Unit 8 – Innovation and Commercialisation

Unit 8 – Innovation &
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention.................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation............................................................................................................6
TASK 2............................................................................................................................................7
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas............................................................................................................7
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.............................................................................................................8
TASK 3..........................................................................................................................................10
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation................................10
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
..............................................................................................................................................13
TASK 4..........................................................................................................................................18
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property....................................................................................18
CONCLUSION .............................................................................................................................20
REFERENCES..............................................................................................................................21

INTRODUCTION
In modern era, there are various reasons for the growth and success of any business.
Every organisation or a company is known for its distinguished products or services. The one
thing similar in all companies is the leadership which helps company is achieving its goals,
embracing innovations and make it stand out form other and its competitors. Innovation is a
process in which new or modified idea related to any product is being implemented by the
companies and launched to the reality (Harel, Schwartz and Kaufmann, 2020).
Commercialisation is also one of the process which helps in the introduction of either a new
product or production in the world of commerce.
The company chosen in this report is “F Drones company”. The company was established
in Singapore and it is specialised in marine deliveries. This report explains the innovation and its
importance along with its comparison with the invention. It explains about the vision, culture of
the company, leadership, etc. this report also discuss about the 4Ps of the innovation and also the
frugal innovation process. The report explains about the new product development process and
also about the business innovation case.
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention
Innovation mainly is an idea which is transformed to a practical reality. In a business
organisation, an innovation includes: business concept, product, process , etc. Innovation is
developing and then implementing ideas into business organisation so as to improve the ways in
which things are done or to achieve certain goals by the company. Innovation helps organisation
to improve its productivity and efficiency. Innovations helps business to be innovative and
compete in the market by responding to the necessary changes.
Invention can be defined as some unique device or a method. It can also be a
combination of various other inventions or of process. It is a creation of new ideas which when
created they come into reality. The process of invention is commonly referred as a process which
involves engineering and also the development of the product (Hamada, 2017). It may also
include improving of an existing product or process for creating something unique, novel or
different.

F- Drones Company, an organisation which is now focusing on aerial deliveries to the
ships and to offshore platforms. There are many importance of the innovation on which F-
drones are currently focusing on. They are mentioned below: Growth of an organisation: It is very important for an organisation to focus on its goal to
achieve success. It is examined many a times that company often reject the idea of
innovation as it takes lots of time and the process is slow. But when a company wants to
grow, even the slow process proves to be beneficial for the company (Harel, Schwartz
and Kaufmann, 2020). F drones is a very large organisation and due to its unique
innovations it has given hard competition in the market. This is a strength of the company
as it helps in attracting more customers. It defines uniqueness of a company: Innovating something and introducing that in the
market gives option to the customers to try and buy something new. This attracts
customers as customers like different things. F drones are continuously trying to focus on
the innovations which have unique concepts and no other competitor of its has taught
about it yet. The company likes to stand out alone from others and given competition to
its competitors. This is the main reason behind its success. Innovation helps in keeping companies relevant: The world is changing continuously as
so are the demands. To cope up with the changing trends it is important that companies
too adopt new realities and stay relevant and profitable. F drones is continuously working
to make changes with innovation in their technologies which is also keeping them
relevant and earning profit in a competitive world (Sathler, 2020).
Difference between Innovation with Invention
Basis Innovation Invention
Meaning It is implementing ideas for
either process or product for
first time.
It is occurring of new idea
either for a product or process
which has not occurred before.
Skills Required Skill required are: marketing,
technical, strategic, etc.
The main skill needed is
scientific skill as it is invention
of something new.
Occurrence An innovation is made when Invention is made when any

need of it is realised by the
company.
new idea strike the mind of a
scientist.
Concept It is implementations of new
ideas.
It is termed as an original idea
which is already worked in the
theories.
Overlapping of innovation and invention
Innovation and Invention both are introduced or launched for the betterment of the
society and also to increase the growth of the company by earning more profit. Both the
innovation and invention are done focusing on the technologies and need of modern society.
Inventions and innovation are both an idea for a business which will help it to improve
the world in some or the other way and they are also be in accordance to the needs of the society.
What factors force company to innovate?
The factors that force any company to innovate are PESTEL, competition, customers and
globalisation. All the factors are explained below: PESTEL: This factor is the analysis of another six factors i.e. political, economical,
social, technological, environmental and legal. Considering all these factors by F drones
will help the company to take effective decision. These factors helps company in making
decision related to the innovation by analysing all the external factors that might affect
the new or improved innovation so made. Competition: This is another main factor which force a company to innovate. The
companies are always trying to get ahead of their enemies and competitors and therefore
it is needed by them to innovate new products to sustain the competition in the market.
The innovation of the F drones company is also affecting the competition by its
introduction of aerial transportation drone into the market. Customers: This is the major factor as customers are the only ones that helps a company
grow more and succeed. Innovating new products by the company helps in attracting
more customers which eventually leads to the growth and success of the company. F
drones by making new innovation of the aerial drone is also attracting more customers as
it is the first company to introduce such an innovation.
 Globalisation: The business activities these days are not only confines to the local
markets but with globalisation it has spread through out the world. Globalisation is also

one of the major factor that force a company to innovate. By innovating F drones will be
recognised globally and will gain more profit from all over the world. This will also help
in increasing the economy of the country.
P2 Explain how organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation.
An organisation is considered to be an entity which are involved in various functions and
activities so that they can achieve the goals of the company. The company to grow more and be
more successful have to innovate and develop different ideas so that they can stand out and gain
more success (Santoro, Ferraris and Winteler, 2019). F drones is a very large company which is
building drones that can be used in making aerial deliveries. There are various factors that affects
and helps company with making an innovation come to reality. They are: culture, teamwork,
leadership, etc. these elements are discussed below with reference to the F drones which are
helping the company in its innovation and commercialisation.
Organisational vision: A company's vision statement is to achieve long term goals. The
functions carried out by the company are based upon the operations decided by the company at
the company's initial settings. The main agenda of the F drones company is represented in its
vision statement. The vision statement of the company is that they are making innovations to the
drones which can carry heavy load order and fly so as to fulfil the orders of large scale on the
demand of the goods through aerial transportation.
Organisational leadership: leaders of the company are responsible for the carrying out
activities which helps a company to achieve its goals by looking after the management and
motivating employees to work efficiently. F Drones is a large company which believes in
innovating new ideas every time so that they stand out of others. The leaders of the F drones
company follows participative leadership style, so that they can engage its workforce in debates
and in discussions to get creative ideas from them.
Organisational Culture: Belief's, background, values, etc. of any organisation represents
its culture which company company in guiding workforce (Parham, Vrettos and Levinson,
2021). F Drones company always try to motivate its employees so that they are satisfied and give
good productivity. The company also engage employees while making decisions so that they feel
values. This helps in the increase of their performance.