Innovation and commercialisation

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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:

 The unexpected:By analyzing the trend of market, it is analyzed that manager of F-
drone study the market in order to meet the customer demand and accept the changes.
 Incongruities:there isa difference between what is and what should be and this s met
by the innovation and that is why, it assist to implement the change frequently.
 Process need: it involves identify the company’s weak point and then correct them by
redesigning the existing product to offer the same into market (Arfi, Hikkerova and
Sahut, 2018).
 Industry and market structure change: Market is fluctuating and to meet the same,
company offer innovative items to their customers. Such that advance technologies
and structural problem occur time to time to meet demand.
 Demographics: there is a change in the population and income level so to meet the
demand, there is a need to offer innovative product by considering the level of
disposable income.
 Change in perception:population and people changes and that is why, range of
company meet the same to offer the best variety of product to them.
 New knowledge: due to speed of technologicalrevolution, which increase number of
opportunities that helps to lead innovation.

P2 How to develop an innovation vision and leadership through innovation networks
Innovation main purpose is to create new ideas and that is why, it plays an important
role in the success of a company. Therefore, both innovation and commercialization helps the
company to improve its overall performance and this in turn raise the sales of a firm as well.
Visionof F-drone is to sustain the brand image at international level and that is why,
company has to use range of advance technology that helps to attain vision (Badizadeganand
et.al.,2020). Moreover, to meet the same, company has to offer new product i.e, Aerial drones
that help to meet the define aim. Therefore, vision of a firm plays an important role in
innovation process.
Cultureof an organization is the aggregate of values, norms as well as attitude of an
employees which are preserve for many years. Due to difference in cultural attitude which in
turn affect the results of a company and that is why, F-drone has to improve the results by
offering the range of innovative practices which helps to improve the culture of a company.
Teamworkis a dynamic concept which helps to solve many problems in an
organization and also help to attain the define target within specific tenure
(Fernandes,Cesário and Barata, 2017). For that same, F-drone is also made team which in
turn improve the results and commercialize the product as well. Therefore, if the team will
work according to business objectives then it will help to deliver the best idea which in turn
improve the overall results. Hence, it is analyzed that teamwork helps to formulate the
process of an organization’s innovation.
Leadership is the method through which companymeet the organizational goals and
objectives. Such that there are different style which a leader use and among all democratic
leadership style is opted by F-drone in order to deliver the best outcome as per the need of
market. Moreover, leader of an organization are agile and aggressive to obtain qualities and
this is possible with an effective leadership style only.
Hence, it is clearly reflected that with the help of innovation and commercialization,
company is easily deliver the culture and vision which further sustain the brand image of a
company at further level of success.

P3 Explaining 4P’s of innovation along with use innovation funnel in F-drone
The 4P’s of innovation mix is used by the organization which is developed by John
Bessantwhich are as mention below:
 Paradigm: It is a process through which an organization face the changes of being
taken innovative ideas in order to accept the challenges and threats. In the same way,
F-drones is also uses this innovation mix in order to provide best product to their
customers and improve the overall performance as well.
 Product:One of the most important P’s among all innovation mix which is offered to
the customer. In the case of F-drone, it offer the best services by using aerial drones to
their customer which in turn improve the competition and gain strong marketing
position as well (Lin, Xiao and Wang, 2020). Hence, with the help of best product,
company is able to sustain the brand image at international level.
 Process:It is the process through which the product is offered to the customer and it is
important for maintain and alter the process which helps to attract the customers. As
most of the customer shift towards another firm due to lack of effective process and

that is why, F-drone should make sure to offer the product by using innovative
process which in turn draw attention of many customers towards it.
 Position:It is the position which a company wants to acquire and for that it keep
offering range of innovative product to their customers. Hence, in the same way, F-
drone is also implement new ideas in its existing product which in turn improve the
results of a company and attract range of customer towards it (Rasmussen and
Eliason, 2017). Therefore, by offering the product in better manner will help to
improve the results in better manner and implement the new ideas as well.
Innovation funnel
The innovation funnel can be understood as mechanism that widely enables constant
stream of innovative ideas and new screened vitality within functional goals of business
scenarios within company diversity scope. F drones will be able to strengthen innovation
funnel to examine new functional ideas by keeping up with brainstorming on new ideas
among departments, shape investments within functional goals and also to keep up higher
growth (Agarwal and Brem,2017)
 Incremental innovation: The usage of incremental innovation is based on
optimization innovations which further develops existing range of products and
services with strategic planning, also for functional enhanced working synergy.
Samsung is the brand where incremental innovation can be seen among products
categories, services for keeping diverge functional active growth within varied
scenarios. Disruptive innovation: The disruptive innovation is considered to be widely one of
the best metric where competitive excellence is widely evolved and also novel
products range, are technically built on within business parameters to be widely
innovative. Apple is one of the fastest growing brand within world using disruptive
innovation within all products and services. Radical innovation: The radical innovations are new products , services and
procedures within business for creating significant change and radical innovative
focus on functional diversity. Rdical innovation occurs internally within companies
for involving creation of new knowledge products and faster successful commercial
building ideas and varied products, services for revenue growth. Example: IKEA has
been focusing on procedural innovation to widely grow among new efficacy

parameters for diversion of its services, goods widely within business competitive
goals.
P4 Frugal innovation
Frugal innovation can be understood to be widely analysed as one of the new aspect
within competitive business which focuses on delivering more value at lower costs, to larger
target customers. Frugal innovation widely focuses on adopting new mindset within
production analysis with low cost parameters without sacrificing the quality of products for
users (Alexander and Joe, 2019). F drones by using frugal innovation within products and
services, will be able to be competent and highly competitive within business horizons for
optimised performance scenarios. The three core elements are widely focused on which are
cost reduction, concentration on core functionalises and higher optimized value within
performance levels and also to technically be divergent for larger revenue targets.
 Examples: Renault and Dacia by adopting frugal innovation for responding to vital
demand o low cost cars for competitive market strategies and new scale active growth
within business horizons widely. It has been highly gaining demonstrated success in
Europe where brand has been actively evolving frugal innovation for responding to
market demands, economy driven needs.
 Tata Motors: The tata motors have been taking further frugal innovation with Nano,
one of the most prominent invention widely focusing on new scale active growth
within business products and also for restoring competitive goals.
The above examples of frugal innovation have been widely analysing new creative
paradigms of up scaled fugal innovation paradigms to keep up competitive goals
diversification and also to yield larger tine frame new scenarios within business. F Drons has
been targeting new creative scenarios of larger visionary growth with new innovation goals
functional diversity standards and also to actively evolve.
P5 Importance of the commercial funnels along with application of NPD process for
innovation.
Managing innovations have been the critical task for an organization development
aspect. the company have to make proper plan regarding new development. As the business
case scenario, the firm is trying out to have development of the world transitions drone
enabling aerials deliveries for the shipping and offshore platforms. The company have proper

following of unique design with proper combination of heavy payload and long-range
capabilities looking into other existing delivery drones to shame.
The company have been looking into the Incredibles specs with major combinations
vertically taking off, fixed wing aircraft and land on moving target. F-drones are passing is
consumer grade drones building with aviation grade setting up the higher safety and
reliability standards. The company is aiming up to have heavy payloads drone logistics across
the industries in 5 years. for this purpose, it is very much important for looking into various
innovation tools with an idea making up constant screening the business viability.
Commercialization have been processing regarding the conversion of ideas into viable
products in way of retaining the desired functionality looking at importance of innovation
tools.
Generating ideas
Commercial funnel has main aim and fundamentals in way of generating high varsity
of ideas as possible in manner. with respect to many ideas, the company have to defined and
refined them for making up the concrete development plan. The funnel shape defines its
existences with taking up few ideas for large bunch of perspective in proper manner. Hence
innovation and commercialization have been effective toll in way of prioritising the ideas and
making effective and efficient being fully used by the firm. the firm have selected the ideas of
developing the world transitions drone enabling aerials deliveries for the shipping and
offshore platforms.
Increase in term of sales
Commercialization and innovations have been taken out as the best step or firm to put
away the ideas among the targeted customers. This will ultimately increase the sale of
product helping out to meet the regular needs and demand of customer in better manner. So,
as per the firm idea development regarding F-drones in passing out the consumer grade
drones building with aviation grade setting up the higher safety and reliability standards.
Generation of ideas
In the company, idea generation have been the significant steps for the manager of
the F-drones in manner of identifying the consumer grade drones along with building in
higher safety and reliability standards. Company have to look about the significant needs of

customers and getting into the scrutiny of idea as per development of perception and other
aspect in better manner.
Defining up concepts
This is the step when the firm have proper need for making up illustrations regarding
the different specification of product to its customer. The company have to make aware to
their customers regarding he different features to have development of the world transitions
drone enabling aerials deliveries for the shipping and offshore platforms. The aim of
company is to look into heavy payloads drone logistics across the industries in 5 years. For
this purpose, it is very much important for looking into various innovation tools with an idea
making up constant screening the business viability. Product differentiation have been the
best strategy to tell customers about the product differentiation to make increase in sales in
proper manner.
Market analysing
The firm have need to look into their different prevailing market conditions, current
trends along with political stability with respect to business element. This seems to be
properly overlooked before launching product into market. This will be helping the
organization to make up specific changes in the products as well as important marketing mix
elements to increase customer satisfaction in better manner. Hence, it is very much important
for looking into various innovation tools with an idea making up constant screening the
business viability.
Product development
After taking off the proper market analysis and understanding the different business
elements, the firm have need to make significant developments over designing drone in such
a manner in way of attracting more and more customer towards product.
Commercialization
This is considered to be last step regarding the product exhibition in the markets. This
has requirements of major testing and building product prototypes to identify the product and
services with effective launching up. Hence for the effective working, it is important for
business to make proper enlisting of all requirements for making up effective business case
study in proper manner.

P6 Building up an innovative case study by including up the ways of access funding.
Commercial funnels have been considered as critical concept to grow and develop
business. This have been initial aspect assisting the firm and making appropriate satisfaction
to clients in appropriate manner. F- drones will satisfy need of the customers resulting in sale
and profit maximizations and gain up completive advantages against the competitors. There
is need to obtains the commercial funnels in order to launch up the innovative products
within market. commercials funnel plays up the critical roles in launching drone products
with competitive business area along with maximizing the sales.
Business overview
Drone is innovative product of the firm regarding the attracting huger clients which will
ultimately maximizing the company sales and profit in UK competitive market. As the
business case scenario, the firm is trying out to have development of the world transitions
drone enabling aerials deliveries for the shipping and offshore platforms. The company have
proper following of unique design with proper combination of heavy payload and long-range
capabilities looking into other existing delivery drones to shame.
Summary of marketing opportunity
The F- drone is developing the transition drones for the aerial deliveries grabbing up the
various opportunities. This is need to have collaborations with well-known and famous
company’s so that firm would be able to get into more opportunities into the market with
increase in term of sales. On the other hand, firm will be look into the various discounts and
coupons enabling for grabbing attention for customers.
Overview of industry and competition
The firm is palling to offer the aerial services in the UK markets as part of important
elements for respective firm. This will be showing up 15% of manufacturing turnover and
opportunities of job. This sector has high level of competition as high rate in preferences and
taste as people are changing up. There are many companies which are achieving their needs
by doing innovation in its products according to the demands of the consumers.
Financial projection

Funds are needed by the company for introducing new products in market. There is need
for the about £ 130,000. Firm have need to look into proper management investigation and
analysing process to meet up the customer needs and wants.
Sources of funding
Generally funding is considered as the backbone of the organisation as without it they
are not capable to do their regular business activities efficaciously. Moreover, funding has
defined as financial resources facilitations such as follows-
Banks and financial institution
From friends and family
There are many sources of funding which more way assisting the respective banks in
way of performing the different manner of organizational activities in proper manner. The
few sources of funding are such as follows
Banks and financial institution
the firm can borrow up the money from banks along with other financial institution.
This is usually known as secure sources for funding providing up security to company’s and
providing loan. But the firm have need to pay up interest and other financial institution in
respect of taken money.
From friends and family
Company is bringing up the loan in form of borrowing from family and friends. This
source of funding has particular benefits as there is no major requirements to pay up interest.
But there is need to pay only the principal amount.
P7 Intellectual property
Intellectual property rights play wide importance within business scenarios for
keeping assets safe and branding also stated widely based on new innovation goals to build
revenue profits and goodwill within longer time run. F drones will be able to evolve widely
towards new business parameters of intellectual property rights on business avenues, for up
scaled active growth and new scenarios efficacy to keep assets safe within business horizons.
The brand competitive frame is widely analysed to be highly competitive and also form

goodwill on new domains assets specialisation for keeping up with innovation on longer
run. Types of intellectual assets can be analysed as follows:
 Copyrights: The copyrights are collection of rights which automatically enhance
creates original work growth for reproduction of imperative works where positive
factor is based on importance of copyright determinants, also to create functional
growth within competitive business. Disadvantage of copyrights have been stated on
fact, where copyrights are widely focused on keen growth scenarios for keeping up
with new efficacy goal (Crowley. and Bourke, 2018).
 Trademarks: The trademark is type of intellectual property consisting of
recognisable sign, design aspects and particular working source where there are varied
source identified within business horizons for keeping up with new scale active
growth. Positive side of trademarks are based on fact that there is new efficacy build
when company has registered trademark, where operational goals are widely put on.
Disadvantage is based on fact that there is highly crucial, time taking for trade mark
registration.
 Patents : F drone by keeping patents will be widely able to grant property rights by
sovereign authority aspects within inventor, where it provides exclusive rights to
patented procedures, design and invention periods for exchange and disclosure of
invention. Patent is widely acclaimed to be one of the biggest asset for company
productive goodwill on longer time frame, also for technically keeping revenue
profits sated on longer time run. Whereas negative impact and drawback is based on
fact that patents are also widely time taking, costly to attain.
Implications of open source and open innovation on platforms upon IP has been widely
competent to up skill its new paradigms of services with open innovation goals and also to
create higher active efficiency among business objectives. Big data and cognitive systems
enable business to predict and future trends widely, where social media and constructing
multimedia platforms for promotion and distribution enables businesses to widely grow on
competitive scenarios. There is also wider technical shift within business horizons, for
keeping up with new quest goals and also to widely grow on competitive aspects or new
innovative promotion strategies widely within business horizons. F Drones have been widely
focusing to head on open source innovation and platforms for productive behaviour analysis
which widely gives push to stronger innovation aspects (Demirdöğen and Işik, 2019).

CONCLUSION
From the above file , it can be concluded as innovation by taking consideration of the
challenges creates for a small 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. Market is fluctuating and to meet the same, company offer
innovative items to their customers. The team will work according to business objectives then
it will help to deliver the best idea which in turn improve the overall results. The disruptive
innovation is considered to be widely one of the best metric where competitive excellence.
As the business case scenario, the firm is trying out to have development of the world
transitions drone enabling aerials deliveries for the shipping and offshore platforms. The
company have to make aware to their customers regarding he different features to have
development of the world transitions drone enabling aerials deliveries for the shipping and
offshore platforms. The F- drone is developing the transition drones for the aerial deliveries
grabbing up the various opportunities. F drones will be able to evolve widely towards new
business parameters of intellectual property rights on business avenues, for up scaled active
growth and new scenarios efficacy to keep assets safe within business horizons. There is also
wider technical shift within business horizons, for keeping up with new quest goals and also
to widely grow on competitive aspects

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