Innovation and Commercialisation

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain the concept of innovation and its importance in comparison to invention..............1
P2 How innovation and commercialisation can be shaped by vision, leadership, team work
and culture...................................................................................................................................3
TASK 2............................................................................................................................................4
P3 Explain about the concept of 4Ps of innovation and about the use of innovation funnel in
order to shape innovative ideas...................................................................................................4
P4 Explain about the developments been done in frugal innovation and provide examples of
how it is used in organisation......................................................................................................6
TASK 3............................................................................................................................................7
P5 Why commercial funnel is important and new product development in case of
commercialisation of innovation.................................................................................................7
P6 Explain a innovation business case for the organisation and also include ways to access
funding........................................................................................................................................8
TASK 4............................................................................................................................................9
P7 Different tools required to develop, retain as well as protect knowledge and also
intellectual property ...................................................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is refers to the process of developing something new and applying new
method or approach to do something(Özilgen, 2019) . Innovation procedure has been associated
with the way of introducing things along with improving existing one. This is one of the most
important aspect which help in to maintain long teem strong competitiveness. This is also define
as the procedure which has been undertaken to renewed and brought up to the date to product or
services through applying new process, techniques or ideas which creates new value. In addition
to this commercialisation is the refers to the procedure of introducing new product or
manufacturing method into market. The broader act of commercialisation has been associated
with the production, distribution, marketing, sales and customer support along with other key
function which are necessary for accomplishment of commercial success of new product and
services produce by organisation. This report is based on the F-drones which is specialise in
selling aerial transportation services which has been used in to supplies to ships as well as
offshore platforms. The below report is consist of analysis of innovation and its importance as
compared to inventions, evaluation of different type of innovation. Moreover it will includes,
processes which is required to commercialise innovation and the range of methods which is used
for protecting ideas along with their advantage and disadvantage.
MAIN BODY
TASK 1
P1 Explain the concept of innovation and its importance in comparison to invention
Innovation is refers to the process of introducing new things and applying new ways of
production and this is also define as creative idea which has been changed into functional
reality(Medase and Barasa, 2019). In order produce better productivity and work efficiently it is
necessary for any kind of business to induce development on constant which will also help in to
create long team competitive advantage. Moreover in comparison to invention it deals only
creating new things but innovation deals in providing improvisation in existing things. Some of
the importance of innovation has been explained below:

Different from competitors: Innovation offers opportunity to company to be unique and
different from competitors through which it will develop a strong competitive advantage and
stand different from its competitors through which higher customer base get attracted.
Attract talented people: Innovative company is one which has higher growth and success
opportunity through more of the talented and skilled people get attracted company. In order to
obtain career opportunity to grow and with this productivity of company also get enhanced.
Business growth: When a company initiate to innovate or improve existing product it has
significant positive impact over its growth. Higher customer base get attracted towards brand,
when a company improve existing product and launch it into market which results into business
growth at market place.
Innovation and invention:
On the basis of meaning: Innovation is define as the systematic procedure of making
improvements in the existing products along with replacing something. It is also refers to the
execution of new idea for specific products. Moreover, invention is describe as the act through
which ideas and objectives come together in order to develop something new which did not exist
before.
Skills required: This is the process in which marketing and technical skills are needed
fior improving existing one or executing something new that has been done as per the demand or
requirements of customers. Moreover, in the process of invention, scientific skills are required as
complete new product is going to be develop in order to satisfy the need of customers.
Concern: Innovation is concerned with product, services, processes and everything
which is need to be improved for customer's satisfaction. Therefore, invention is concerned with
single product which is going to be invented.
Occurrence: Innovation has been occur within organisation when it feels that there is
need for improvement in order to compete effectively at market place and to create strong
competitive advantage. Moreover, invention occurs when management team get new idea and on
the basis of that product is invented in order to build reputation or image at market place.
Importance of innovation in comparison to invention:-
Competition: In the market area , there are various companies which has been induce
competition within industry, for this it is important for the company to innovate its business in