Unit 8 – Innovation and Commercialisation

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................................................................................................................3
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 ...............................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is defined as a process of designing and developing something new,
implementing and applying a new method to pursue something. It does not consist only a way of
introducing elements but it also said to enhancing previous ones. Innovation basically includes
various components like improvement, creation, designing and enhancement(Chen, Liu and
Zhu, 2018). Whereas commercialisation is defined as a process of initiating new products and
services in corporate markets. Innovation generally involves account production, marketing,
customer support as well as sales to accomplish success for their new products and services. This
report is based on 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 defined as a process of designing and introducing new products,
implementing and applying new methods of production. It refers to an idea that gets changed into
functional reality of businesses (Clayton, Feldman and Lowe, 2018). In any kind of business
development which is done on regular basis so that they are able to lead and have better work
and productivity effectively. Creation and designing is important as it there are various
competitors and in order to compete with them, development of products and services which is
important. Innovation is necessary as it leads to have growth, attract skilled individuals as well as
fulfils demands. As when businesses have innovation in their products and services, launch
something new then it leads to help in growing their business. As compared to invention, it deals
with creating and designing new elements but innovation consists enhancing old products. A
product cannot be invented without having innovation and its importance are as follows:
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 Attract skilled individuals: As when any company is an innovative in their operations.
And for that they keep their focus on attracting only those individuals who are skilled in
their specialised area (Oderanti, . and Li, 2018). When company generally innovates a
products then they give their efforts to hire those employees that have efficient skills to
perform their job roles effectively in company. While in invention, companies basically
focus on hiring employees as they want to manufacture a new product.
 Business growth: When any makes an innovation in their products or make
enhancement in their existing product that leads to have growth of company. When any
company innovates any new products they accomplish their desired growth as due to
enhancements which has been done in their existing product but in invention company
do not accomplish growth as a complete new product which is invented and they are in
their initial stage.
Comparison of innovation and invention is as follows:
Basis Invention Innovation
Occurrence Invention basically occurs when
management team finds a new and
creative idea and according to that
invent a new product or a service.
Innovation basically occurs in
company when management team of
company feels that there is a
requirement of enhancing existing
product and new implementation
should be made.
Skills needed When performing any invention in
product there is need of scientific
skills. It relates to observing
product which should be launched
in order to accomplish customer
satisfaction.
In carrying innovation technical and
marketing are needed that consists
implementing something new and
enhancing existing products
according needs and wants of
customers.
Concern Invention is generally is carried
and concerned with a single
product (Lai, 2018).
Innovation is generally concerned
with different products and services
as there could be many products that
requires to be improved.
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