gives rise to innovation thought which employees
brings in successful completion of their tasks.
Culture:
The term culture involves companies ethics and beliefs, assumptions, code of conduct,
etc. which guides firm to follow and achieve its targets on time by followings companies rules.
Culture plays a very important role in growth and innovation of any company because it guides
the work and behaviour of company's employees (Keiningham and et.al, 2020).
It is very essential for F-Drone to follow its culture which helps to bring innovation by
application of Handy's model of culture in its organisation. The various factors which
implements company's culture in a better way are as follows: (Kovalenko and et.al, 2019).
F-Drone company by implementing task culture in its organisation in which firm's
employees are dedicated for their individual responsibilities and activities can bring innovation.
The culture allows employees to feel encouraged and motivated for their performances in
allotted task to do them in effective manner by bringing some innovative idea or process in it.
Task culture allows employees to work with their full competency so to achieve target on time.
This enhances employees engagement that gives an opportunity to bring innovation in their
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workings so can take company towards innovation or commercialisation. Culture is something
that brings focus in minds of its employees to follow company's code of conduct or maintain its
dignity that gives a rise to bring some innovation in their product or process.
Teamwork or Team Synergy:
This comprises of a team made from company's employees directed towards achievement
of single goal. Team brings skilful and effective members which gives new ideas and innovation
with a collaborative efforts of teammates. This indulges quality in work at their highest level
with integrated solutions (Li. and et.al., 2020). In F-Drone there should be a proper training and
development for company's employees in order to build skills related to team coordination that
helps firms to achieve their target in set time with some innovation. Team synergy collaborates
individual efforts into a group that combines and helps company in having idea for innovation
that F-Drone can implement in his operations or can launch new product into market with latest
innovation or commercialisation. A team synergy gives rise to numerous ideas in context to
innovation out of which organisation can work upon those which is the most suitable and best for
them.
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
4Ps refers to a model of innovation which is applied by organisations in order to increase
their sales and popularise their brand image in market with some unique touch in it. The 4Ps
stands for Product, Position, Process and Paradigm (Lu, 2019). Each P of innovation is explained
below in detail:
 Product: This involves implementation of innovation into firms manufacturing product
or service which it is offering to its prospect buyers in market. By this company is able to
meet customers need and requirements in successful manner. F-Drones by this can have
better opportunity to bring innovation in their offerings which allows them to enjoy
competitive advantage within industry.
 Position: This includes chosen market segment where company is offering its product for
sale. It involves identification of customers interest and perception which they wishes to
have in company's product (Marcus and Davis, 2019). F-Drone is can offer its product
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with new innovative ideas backed by greater value perceived in it so that potential buyers
finds worth and gets the product purchased.
 Process: This factor of innovation comes after setting up of position for a product in
market. The process comprises of implementing of superior technology or innovation in
either manufacturing procedure of a product or in development of product itself so that
can deliver best to buyers in market. In respect of F-Drone the process of company gets
improved continuously in order to gain competitive advantage with minimal cost and
time involved in product. Company always brings innovation in its process so that can
have unique outcome after final production.
 Paradigm: This includes some models which company's managers adopts in their views
and perceptions to make innovative product a easier and beneficial task for them. This
provides ways to management team in order to bring innovation for completion of their
set target in time and leads company to enjoy success (MinVonortas and Kim, 2019).
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
Concept of Frugal Innovation:
The concept of frugal innovation is related to a procedure which is applied in order to
reduce toughness of production process of goods and services. The main motive behind
application of Frugal innovation is to scrutinize the cost of product by developing manufacturing
process for elimination of waste from products along with an addition of innovative touch
(Symeonidou, Bruneel and Autio, 2017).
F-Drone in this context provides better resources which assists management to reduce
wastage in effective manner and brings innovation in its offerings.
The process of Frugal innovation is discussed below:
Step 1. Opportunity in Adversity findings: The aim is to search various opportunities
in issues so that can be improved effectively. In context of F-Drone organisation the drones are
helpful for management in integrating positive performances with some innovation in its
products to gain competitive advantage.
Step 2. Using less performing more: This analyses scare resources that are used by
company for identifying customer demands. F-Drone applies its general feature in form of
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technical factor to bring innovation in its technology that can have superior performance in
market.
Step 3. Assorting simple method: This involves use of such operations which are simple
and easy to use in order to have adequate understanding. The simplicity also involves regular
enhancement to have competitive advantage in market. F-drone by this is helpful in measuring
market fluctuations and can modify its product accordingly. Sometimes using simple methods or
technologies gives birth to an idea of innovation that can be considered by company to have
uniqness and innovativ product for market.
Step 4. Involvement of Margin: This step includes effective management and
consideration of customers for product improvement by analysing requirements of firm as well
as buyers in continuation. Effective management of margin allows company to bring more
efficient and less cost idea through implementation of innovation or new thought in their
products that helps companuy to offer innovative product into market for sale.
Step 5. Following own instincts: This includes management of firm by individual factor
which is being required by to apply in work with more zeal. This assists management in raising
innovation through artificial intelligance in its market operation by satisfying customers needs.
F-Drone gets assistance by modifying its current offerings through addition of uniquenessin
products and raising its market share by fulfilling buyers needs.
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.
Concept of Commercial Funnel:
Commercial Funnel is also refereed as Sales funnel which posses main objective for
transforming target consumers into potential customers. This involves new features in products
which allows company to enjoy higher profits by raising its net income (Szopik-Depczyńska and
et.al., 2018).
In relation to F-Drone determination of selling price and cost of innovated product assists
management in raising its profits through high sales.
Importance of Commercial Funnel:
Following are the importance of commercial funnel:
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 Helps in selecting marketing strategy: This provides a guidance to an entrepreneur in
order to have understanding that which strategy or tool for marketing will be best suitable
for business. In case of F-Drone knowing better market strategy helps company to offer
its product accordingly so can have more market share.
 Helps in high sales: Commercial funnel is beneficial for entrepreneurs in generating high
sales which helps enterprise to grow more and cater more customer's. High sales by F-
Drone helps company to generate more revenue and enjoy high revenue.
 Helps in improving business growth ways: As there is no perfect model for business to
grow so the commercial funnel gives a feedback to entrepreneurs in relation to various
strategies which assists business to experience growth. F-Drone by knowing ways for
growth can help company in applying best growth strategy into action for a continuous
development of business.
New product Development (NPD):
This allows company to develop new product with a spice of innovation and is introduced
in market for sale.
The process of NPD is mentioned under:
Step 1. Idea Generation: This involves thinking of new idea which will be for
development of new product with some innovation. Firms can have various alternatives in order
to develop an effective plan which can be easily accepted by market.
Step 2. Idea Screening: Under this stage the ideas generated previously are shortlisted
which are best fit for the product. This highlights an optimal approach which helps company to
attain its objectives.
Step 3. Concept development and testing: This involves research and development of a
product with a motive to identify customers needs. Companies under this step selects some
customers who are presented with a sample usage of new product and accordingly feedbacks are
collected by F-Drone to measure product suitability.
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Step 4. Marketing Strategy development: Every product needs to be marketed by
company in order to make public aware about their offerings. So firm designs a specific
marketing plan to have competitive advantage over rivals.
Step 5. Business Analysis: Under this step a company analysis its business or
operational area in detail. An organisation looks for the feasibility of new product along with its
marketing strategies, sales, various costs and other projections for success of new innovative
product in market.
Step 6. Product Development: Under the umbrella of this stage company verifies
product quality based on usage and cost. F-Drone's research team verifies quality of its new
product to offer best in market.
Step 7. Test Marketing: After the development of product department of research and
development tests marketing strategy to have customers responses by offering them new product
through advertisement. F-Drone tests it marketing strategy by placing banners and television
advertisement for their product.
Step 8. Commercialisation: This is the last step in process of NPD. Here, the product is
set for use by potential customers (Walsh, Murphy and Horan, 2020). F-drone sells its product
online as well as offline.
Break even Chart:
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Application of BEP:
It is utilised to know the actual point where the firm can attain greater profits.
BEP analysis directs managers to fix adequate prices for the products that are being
sold in market.
Managers can have the idea of such outputs which are required to be produced to
recover all the costs and expenses that are related to manufacturing process.
From the image it can be measured that when profits and total costs intersects than it
reaches at break even point. Fixed costs remain same for the production and variable costs
fluctuates according to production units.
Gantt Chart:
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Cash Flow Statement:
Conclusion:
From the above process it can be concluded that F-Drone is coming up with a new
innovation in its product to cater market and to gain competitive advantage over rival firms. For
this the company is going to offer its product via offline and online to its potential customers.
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
F-Drone Company Background:
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F-Drone is a worlds first transition drone company which provides its products with
application of latest technologies in it. The firm is nor planning to add some unique feature in
Drone which can take technology to the next level.
Vision:
F-drone visions for long term sustainability in technological industry with a benchmark
of optimal performance.
Objectives:
The main objective of F-Drone is to make latest technology drone which can bring a
competitive advantage and organisation success.
Business Case (Executive Summary):
It involves all the required details and information in a structured from which describes
motive of new product development. This happens by including all practices which are used for
efficient operation and functioning being fulfilled by management team. This helps organisation
to have suitable decision for success. In relation to F-Drone the company plans to indulge
innovation by applying Artificial Intelligence in its drones. Following are the steps involved in
new product of F-Drone:
STP Analysis:
 Segmentation: This focuses on market segmentation at various levels which F-Drone
can select having more customers for technological market.
 Targeting: It refers to those people which acts as a target customers for F-Drone such as
IT firms, MNC's, Automotive companies who all are related to technological resources.
 Positioning: It analysis ranking in competitive market which assists higher benefits in
business environment. F-Drone can measure their position in global markets.
Market opportunity:
In respect to technological business market posses high productivity and allows
companies to generate high revenue and large market share with more sales. Innovation always
supports firms to raise their sales in market.
Resources Required:
Following are the various resources which are required by F-Drone to bring innovation in
their product:
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 People: This involves several competent personal for the innovation such as employee
knowing concept and application of artificial intelligence, support staff,etc.
 Equipments: This comprises of various tools and equipments such as machinery, drones,
fittings and fixtures, etc.
Risk and Potential Benefits:
The risks involved in this innovation is less awareness of artificial intelligence by
potential users or less familiarise market.
The potential benefit in this innovation is that product is made up of updated and latest
technology which is emerging in market that can help company to have high sales and great
competitive advantage over similar firms.
Promotional Strategy: Risk and Potential Benefits:
The risks involved in this innovation is less awareness of artificial intelligence by
potential users or less familiarise market.
The potential benefit in this innovation is that product is made up of updated and latest
technology which is emerging in market that can help company to have high sales and great
competitive advantage over similar firms.
F-Drone adopts digital platform for promoting its product such as E-commerce, Digital
Banners, etc.
Sources of Funds:
The various sources of funds that are available to the company are bank loans, long term
borrowings, personal capital or acquiring from any other financial institution. Explanation to
each sources of funds are mentioned below:
 Bank Loans: This involves getting of capital from banking institution in a form of loan
that demands for collateral security by completing a legal paper work. In this company
needs to repay its loan through payment of monthly instalments with interest that is being
charged by bank in against of loans.
 Personal capital: This involves injection of owners own capital in business to meet its
working capital requirements. This does not involves any cost in acquiring funds or does
not requires any legal paper work. This is the most simple form of sources of funding.
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 Other financial institutions: This source of funds provides opportunity of getting funds
from various institutions such as angel investors, venture capitalists, etc. This source
allows firm to share their ownership with investors who takes active participation in
decision making of company. The investors also provides support to firm such as getting
potential market or suppliers.
For F-drone it is recommended to gets funds form financial institutions that provides
regular and active support to develop market an earn high profits. These financial institutions
provides huge amount of investments to firms especially those going to bring innovation in their
firm because the market demands innovative items. They also provides long term funding which
an organisation cannot take form any bank at cheaper interest rate.
P7 Different tool to retain intellectual property for longer period
Intellectual Property:
It is the intangible property that has been made by the individuals as in order to attain any
important area. Intellectual property rights carriers all the rights that are being made by the
human creation and making that right to be preserved for that certain individual. There are
various types of intellectual property which is patents, copyrights, trademarks etc. All the
innovation that are being made by any human and all the technological creation which is being
made by any individual use to be covered under it. This has been analysed that IPR makes and
protects all the skills of the innovator by for there making it protected. F- drone has taken certain
safeguards in order to protect there rights and products.
Patents- The patent covers the certain exclusive legal right that is been given to the
individual in order to make the property protected and also helps them to exclude all the other
person to use that certain rights(Wang and Lu, 2019). No person can thereby use that right and
the patented item to be made again till the time the other organisation has got the patent of that
product.
Importance- F-drones can made there work patent so has no other company or the
organisation can do that certain work or make any person to willingly do that work. All the
inventions that are being done by any company can be protected through this exclusive right of
the person to attain ownership. As the main benefit of the patent is that it protects all the
exclusive right of there ideas and also the property as in order ton make the work being evident.
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Strength: All the inventions that are being done by any company can be protected
through this exclusive right of the person to attain ownership.
Weakness: This can only last for 20 years and after that the person will have to make it
done again have to make the patent again.
Trademarks- This tool helps the organisation or the company to get the work done in
order to make any work to be legal and clear. In trademark all the designs, signs and symbols can
there by be protected and all these works of various innovative ideas can be made considered.
Trademark helps the company to use there own sign and symbols without any reasonable
problem. And no person will be allowed top opt that same thing for there matter as in order to
make that work in any area and no sign and symbols that has been made trademark by any
organisation can be used or copies otherwise infringement can be made in that particular
company.
Importance- the trademark can there by being used by the F-drones in order to maintain
there personal design, signs and symbol acknowledgeable for themselves. And there has to be
made that all the work which is being done by the person in all the frames and the design and the
pattern used by the f-drones will not be used by others.
Strength: Maintains there personal design, signs and symbol as no person can there by
infringe there rights by copying the same marks and designs.
Weakness: It is a costly process and as the brand cannot be remembered by the trademark
and it covers art times deceptive methods.
Trade secret- It is the intellectual property which covers all the process, designs,
patterns and all the practises which governs the information that has been generated in the
economic area and the value that is been kept secret as that implies all the assertive and the
general information that are being taken place. The information being made in the trade secret is
not being shared to the general public and provides all the economic benefit that helps the owner
that there prudential information is not being disclosed. And the holder will have to maintain the
secrecy. It helps the company to clarify and make all the market capitalization that tends out to
be a major area and helps top cover and remain hidden all the internal innovations in secret.
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Importance- F-drones can be able to maintain the secrecy of there information as that
protects the and covers all the information just in themselves and helps out to create the efficient
working of the company.
Strength: It helps to maintain the secrecy of there information as it protects all the
information just in themselves and helps out to create the efficient working of the company. By
managing the secret and confidentiality.
Weakness: This can not be made easily enforced and the persons can there by make the
patent of that information.
Copyrights- It is the legal right that has been given to the author where all the
publication and the original work of the author is being protected and non person can copy the
item that has been produced by the owner in case when that is being approved by the author. It
covers all the original and the innovative work that has been done by the person like novels,
music lyrics, poetry, graphics designing. All these carries that all the work which is being made
by the author will be copyrighted.
Importance- the work that is being done by the person in F-drones will be treated as an
original work as this will help them out to make it clear and no person can reproduce the idea
that is being used by the company without there Evaluation of various tools of intellectual rights
with there strength and weakness.
Strength:It helps to treat the work as an original work as this will help them out to make
it clear and no person can reproduce the idea that is being used by the company without there
permissions.
Weakness: This can only protect the literature and not the invention that is being made so
it is of no use for F-drones.
Recommendation:
It is recommended to the company that F-drones as being the well known company and is
being dealing with all the innovative ideas and the techniques should there by emphasises to use
patent as an intellectual property tool. There has been seen that all the rights of the person and
the author can there but being protected and the work will not be then copied by any person.
Patent last for more time and also helps to provide the exclusive rights to the owners.
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Thus F-drones can use the patent tool in order to protect there innovative idea from all the
other companies and can make it work in various areas and methods.
Evaluation of varies tools of intellectual rights with there strength and weakness:
RECOMMENDATIONS:
It is recommended to the company that F-drones as being the well known company and is
being dealing with all the innovative ideas and the techniques should there by emphasises to use
patent bas an intellectual property tool. There has been seen that all the rights of the person and
the author can there but being protected and the work will not be then copied by any person.
Patent last for more time and also helps to provide the exclusive rights to the owners.
CONCLUSION
From this above report it is concluded that innovation is the foremost and the most
important feature of all the organisation. As every company should tend to make certain
innovation in order to frame there work in proper manner. There has been explained the NPD
process with various 4 p's of innovation that helps in knowing the plan of innovation with all the
introduction of the products of innovation. It also covers all the various tools of intellectual
property that helps to give the knowledge about that innovative idea and protect it. Furthermore,
it is also analysed that all the companies and the organisation should protect there innovative
ideas and strategies.
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