Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation in organizations. It defines innovation and its significance compared to invention. It also explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialisation. The document further examines the 4 Ps of innovation and the use of the innovation funnel. It explains the developments in frugal innovation and their impact on businesses. Additionally, it defines the significance of the commercial funnel and the application of new product development. The document concludes with an assessment of the different tools that organizations can utilize to develop, retain, and protect knowledge and intellectual property.

Innovation and
Commercialisation

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Define innovation and analyse its importance to organisations in compare to invention.....1
P2. Describe how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation...............................................................................................2
TASK 2............................................................................................................................................4
P3. Discuss the 4 Ps of innovation and define the use of innovation funnel...............................4
P4. Explain developments in frugal innovation...........................................................................5
TASK 3............................................................................................................................................6
P5. Define the significance of the commercial funnel and the application of New Product
Development................................................................................................................................6
P6. Build an Innovation Business case........................................................................................7
TASK 4............................................................................................................................................8
P7. Assess the different tools that organisations can utilise to develop, retain and protect
knowledge and intellectual property............................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation denotes to the process of designing something creative and new as well as
doing something specific in particular way. Commercialisation signifies as type procedure of
introducing and offering new products and services which are produced by a company in the
market. For the completion of this assessment, F-Drones is the company which is considered.
This is a developer of autonomies electric delivery drones for maritime logistics (Gross and et.
al., 2018). The business establishment was incorporated in 2019 and runs its trade in logistic and
aerospace sectors. The assessment will consist data regarding modernism and its significance,
4P’s of innovation and the use of the innovation funnel. Furthermore, it will consider about the
importance of commercial funnel, application of new product development, innovation business
case and intellectual property regarding business.
TASK 1
P1. Define innovation and analyse its significance to organisations in compare to invention
Innovation is signified as the compliance of new facts, plans and procedures. It often also
analyses as a segment of effectual solution that fulfil new ideas, unspoken needs or current
market. There is different sort of changes are occurred in market as organisation response
towards needs of customers. So an adequate potential organisation likes F-Drones for developing
new development options to marketplace new goods which can capable to fulfil the altering need
of more complicated target audiences that is to transport actual time alteration improvement. SO
it is significance for an establishment like F-Drones to perform modernization into their trade
activities and goods as it will maintain to improve expensive commodities. As per the study, it
can be determined that the particular company is going to make the world’s first changeover
drone to allow aerial discharges to transports and offshore suggestions (Dincer, 2017). Within
this, new manufactured goods, they include restricted suggest that will have a combination of
profound deliverance and long range capabilities which would put other existing delivery drones
to shame.
Importance of Innovation and Invention
Innovation is important at place of work assist enable to provide boundary in to
competitive market quickly. Regarding F-Drones, modernization is significant as it assists them
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to extend their development options and convene the altering needs of the consumers. The
efficiency of modernism and invention regarding specific company is explained as:
Gaining competitive benefits- It enables in earning competitive advantages by providing
and creating goods as per the needs of customers. F-Drones, may gain competitive edge by
launching a product as world’s first development drone to allow airborne deliverances to delivers
and offshore stages.
Satisfying customer demands- In existing time, whole world is suffering with the pandemic
of COVID 19 so due to which individuals have the demand of online as well as drone shipping
services so that they get needed commodities in protected manner (Miller and et. al., 2016). With
the assistance of this kind of creation and invention, the particular firm can fulfil this demand of
people.
Invention- It is signified as wholly new good that is dissimilar from other commodities which
are accessible in the market. thus, creation is important for corporation like F-Drones as the
venture is doing same things so the marketplace acquire suffused, thus, they have to bring up
with new things that may cause a reincarnation.
Difference between innovation and invention
Basis Innovation Invention
Concept It is not completely exclusive
ideas. It is describing as the
implementation of new
thought in particular form.
It is completely inventive
sentiments to produce any
good or service.
Occurs Particular beginning is
occurred when company felt
that growth is necessary into
current good for fulfilling the
customer requirements.
It happens during time maker
strikes with new suggestion
for creating something
innovative.
P2. Describe how organisational visualization, management, civilization and cooperation can
shape innovation and commercialisation
In a corporation, there are numerous aspects that play a significance function in offering
effective returns and they can be visualization, operation, guidance and teamwork (Yildiz, 2020).
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These all components are necessary to a company so that it can be successful and make growth
by considering them in company.
Vision- It relates with the future aims and aims of the corporation. The manager of the
organisation assists in designing the business aims and goals. For instance, in F-Drones, the aim
of the corporation is to facilitate aerial delivers with their unique proposition that will have
combination of profound delivery and extensive run capabilities.
Culture- It indicates to sentiments, importance and beliefs of different consumers. It is the
quality and data of a specific squad of persons who belongs from different religion, social habits,
languages and others (Medase and Barasa, 2019). In F-Drones, the administration produces
goods and facilities according to their target customer’s wants with the intention of minimising
educational differentiation. For it, the creative product like exclusive design drone which will
have a combination of heavy shipment and long variety capabilities.
Leadership- In F-drones, the leader of the company can utilise and include autonomous
leadership style as with the help of it, they can acquire views of the people of the group and
make creation accordant to innovative ideas. This leadership is crucial to make innovation in
products and facilities of the firm.
Teamwork- It denotes to the group action where people are performing regarding their
assigned responsibilities for achieving set business aims by using their all efforts. In F-drones,
the management can create a group to work regarding this innovative product so that people can
perform their duties in a team and easily accomplish the establish business goal.
Innovation assist the company to maximise the sales, maximise customer base, gaining
profit and others. The above defined aspects are essential for the respective firm in term fo
shaping innovation and commercialization.
Different sources of innovation
There are various source of modernization which is expressed as under:
New knowledge- It is signified as source of modernism. It considers gathering of
information connected to new marketplace so that F-Drones may keep their trade through
efficient determination of specific business area.
Changing perception- It is analysed as the source which mainly deals with consumer’s
observation in context of company (Adelowo, Akinwale and Olaopa, 2017). F-Drones can
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consist the modify perception of people for launching their creative commodity as drone which
will have a combination of profound shipment and extensive term services.
So the above described source of modernization are beneficial for F-Drones as it will
promote them for dealing with the altered insight and facilitate all the data which is crucial for
them regarding innovation process.
TASK 2
P3. E- xamine the 4 Ps of innovation and define the exploitation of innovation funnel
In context of innovation, all employees who work in the firm have to perform their duties
in efficient form. It is crucial for business to determine different aspects for acquiring market that
are explained as below:
4P’s of Innovation- For adequate development, modernization is crucial aspects that drive
regarding business development. So 4P’s of innovation are defined as under:
Product- It is considered as the important P’s of modernization and develops creation in
its final product that is in cause course utilised through customers (Pustovrh and et. al., 2017). A
new product may be commenced or radical transform may be urbanized towards present
products. It will sustain F-Drones to launch drone that will have an understanding of weighty
delivery and long series facilities through determining change into perception of customer before
launching new goods.
Process- In F-drones the term process denotes to all those actions which are considered in
context of producing and manufacturing as well as using it to provide effective services to
consumers. In context of F-drones, it considers supply, distribution and others.
Position- It is indicated to where goods and services are targeted at current time at
marketplace. Modernization in place may be executed and product can be launched into new
market area where good would not have been launch before. Therefore, it will assist F-drone to
improve their profit margin.
Paradigm- It is something that controls an effective complex change into market.
Moreover, it is totally about how creative ideas are used in to characteristic forms for developing
ventures. The change can whether be positive or unfavourable (Azarmi, 2016). It will enable F-
Drone admnstration at sustainable level through continue alteration in their commodities so that
wants have individuals may be fulfilled.
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Innovation Funnel
The Innovation Funnel is a instrument that allows a ordinary drift of thoughts that may be
screened for feasibility. The Innovation Funnel, moreover called Funnel Management Process, is
a trendy method for improvement this is utilized by numerous businesses to form an
revolutionary and pragmatic movement plan. The Innovation Funnel is a instrument that permits
a regular flow of facts that may be monitored for practicability. It's a instrument that enables
businesses and individuals to innovate effectively. It denoted to explain the phases which enable
in practicing an activity and good. There are three key stages of modernism funnel which are
described as below:
Mouth of the funnel (Intelligence)- It is primary phase in which a company expand data
and data base. The main reason of it is to assemble chose emotions through its effective form
(Innovation Funnel. 2020). In F-Drone, the management can collect by study, partners and
institutes and rivals etc. With the support of it, they can assemble data and make modernism in
its goods in efficient manner.
Narrowing the funnel (Discovery)- It is another phase, within it, the administration of the
venture utilize those facts which are composed by them with the assistance of primary phase of
innovation funnel (Dezi and et. al., 2018). For example, in F-drone management purpose can
utilise suitable information to make rivalry and make change in its goods and services as per
consumers demand.
Narrow part of the funnel (Development)- It is the last stage of innovation funnel, within
it, the company assure that the information is accurate to attain the establish aims of the
company. In this stage, specific organisation can produce new services and goods with the
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support of innovation and deliver them in marketplace with the aim of fulfilling customer’s
needs.
P4. Explain developments in frugal innovation
Frugal innovation is signified as activities of minimising the cost of commodities and their
easy production. With the help of frugal innovation, F-drone may accomplish diverse options of
development within the marketplace (Gross and et. al., 2018). There are numerous principles of
frugal innovation which may be utilized by particular venture. They are as:
 Identify opportunity into adversity: The establishment may be acquired different options
in hard situations. For this, the management of F-drone may use new machinery with
high feature.
 Do much with less: The venture may get achievement through aids accessible sources.
Like F-drone may launch high technical drone that carry out profound shipment and long
term abilities quality.
 Think and perform as flexible: For thinking critically and collecting data as well as
assessment of it, the venture can acquire development ideas to firm (Lehtimäki and et. al.,
2019). For this, particular organisation collect information in context of consumer needs
related to advanced technology they are utilising.
 Keep simple: With F-drone, the resolution of the issues has to be simple because this may
be beneficial for getting appropriate outcomes such as revenue and sales development.
 Follow your heart: It demonstrates that individual who is much passionate as well as
prepared to execute by utilising its possible so that they attain their pre-analysed aims at
set timeframe.
As per above defined ethics of frugal innovation are helpful for manufacturing efficient
commodities and minimising the offering or developing profits of venture. It is crucial to carry
out innovation in context of execute diverse work in an adequate form. They focus on accept
frugal innovation for executing different actions in effective form. Also, by considering frugal
innovation, F-drone may accomplish different options of development in market.
Values in Frugal Innovation
Affordability- It generally signifies and measures by its cost relative to the amount that
the buyer s able to pay. In context of F-Drone, the firm launch a drone which will have an
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arrangement of profound delivery and long range capacities. In order to this, management should
provide the services at low cost through its drone which can easily afford by its target people.
F-Drones to launch drone that will have an arrangement of profound delivery and long
range capacities
Simplicity- In context of F-drones, the services which will provided by its new drone
product should be simple, easy to understand and explain seems simple so that the target
audiences can understand in simple manner and easily take the benefits of it.
Quality- It is the totality of features and characteristics of a product or service which bear
on its capability to fulfil provided demands (Dincer, 2017). In context of F-drones, the quality of
product should be great able to meet and fulfil the provided attributes of its.
Sustainability- It signifies as the meeting needs of the firm without making compromise
the ability of future generations to meet their own demands. In F-drone, the management can
meet the need of its heavy delivery with the support of its new drone product.
Optimisation- It is the process of making something as fully perfect, functional and
effective as possible. In F-drone, the management can develop an effective design of its new
drone product which will be perfect and function in crucial manner. This will be valuable in term
of providing effective services to its target people.
Reduce waste- It is one of the key aspect and valuable factor which enable in making the
production of the new product adequate. IN F-drone, the management can focus on reduction of
the wastage so that they can design effective product with their design budget.
Increased production- It mentions more output is produced from the same amount of
inputs (Miller and et. al., 2016). In F-drones, with the effective production process and system,
the administration can manufacture effective product as well as provide appropriate services
through them with more less inputs.
TASK 3
P5. Define the significance of the commercial funnel and the application of New Product
Development
Commercial Funnel- It denotes to the buying method and process which utilise by companies to
express consumers during purchasing (Akinwale, Adepoju and Olomu, 2017). This model
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enables the establishment in drawing the real customers to consumers. It can develop the
effectiveness and increase revenue by getting attention of new consumers.
Importance of commercial funnel- It is significant for organisation as it enable in providing
understanding of the sale of entity. It is important framework for customer journey from original
consciousness all the form by alteration (Yildiz, 2020). This perception helps in offering
adequate arrangement through which the administration of the corporation analyse the trade and
recover out the growth area.
New product development process
Idea generation- It is the primary phase of this process and within it, the administration
of F-Drone can produce thought of drone which will have a preparation of heavy shipment and
long range capabilities, When introducing new launched products in the market, there are diverse
ideas occurs in the mind and this stage includes the chain of idea which can be considered by the
firm.
Idea screening- It is next step in which ideas are utilised that are taken in to prior phase.
These ideas are assessed according the corporation obligation that facts will be efficient for the
venture or not.
Concept development- In this stage, ideas are modified in to validity so that company can
able to get competitive edge (Gross and et. al., 2018). In F-drone, the administration of the
venture analyse brief description of thoughts fixed in significant consumer terms.
Development strategies- In F-drone, under this stage, plans are designed through study
and expansion squad of the firm. The management of the establishment develop strategy
regarding manufacture, resource assembling, allocation and production of drone which will have
a variation of profound delivery and wide range of capabilities.
Examine business condition- In it, F-drone understand the commerce atmosphere to
sustain in marketplace where it functioning its business.
Product development- Under it, the management of F-Drone can assemble required
material to design or develop unique drone.
Marketing test- In this stage, F-drone can commence its product in the marketplace to
analyse the response of consumers at very first time that they will like it and need any kind of
development (Dincer, 2017).
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Commercialisation- It is the last step which refers to effective launching of the product in
the market so that customers are attracted towards them to buy. In F-drone, the management play
role to modify their products so that customer are ready to buy them.
P6. Build an Innovation Business case
Business case- It is a written assessment which include a detailed about the project in context of
issues, development option and modification of circumstances. In F-drone, it can be a assessment
making process which used to analyse the impact of explicit analysis will have on income. The
diverse phase of business case is as:
Summary- F-drone is a corporation design creative drones that can fly a strong
agreement further even with must heavier payloads (Medase and Barasa, 2019). The particular
firm is building the globe’s first revolutionize drone to enable airborne liberates to oil rings and
ships. Their unique plan will have a combination that would provide heavy delivery.
Objectives- The goal of the company is to manufacture exclusive intend drone which
enable in airborne discharges to oil rings and ships.
Solution- By utilising efficient quality substance and using creative technology so that
goals and aim can be attained in more improved form.
Innovation in products- The creation is innovative as F-drone very first time designs this
sort of creation in its products which enable in providing efficient shipments (Miller and et. al.,
2016). By manufacturing unique drone, the production department of the company can use the
machinery to make it exclusive and world’s first varying drone to make easy aerial shipments to
oil rings and ships.
Research- F-drone is centring in analysing market and impact of its products on customer
by examination and online study. The firm can do research regarding customer’s needs at
different level regarding goods.
Funding- To modify this all process in reality, F-drone will require fund and capital as
well as diverse source of funding to raise finance to make effective production as well as market
development.
Bank- It is an effective source of funding to operate business and make innovation. It
confirms with a fiscal institution where distinct form of finance raised via ventures in term of
perform the business activities (Yildiz, 2020). The management of F-drone can consider this
source for funding its business.
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Angel buyers- It refers to people like friends and family contributors. In present time, there
are approx 250,000 personal angel traders are supply their services towards raising find to
required ventures. Most of the angel traders are not engages of angel devices as an option as they
are business owners, executive and others that have the ability to fund offers which are
accessible to them.
Benefits- Under it, F-drone can provide the benefits to the people by the services of its
unique drone. This will assist in offering satisfaction of the target audiences of the form as well
as providing advantages to company in term of profit, sales and many more.
TASK 4
P7. Assess the dissimilar tools that organisations can utilise to expand, maintain and guard
knowledge and intellectual property
Intellectual property
It denotes to an irrelevant object of human module. They are present ideas which are
urbanized by the people to set up a commerce through using a tool and form which is never been
utilised. For business venture protection of property is essential for considering innovative ideas
to acquire market share and earn competitive benefits.
Patent- It is significant tool which is considered by investor or business people to register with
the authorities so that the proprietor has the effective to apply these forms of plans in its agency
(Medase and Barasa, 2019). It provides an effective proprietorship of patent to analyse that how
they could have the power of supply proper to others.
Strengths- It offers bigger rights whereas resolute infringement does create. It enable in
provide strengthening to proprietor’s goods from rival’s products.
Weaknesses- In changes for the authority security, the government needs the author
discloses the more people of the formations mentioned within the patent.
Trademark- It signifies as a mark which is used by means of way of company to favouritism the
product and contributions of a company to others (Adelowo, Akinwale and Olaopa, 2017). These
kinds of rights are used by the firm to provide safety from prehistoric time within goods is
noticeable with a chosen representation which mentions the possession of an individual on the
best.
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Strengths- If a company has trademark then it is going to have constrained right to use it
in the course of the country and for all products that can be indexed within the registration.
Weaknesses- The owner of trademark ought to pay accuse for the registration and
regeneration and the cosy basically supported absolutely within the range of segments of goods.
The above mentioned information, F-drone can consider patient regarding unique drone
product (Pustovrh and et. al., 2017). With the help of it they can proffer protection and
prevention from its competitors and no one can copy their exclusive goods.
CONCLUSION
It has been summarised from the mentioned content that innovation is an efficient aspect for
growth and expansion of the business of company. By making development in its present goods
and services or by introducing new product, the venture can develop its profits and improve
productivity. To provide shape of development ideas, the administration of the company can
consist innovation funnel. Business case of the firm is important to give data regarding
enterprise, its aim and provided that data of the form with its new modernization. There are
several techniques which are offered by countrywide authority of the country to protect by
intellectual possessions like patents, trademark and many more.
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REFERENCES
Books & Journals
Gross, R. and et. al., 2018. How long does innovation and commercialisation in the energy
sectors take? Historical case studies of the timescale from invention to widespread
commercialisation in energy supply and end use technology. Energy policy, 123, pp.682-699.
Dincer, I., 2017. Importance of research, innovation and commercialisation for technological
success. International Journal of Research, Innovation and Commercialisation, 1(1), pp.8-22.
Miller, K. and et. al., 2016. Knowledge transfer in university quadruple helix ecosystems: an
absorptive capacity perspective. R&D Management, 46(2), pp.383-399.
Yildiz, I., 2020. Innovation and commercialisation dynamics in agri-food industry under
contemporary forcing functions. International Journal of Research, Innovation and
Commercialisation, 3(1), pp.1-21.
Medase, K. and Barasa, L., 2019. Absorptive capacity, marketing capabilities, and innovation
commercialisation in Nigeria. European Journal of Innovation Management.
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Adelowo, C.M., Akinwale, Y.O. and Olaopa, O.R., 2017. Innovation and knowledge transfer in
Nigeria. International Journal of Research, Innovation and Commercialisation, 1(1), pp.57-73.
Pustovrh, A. and et. al., 2017. Antecedents and determinants of high-tech SMEs’
commercialisation enablers: opening the black box of open innovation practices. Economic
research-Ekonomska istraživanja, 30(1), pp.1033-1056.
Azarmi, D., 2016. Factors affecting technology innovation and its commercialisation in firms.
Dezi, L. and et. al., 2018. Assessing the impact and antecedents of university scientific research
on firms' innovation commercialisation. International Journal of Technology Management, 78(1-
2), pp.88-106.
Lehtimäki, H. and et. al., 2019. Sustainable value creation in the commercialisation of
innovation: the case of Auria Biobank. International Journal of Entrepreneurship and
Innovation Management, 23(5), pp.451-465.
Akinwale, Y.O., Adepoju, A.O. and Olomu, M.O., 2017. The impact of technological innovation
on SME's profitability in Nigeria. International Journal of Research, Innovation and
Commercialisation, 1(1), pp.74-92.
Online
F-drones Overview. 2020. [Online]. Available Through: <https://tracxn.com/d/companies/f-
drones.com>.
Innovation Funnel. 2020. [Online]. Available Through: <
https://www.toolshero.com/innovation/innovation-funnel/>.
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