Importance of Innovation and Commercialisation in Organizations

This document discusses the importance of innovation and commercialisation in organizations, comparing it to invention. It explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialisation. The document also examines the 4 Ps of innovation and the use of the innovation funnel. It explains the developments in frugal innovation and how it can benefit businesses. Additionally, it defines the significance of the commercial funnel and the application of new product development. The document concludes with an assessment of 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 logisticand
aerospace sectors. The assessment will consist data regarding modernism and itssignificance,
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 effectualsolution 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 transportactual time alterationimprovement. 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, newmanufactured goods,they include restricted suggest that will have a combination of
profounddeliverance 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 modernismand 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
customerrequirements.
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 numerousaspects 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 wantswith the intention of
minimisingeducational 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
informationconnected to new marketplace so that F-Drones may keep their trade through
efficientdetermination 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 profoundshipment and extensiveterm services.
So the above described source of modernizationare 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. Examine 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 developscreation 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 anunderstandingof weighty
delivery and long seriesfacilities 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 aretargeted at current time
atmarketplace. 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. Modernisation into regions may be carried out and product can be
opened inside new advertising and marketing departments where merchandise may not has been
highlights before. Therefore, this would useful resource F-drone for reinforcing income as well
as sales.
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
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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
thatwantshaveindividuals may be fulfilled. Modification might be like budding modernisation
within model of enterprise and others. Also, this aids F-drone into managing sustainable extents
thru everyday adjustments into its products with the intention to accomplish the desires of men
and women.
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 flowof 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 makemodernism 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
innovationfunnel (Dezi and et. al., 2018). For example, in F-drone management purpose can
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utilise suitableinformation 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 stageof 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
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 profoundshipment 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 ismuch 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
manufacturingefficientcommodities 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
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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
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.
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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
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
consciousnessall the form by alteration (Yildiz, 2020). This perceptionhelps in offering adequate
arrangementthrough which the administration of the corporationanalyse 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 producethought of drone which will have a preparation of heavy shipment
andlong 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 corporationobligation 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 significantconsumer terms.
Development strategies- In F-drone, under this stage, plans are designed throughstudy
and expansionsquad of the firm. The management of the establishment develop strategy
regardingmanufacture, 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 commerceatmosphere to
sustain in marketplace where it functioning its business.
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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).
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
assessmentmaking 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 timedesigns 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
byexamination and online study. The firm can do research regarding customer’s needs at
different level regarding goods.
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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.
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.
Venture capital- Venture capitalists invest huge sums into start-ups or increasing businesses
with exquisite growth capacity and traction, normally making an investment extensively more
capital than angel investors. VCs are expert traders, accountable for investing and growing some
of the world’s maximum innovative groups, consisting of Facebook, Spotify and Airbnb. As with
angel buyers, there’s no obligation to pay lower back the investment if your start-up fails.
Venture capitalists are appealing as they could provide good sized business expertise,
widespread sums of capital and frequently take whole lot better dangers.
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 anirrelevantobject of human module. They are present ideas which are
urbanized by the people to set up a commercethrough 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.
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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 resoluteinfringement does create. It enable in
provide strengthening to proprietor’s goods from rival’s products.
Weaknesses- In changes for the authoritysecurity, 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
isnoticeable with a chosen representation which mentions the possession of an individual on the
best.
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 trademarkought to pay accuse for the registration and
regeneration and the cosy basically supportedabsolutely 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 profferprotection and prevention
from its competitors and no one can copy their exclusive goods.
Copyright- It is another criminal tool and lawful term for aesthetic and writing paintings as
well as includes diverse kinds of artistic works such as books, song, painting, articles and plenty
of greater. It is likewise much like patent s with in it, the proprietor predominant registered its
work to country wide authority and after which have the right to offer the authority of intake of
different. It is packed with authorities in reference of providing safety to authentic paintings by
way of the character. It is a form of safety that being provide by using regulation so as to
facilitate the possession to the work this is designed with the aid of man or woman. Samsung can
copyright their offerings and innovation which might be evolved by means of them.
Strengths- It offer safety to the proprietor of intellectual assets over their mechanism. It
gives the proper of authorization to the owner.
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Weaknesses- It is highly-priced to document copy right safety of any highbrow belongings.
The security authorized by means of copy proper won't be inclusive and every so often it's far
constrained.
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
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sectors take? Historical case studies of the timescale from invention to widespread
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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.
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
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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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