Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1) Explain innovation and its importance in caparison with inventions...................................1
P2) Analysis of how vision, leadership, culture and teamwork can shape innovation and
commercialisation.......................................................................................................................3
TASK 2............................................................................................................................................4
P3) Examine 4ps of innovation and use of innovation funnel....................................................4
P4.Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................6
TASK 3............................................................................................................................................7
P5. Explain the importance of commercial funnel and the application of new product
development (NPD) processing for commercialisation of innovation........................................7
P6) Innovation business case for F-drones and ways to access funding.....................................9
TASK 4..........................................................................................................................................11
P7. Evaluate the different tools that organisation can use to develop, retain and protect the
knowledge and intellectual property.........................................................................................11
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is defined as the process of carrying out something new by which a product or
services is renewed and brought up the date through applying new processes, techniques or
establishing successful idea yo create new value. Whereas commercialisation is refers to the
process of introducing new product or services into the general market. It takes production,
marketing, distribution and sales into the account along with customers support as to accomplish
commercial success of new product and services (Reyes,and. et. al., 2021). Commercialization
occurs when small business has grown and reach levels which allow it to successfully access
larger market. Moreover innovation involves various activities as to uncover new ways of doing
things. This helps company to stand different from others and provides competitive advantage
for the longer sustainability and strong customers base. This report is based on F-drones private
company in Singapore which is specialise in building transition drone as to enable aerial
deliveries to ships and offshore platforms. This report is consist of the concept of innovation,
long with difference between innovation and invention, analysis of process required for
commercialise innovation. Moreover it includes the range of methods for protecting ideas along
with there advantages and disadvantage.
MAIN BODY
TASK 1
P1) Explain innovation and its importance in caparison with inventions.
Innovation is refers to the process which includes multiple activities that uncover new
ways of doing things. Through innovation organisation cater bigger opportunities and critical for
the longer sustainability, economic growth and success of the company. Companies that adopts
innovation are able to set the organisation in a different standard through which it identify new
opportunities and the best methods and techniques to solve current problems (Li, and. et. al.,
2019). It is important to develop a organisational culture which embrace creativity and openness
when someone suggest new idea. In terms of business, development has to be done on constant
basis for the better productivity and efficiency. In comparison of inventions, it is process that
only focus on introducing new things but innovation also focus on improving and enhancing
previous things. There are several impotence of innovation which are discussed below:
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Business growth: When a company innovate or improve existing product it significantly has the
positive impact over its growth (Weng, and. et. al., 2018). Improving existing product and
launching it into the market with new feature and value, more customers get attracted that
provides a business growth.
Different from competitors: when a company produce something new or improve in its existing
products, they try to offer complete different or unique products from it competitors. Which
provide support in to develop competitive advantage and stand different from competitors
through which company will attract more customers base.
Innovation and inventions:
On the basis of meaning: Innovation is refers to the procedure of making improvement
in existing product or replacing something. Along with this, it also a implementation of new idea
for a specific product. Moreover, innovation is refers to a act of bringing idea or objects together
to create something new which did not exist before.
Skills required: Innovation required marketing and technical skills are required for
improving product or implementing something new which is done as per the need and
requirement of customers.
Concern: Innovation concerned about product, services, process and everything that is
need to be improved for the better satisfaction of customers. Along with this, invention has been
concerned with the single product that is going to be invent.
Importance of innovation in comparison to inventions
Competition: There are various companies within market area which has been induce
competition within industry , in order to compete effectively it is important for the company to
innovate its product, services along with the process within stipulated period of time so that firm
achieve growth in particular sector. Competition is one of the key factor which force companies
to be more innovative and competitive for longer sustainability
Customers: Business has been operates in the dynamic market in which demand of the
customer can be changed at any period of time, in order to keep customers it is important for the
company to be innovated and induces certain changes so that existing customers get retained and
new potential customers get attracted towards brand.
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