Importance of Innovation and Commercialisation for F-Drone | Desklib

Innovation and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to F-Drone in comparison with invention.
.....................................................................................................................................................3
P2 Explain how F-Drone vision, leadership, culture and teamwork can shape innovation and
commercialisation.......................................................................................................................4
TASK 2............................................................................................................................................5
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................5
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................6
TASK 3............................................................................................................................................7
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation.......................................7
P6 Build an Innovation Business Case for an organisation including ways to access funding. .8
TASK 4..........................................................................................................................................11
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.........................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
The terms innovation and commercialisation are used in number of ways to regarded as
process of developing new technology integrate in new products, services or process. Innovation
implies both the development and application of a new product, process or services. Innovation
is the process improving existing product. Innovation doesn't mean to do something differently
but to do or make something better. Commercialisation means to introduce new products or
services into the market. Commercialisation is the process to gain profit from innovation through
the sale or use of new products or services. F-Drone is a leading company which is innovating its
products, they are building the first transition drone to allow aerial deliveries to ships and other
seaward platforms. The specific designs of the company possess a combination of high
capabilities. The company objective is to be a leader of heavy payload drone logistics across
industries in upcoming 5 years.
TASK 1
P1 Explain innovation and determine its importance to F-Drone in comparison with invention.
Innovation generally means to replace or improve something such as product, service or
a process. It is a process to bring out a new ideas, new products or new methods to an
organisation (Chesbrough, 2017). Innovation brings a change or something new in the company
that fills an untapped need of the customer. It is a change that is adding value to the products or
services.
Example: The building up of world's first transition drones is an example of invention as it is
related to something completely new. There are modifications made in the existing products.
Invention means creation of new ideas and concepts together in a way to create something that
didn't exist before. It is a scientific idea that is that is developed research & experimentation then
turns in a tangible product. Inventions are patented, as it provides a security to the inventor, for
the intellectual property rights and it also identifies as an actual invention. The invention has to
be new and patent has to be created.
Example: Invention is related to making some changes that is enhancing the capacity of F
drones in terms of covering of distance and weight is one such aspect that is bringing of
innovation in F drones. Here the new unique design will be a combination of long range

capabilities and heavy payload. The innovative in these F drones will be in terms of reliability
standards and high safety.
Basis for Comparison Invention Innovation
Meaning Invention means occurrence of
an idea for a product or service
that has never been framed
before.
Innovation refers to
implementation of idea for
product or services for very
first time.
Concept Invention is an original idea
and it works in theory.
Innovation is a practical
implementation of new ideas
or new concepts.
Occurrence It occurs when a new idea
strikes in the mind of scientist.
It occurs when a need is felt
for a product or any
improvement in existing
product.
Skills In Invention the scientific
skills are required.
In Innovation, technical and
strategic skills are required.
Importance of innovation to F-Drone
There is various importance of innovation to F- Drone they are outlined below-
 Innovation increases growth-
Each and Every Organisation wants to grow their business in order to become more successful
and profitable. The growth of F-Drone can be increased through innovation. They are building
the world's first transition drone to enable aerial deliveries to ships and offshore platforms. This
innovation increases the growth of the F-drone.
 Beat Competitors-
When the company is innovating it becomes easy to beat the competition. Through the
innovation, F-Drone can beat its competitors. It is very creative idea or concept to provide an
aerial delivery of products through drone. The company is building aviation-grade drones that
would set a high safety and reliability standards (Proctor, 2018). This concept is new and
innovative which will beat its competitors.