Innovations and Commercialization

INNOVATIONS AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
P1 Innovation and its importance to organizations in comparison to inventions........................3
P2 Organizational vision, leadership, culture and teamwork in shaping innovation and
commercialization........................................................................................................................4
P3 Innovation mix 4P's and utilization of innovation funnel to recognize ans shape up ideas of
innovation....................................................................................................................................6
P4 Developments of frugal innovation and examples to identift its uses in an organization......7
P5. Importance of Commercial Funnel and NPD Process - ........................................................8
P6. Business case of F-Drones...................................................................................................10
P7. Tools to protect intellectual property...................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation and commercialisation are two critical aspects that every organisation needs to
regularly integrate in their working and systems in order to remain competitive and ahead in the
race towards excellence (Bessant and Tidd, 2016). F- Drones, with its unique idea of conception,
is working towards development of transition drones that will be providing services of their own.
The present report will evaluate the importance that innovation has over invention and
contribution of vision and leadership towards it. The report will also identify what are the 4 P’s
of innovation and concept of frugal innovation mapping its criticality in innovation. The report
will further ascertain the importance of commercial funnels and New Product Development and
further, the multiple tools which can be used to retain intellectual property will be identified.
MAIN BODY
P1 Innovation and its importance to organizations in comparison to inventions
Innovation
Innovations are the plans and procedures of new ideas which are turned into action plans
and are implemented and developed in businesses to obtains success (Kahn, 2018). It is the
essential concerns of F.drones and its role in the development and coordination is inviolable. It
includes tackling and handling the activities that are required to introduce something new and
modern as per the requirements of new generations. Innovations develop effectiveness to achieve
competitive advantages and hold great position in the scale of economy (Yun and et.al, 2020). It
can help in terms of economic growth and jobs and it is estimated that the size of the worlds
economy could be double by 2050.
Importance of innovation
Innovations are essential to because it can effectively achieve goals of business growth. It
supports in maximizing the productivity and thereby increases the required profitability (Bag,
Gupta and Telukdarie, 2018). Innovations respond effectively to disrupters of industry and
maximize market share and respond quickly to the external challenges by developing the
efficiency of technological as well as human resources to do activities uniquely.

Comparison of innovations importance and inventions.
Innovation Invention
Innovations is the act of improvement to the
existing product or making a contribution that
is significant to a current product.
Inventions are the introduction of a procedure
for the first time or creation of brand new good
(Watson, 20170.
Concept of this is to make practical
implementation done for adding value to
something which is already present.
Concept of invention is to create an original
idea to work on a theory.
Innovation requires strategic, marketing and
technical skills.
Inventions require scientific skills.
Innovation occurs when an organization feels
to make improvements and it is concerned with
combination of different procedures and
products and its activities are limited to R&D
departments.
Invention occurs when a idea strikes in
scientist mind. It is concerned with single
process or product and its activities are spread
among the organization.
P2 Organizational vision, leadership, culture and teamwork in shaping innovation and
commercialization
Commercialization
It is the procedure of transforming knowledge, inventions and ideas to higher wealth for
businesses (Aarikka-Stenroos and Sandberg, 2012). It is a subset of the broad procedure of
innovation. it deals with the gains of finance by launching the new goods and services within the
market. It involves sales, customer support marketing and accounting. Commercialization helps
F.drone in dealing with marketing standard and planning. Some points to discuss the criteria of
innovation and commercialization in F.drone.
Vision