Innovation and Commercialisation: Exploring the Value and Process

Innovation
and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
TASK 1............................................................................................................................................3
P1. Explanation regarding innovation and finding its value for enterprises in comparison with
invention......................................................................................................................................3
P2. Explain how entities vision, leadership, culture and teamwork can shape innovation and
commercialisation .......................................................................................................................5
TASK 2............................................................................................................................................6
P3. Explain the 4Ps of innovation and explain the usage of the innovation funnel to examine
and shape innovative ideas...........................................................................................................6
PART 2............................................................................................................................................7
TASK 3............................................................................................................................................7
P5. Explain the value of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation........................................7
TASK 4..........................................................................................................................................11
P7. Evaluate the various tools that enterprises can use to create, retain and protect knowledge
and intellectual property............................................................................................................11
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................13

INTRODUCTION
In innovation and commercialisation, innovation implies to a process by which a product,
service, a domain are renewed by applying new process, techniques or may be establishing
successful ideas to generate new value (Ali and et.al, 2017). Whereas commercialisation refers to
procedure which transforms ideas, inventions, knowledge into wealth. It brings goods and
services to the market as well as entails distribution, marketing, production, sales and other key
functions which are critical in accomplishing commercial success of new merchandise or
services. For this report F-drones is consider, which is constructing world's first transition drones
that enables aerial deliveries to offshore platforms and to the ships. They have their headquarters
in Singapore and F-drones is planning to rule the industry in next 5 years.
This report covers importance of invention and innovation along with their comparison. It
also includes 4Ps of innovation as well as utilisation of innovation funnel to study and shape
ideas. Further it includes importance of commercial funnel for NPD and various tools that
entities use to retain, create and protect intellectual property and knowledge. Business case along
with access funding and how enterprise vision, culture, teamwork, leadership modify innovation
and commercialisation are also included in this report.
PART 1
TASK 1
P1. Explanation regarding innovation and finding its value for enterprises in comparison with
invention
Innovation implies coming up with the new ways through which things can be done. It
helps entities to save their money and time as well as it cater competitive advantage which assist
in the growth of enterprises (Bock, Landau and et.al, 2018). It is usually refers to products, ideas,
changing current process or creating new process. It helps organisations to adapt their
businesses in the market place. F-drones with the help of innovation can improve their
productivity, build brand image, can reduce cost of production and can increase competitiveness.

Invention on the hand, can be define as action through something can be invented, it is
can be a procedure or device. The process of invention is a process which is inside the overall
application and development of product process. In context to F-drones, invention will bring
newness in their operations and make them more flexible. Comparison between the values of
innovation and invention is discussed below-
Basis Innovation Invention
Competitive advantage F-drones innovation of new
ideas, goods services will
ultimately generate
competitive advantage in the
challenging market conditions.
Invention will actualise the
competitive advantage for F-
drones in action.
Activities It will be spread across the
entire F-drones organisation.
It will limit the activities of F-
drones to only research and
development department.
Concerned with It will give importance to both
product and process of It will
emphasis only on single
product or process of F-
drones.
It will emphasis only on single
product or process of F-
drones.
Concept It will assist F-drones to
practically implement these
new ideas
It will bring original ideas and
working theories for It will
emphasis only on single
product or process of F-
drones.
From the above discussion it can be easily said that both innovation and invention are not
the same thing but both require huge capital. Further, innovation is mainly about introduction of
new ways of producing, using something and invention is something which is totally new to the
world is discovered.