Innovation and Commercialisation

INNOVATION
AND
COMMERCIALISATION

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Explanation of innovation and determine its importance to organisations in comparison
with invention..............................................................................................................................1
P2 Explanation of ways in which organisational vision, leadership, culture and teamwork can
shape innovation and commercialisation.....................................................................................2
LO 2.................................................................................................................................................3
P3 Explanation of 4 Ps of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas...........................................................................................................3
P4 Developments in frugal innovation........................................................................................5
LO 3.................................................................................................................................................6
P5 Commercial funnels and the application of new product development (NDP)......................6
P6 Innovation business case.........................................................................................................7
LO 4.................................................................................................................................................8
P7 Tools that organization can use to develop, retain and protect knowledge............................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation includes creative thoughts, new imagination and new ideas so that there is a
new device or product which can be generated. Commercialization is new processes which are
being involved and new products in the market so that there are going to be higher achievement
which is going to be present for competitive advantage. Both of them are quite essential to be
covered within the organizations because this will help in ensuring that the organizations are able
to attain the relevant goals and objectives quite effectively and efficiently and are able to provide
all the required products and services to the customers in a proper manner which will help them a
lot.
Unmanned aerial vehicle industry from which F-Drone is a part of which is a very
developing company so that there is going to be higher functioning. Unmanned Aerial Vehicle
market is available in different countries but mostly they cover UK market. This business will be
able to develop effectively especially delivery drones which the organization has come up with.
The satisfaction and delivery mode is going to be higher so that there is going to be effective
functioning and operations that is going to be present.
The following report is going to discuss the innovation and commercialization which is
taking place in organizations so that there are going to be higher achievement. There are a lot of
ideas which F-Drone has come up with and for that there has to be good methods, thinking and
processing which would be required in order to make sure that there are effective working that is
present and is beneficial for the organization.
LO 1
P1 Explanation of innovation and determine its importance to organisations in comparison with
invention.
Innovation can be explained as a kind of action or process through which creation,
development and implementation of a new product, process, service of an organization (Amabile
and Pratt, 2016). Innovation is one of the most important factors that every business needs to
focus upon for development of new ideas through which innovative or new products and services
can be done. It can further help companies like F-drones to attract a greater number of customers
and for gaining competitive advantage as well as sustainability. Using innovations companies
can bring improvement within their existing products and services as per the changing needs and
demand of customers or for making their lives easier. This further helps companies in enhancing
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overall satisfaction level and loyalty of their customers towards organization. There are majorly
two most important type of innovation that can be done by an organization: evolutionary and
revolutionary. Evolutionary innovation is a kind of innovation that focuses upon bring some kind
of important changes or development within existing products and services of organization. It
comes under continuous innovation category which is extremely important for organizations to
be focused upon in order to retain their existing customers by bringing changes or development
within existing products and services as per changing demand of customers (Pons, Ramos and
Ramos, 2016). For technical organizations like F-drone it is important to focus upon
evolutionary innovation in order to sustain within the market and compete with their existing
competitors. F-drone focuses upon implementing evolutionary innovation so that they can make
placement of orders and receiving of orders much easier. Revolutionary innovation is another
type of innovation. It is a disruptive type of innovation that help organization to develop
something new for customers but with this innovation there are various kinds of risk associated
and can bring success as well as failure to organization.
Innovation is different from invention because invention is about creating something new
for the first time and can be success and failure. But innovation is done to retail customers,
attract a greater number of customers and for achievement of main goals and objectives in an
accurate manner. innovation is much more important for companies like F-drone as compared to
invention because it will not only help them to fulfil their customers’ needs and requirement but
will also help them in contributing in a positive manner towards environment by developing
drone for deliveries that emit zero percent carbon emission.
The integration of both of them can be done within F-drone Company by ensuring
that their use can be made in a proper manner. Thus, in this way the company will be able to
make sure that it can manage out its particular needs and requirements in a right way. This will
help it in ensuring that it manages its work in an appropriate way.
They are quite important for the organizations because they are required to be
used if they have to sustain in the market in the long-run. This is so because nowadays the
market is quite dynamic in nature and changes quite frequently and therefore it is quite essential
on the part of the organizations like F-Drone that they are able to make sure that the use of
innovation and invention can be made in a proper manner so that the appropriate benefit can be
provided to the people which can be quite helpful for them in the future. This will increase the
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