Innovation and Commercialisation: Importance, 4Ps, Frugal Innovation, and NPD Processing

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................2
TASK 2............................................................................................................................................4
P3 Explain 4Ps of innovation and explain use of innovation funnel to examine and shape
innovative ideas...........................................................................................................................4
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................5
TASK 3............................................................................................................................................6
P5 Explain importance of commercial funnel and application of new product development
(NPD) processing for commercialisation of innovation.............................................................6
P6 Build an innovation business case for an organisation, including ways to access funding...8
TASK 4............................................................................................................................................9
P7 Evaluate different tools that organisations can use to develop, retain and protect knowledge
and intellectual property..............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is characterised as the process of creating something new, using it, and
improving it to achieve a goal. It includes ways of adding new aspects as well as ways of
strengthening existing ones. Fundamentally, innovation consists of a number of elements,
including development, creation, designing, and expansion. While the process of launching new
goods and services in corporate marketplaces is known as commercialization. To successfully
launch new goods and services, innovation often combines account development, marketing,
customer service, and sales (Adjimah, Atiase, and Dzansi, 2022). This report is based on
innovation and commercialisation on F-drones, which provides aerial transportation services and
provides supplies to ships and offshore platforms. This report includes importance of innovation,
that provides vision, leadership, culture and teamwork, 4Ps of innovation and use of funnel,
development in frugal innovations, importance of new developed products and commercial
funnel, innovation business case, evaluation of tools which is used to develop, retain, protect and
intellectual property along with its conclusion.
MAIN BODY
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention
Innovation is characterised as a process that involves developing, introducing, and using
fresh approaches to manufacturing. Any type of business growth that is carried out on a regular
basis enables them to successfully lead and have improved work and productivity. Due to the
numerous rivals, it is crucial to produce products and services in order to deal with them.
Creation and designing are crucial in this regard. Innovation is vital because it promotes growth,
draws talent, and satisfies needs (AlMalki, and Durugbo, 2022). Businesses can expand their
operations when they innovate their goods and services and introduce new items. In comparison
to invention, which focuses on inventing and creating new parts, innovation involves improving
existing items. Innovation is necessary for the creation of any product, and it is crucial for the
reasons listed below:
 Attract skilled individuals: Every time a business innovates in its business practises.
And in order to do this, they continue to concentrate on bringing in only those with
1

relevant expertise. When a corporation innovates a product, they often make an attempt
to employ people with the necessary talents to carry out their job tasks inside the
organisation. Companies primarily concentrate on employing staff while they are
inventing since they want to produce a new product.
 Business growth: When a business innovates its goods or improves an already existing
one, it experiences business development. Invention companies do not get growth
because a completely new product is developed and they are in its early stages, but when
a business innovates any new products, they achieve their intended growth as a result of
modifications which have been done in their present product (Ansari, and Harding,
2022).
Comparison of innovation and invention is as follows:
Basis Invention Innovation
Occurrence Basically, invention happens when
a management team discovers an
innovative concept and then
develops it into a new good or
service..
In a business, innovation simply
happens when the management team
decides that there is a need to
improve a current product and
provide a new implementation..
Skills needed Any product invention requires the
use of scientific knowledge. It has
to do with identifying products that
ought to be released in order to
achieve client pleasure.
echnical and marketing expertise are
required to execute new ideas and
improve old items in accordance with
consumer demands.
Concern Most inventions focus on a specific
product and are carried out
(Ariffin, Ismail, and Ali, 2022).
Different products and services are
often the focus of innovation because
there may be several items that might
want improvement.
2