Innovation and Commercialisation in F-Drone

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Importance of innovation in context of chosen company as compare to invention....................3
Leadership, vision, teamwork and culture shape innovation and commercialization.................4
Different sources of innovation and ways company used to foster & develop culture of
innovation....................................................................................................................................5
Usage and significance of innovation funnel to shape innovative ideas.....................................6
Development of frugal innovation and its use in organizational context....................................8
PART 2............................................................................................................................................9
Importance of commercial funnel and stages of NPD................................................................9
Development of innovation business case for F-Drone including ways to access funding......10
Nature of innovation, its development and ways that firm used to overcome challenges........12
Methods used by an organisation in order to protect its intellectual property..........................12
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation & commercialization are two important elements that most of the companies
used to grow its venture and get success within chosen marketplace or sector. Innovation may
define as process of creating & developing new thing that gain attention of many people. While
commercialization describe as procedure of organizing and managing an innovation or any
invention that help to gain profits. The current assignment will be based on F-Drone, which falls
under list of top drone manufacturing companies in the U.S. This study will explain innovation
concept and its importance for company in comparison with invention. It will define ways
through which leadership, vision, organizational culture and teamwork shape commercialization
& innovation. Furthermore, this assignment will describe source of innovation, process of
developing creative culture and use of innovation funnel. It will justify the application of new
product development and usefulness of commercial funnel. This report will clarify innovation
business case, ways to access funding and several tools that chosen firm used to retain, develop
and protect knowledge as well as intellectual property.
PART 1
Importance of innovation in context of chosen company as compare to invention
Innovation is usually defined as procedure of carrying out of new combinations that
consist introduction of new products (Leckel, Veilleux and Dana, 2020). It just not represent by
manufacturing or introducing new methods, it may describe as act that includes different
activities & actions conduct to uncover creative ways in context of specific thing. In simple
word, it can be anything in a new form that people like the most in marketplace. Innovation can
be considered as a new product, a manufacturing process that saves time and a lot of assets or
even just a small. It provides many benefits to organizations like F-Drones in recent time.
Importance of innovation-
The above term is really very important for chosen company in term of making its brand
more popular in market and increasing its business position against to other firms. It is essential
because innovation develop bigger opportunities, which management grab to grow its venture
even better than last few months or years (Brito and Zapata, 2020). It is significant for excellent
success and growth of F-Drones as it help to create actual concept that target market prefer to
purchase. It is vital on the basis of varied things, for example innovation contribute maximizing

customer base and their satisfactory level, which is really very important to increase for chosen
firm. It makes company able to deliver products and provide its services to offshore platforms
and ships as well.
Comparison between innovation and invention-
Innovation Invention
 This element as compare to invention is
quite beneficial and important for F-
Drones company as it help to provide
satisfactory services and products to
consumers.
 It is less time-consuming act.
 Innovation occurs when existing things
need improvement which make
important contribution in context of
gaining competitive edge.
 While invention may fail to satisfy
people when it does not invent and
present according to needs and demand
of target segment.
 On the other hand, invention process
consume a lot of time.
 On the other side, invention can be
described as creation of goods and its
introduction in market first time, which
may individual buyer does not like.
Leadership, vision, teamwork and culture shape innovation and commercialization
There are varied forms of elements are accessible in the business world that may use to
shape innovation as well as commercialization in effective & systematic manner (Bannay, Hadi
and Amanah, 2020).
Organizational vision-
The vision describe aspiration or desire of an organization that relate to current and future
growth of venture. For instance, F-Drones private limited company vision is to be a leader of
heavy payload drone logistics across sectors in 5 years. This statement drive workers and entire
management to develop new idea and innovate something new by adding valuable things or
features. It helps shape innovation and commercialization in form of increasing profits after
selling heavy payload drones.
Leadership-
It is another useful component that F-Drone used to shape commercialization and
innovation in effective manner. It enables leaders to lead a team of skilled applicants who