Innovation and commercialisation

Innovation and commercialization

Contents
INTRODUCTION......................................................................................................................3
P1 Innovation and commercialization along with differentiate between invention...............3
P2 How to develop an innovation vision and leadership through innovation networks........6
P3 Explaining 4P’s of innovation along with use innovation funnel in F-drone...................7
Innovation funnel...................................................................................................................8
P4 Frugal innovation..............................................................................................................9
P5 Importance of the commercial funnels along with application of NPD process for
innovation...............................................................................................................................9
P6 Building up an innovative case study by including up the ways of access funding.......11
P7 Intellectual property........................................................................................................13
CONCLUSION........................................................................................................................14
REFERENCES.........................................................................................................................16

INTRODUCTION
Innovation is all about to add new ideas to existing products and services in order to
attain the define aim or meet the customer wants. On the other side, commercialization is the
process of managing or running something in order improve the financial performance.
Hence, the current study will helps to gain a deepknowledge with regards to innovation and
commercialization in order to improve the results and attain the define aim of a business.
Further, the study is based upon the case study of F-drone who is planning to offer the aerial
drones to their customers and this in turn improve the results of a company in positive
manner. Currently the company has a unique design with high customer grade drones in order
to meet the customer wants.
Moreover the current study will provide the clear definition of innovation by taking
consideration of the challenges creates for a small business. Moreover, it also differentiate
innovation with invention along with sources of innovation. Also, study explain how to create
a structure and culture of innovation along with innovative network with an organization.
Also study will explain 4P’s and use of innovative funnel in order to examine and shape
innovative ideas. In addition to this, study will explain the frugal innovation and provide a
detail of NPD. Lastly it provide a business case for an organization and determine the
importance of intellectual property.
P1 Innovation and commercialization along with differentiate between invention
Innovation is define as carrying out the new combination which include the
introduction of new goods as well as new method of production. Through this innovation is
considered one of the most important concern of every organization because its role in the
development as well as coordination of a market (Rasmussen and Eliason, 2017). Hence it
effectively attain the business growth goals and increase the productivity and profitability of
a business,
Commercialization is the process that helps to bring the new product and services to
the market by using range of promotional tools in order to attain the commercial success.
Along with this, company provide new product and services which can be used to solve the
problem.
Challenges face by small business with regards to innovation

 Challenges relating to human resource i.e. proficiency and skill affect the growth of
innovation, but it decrease the cost. Hence, it is stated that SME generally do not have
an experts who support innovation and that is why, it affect the business in opposite
manner.
 Another challenge is related to lack of research and development department in order
to identify the new emerging ideas and that is why, it affect the results in opposite
manner.
Invention is the process or an action of inventing something special which is typically may
be a process of a device. For example, converting the entire offline business into online
(Zahedi,Mirghfoori and Abadi, 2018). Through invention, company tries to meet the define
aim and also not deliver a return on investment of time and resources.
Difference between invention into innovation
Particulars Invention Innovation
Meaning It is all about creation of a new
product and process
It helps to improve the existing
product which has already
invented.
Concept It is a working on originalidea and
its working theory is different
(Difference between innovation and
invention, 2020).
It is practical implementation of
new idea into a product
Skills required It is based upon scientific skills It is a set of marketing,
technical and strategic skills
Activities It is limited to Research and
development department
It is spread across entire
organization (Thakur and
et.al.,2018).
Sources of innovation, by using the Drucker’s 7 source of innovation, it is analyzed that
there are many ways through which innovation may generate. Such that: