Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................3
P1 Difference between innovation and invention.......................................................................3
P2 Impact of organizations vision, culture, leadership and teamwork over the shaping
innovation and commercialization..............................................................................................4
LO 2.................................................................................................................................................5
P3 Explaining 4ps of innovation and utilize of innovation funnel to shape & examine
innovative idea............................................................................................................................5
P4 Justifying developments in frugal innovation and examples of how it is used in context of
F-Drones......................................................................................................................................7
LO 3.................................................................................................................................................8
P5 Explaining significance of commercial funnel and application of new product development
processing for commercialization of innovation.........................................................................8
P6 Creating an innovation business case in regard to F-Drones, including ways to access
funding........................................................................................................................................9
LO 4...............................................................................................................................................11
P7- Evaluating different tools that companies can utilize to develop, protect and retain
knowledge as well as intellectual property...............................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Innovation is something which very company deals with leading to the growth and
development. There is always a misconception about the invention and innovation that both are
same but it is not so. This report is in respect to the organization F-Drone which is into the
building of the drones for enabling aerial deliveries of the goods to the ships and offshore and
can land easily on the moving object. This report so focused on the understanding the concept of
innovation and how it differs from the invention. Along with this, it elaborates the aspect which
results into shaping the innovation and commercialization. It explains the 4Ps of innovation and
the usage of innovation frugal within the organization and the significance of commercial funnel
along with the application of NPD in the commercialization process. In addition to this, it
evaluates the various tools for retaining and protecting the intellectual property.
LO1
P1 Difference between innovation and invention
Innovation
Innovation basically accounts for the process which is focused on coming up with
something new and innovative in the market in order to take first mover advantage and gaining
competitive position (Difference Between Invention and Innovation. 2017). It accounts for
making changes in the processes for the purpose of creating the processes in a more effective
way. In simple words, only modification in the existing product takes place.
Invention
It refers to the act process of bring new ideas and objects in such a way for creating
something new which does not exist. Invention only deals with the creativity along with the
production of the company.
Difference between invention and innovation
Invention Innovation
 Invention is concerned and focused on
the making of new items and
introducing it in the market.
 Innovation accounts for the creation of
something new which will result into
up-gradation in the existing product,
service or the processes.

 It results into enhancing and creating
the brand value of the entity.
 In contrast to invention, innovation
leads to the creation of the business
value.
 It basically requires the scientific skills
which is essential for the invention.
 On this side, in innovation relevant
marketing and strategical skills are
needed.
 Invention is based or relied upon the
theory of product.
 Innovation is relied on the practical
enforcement of the product.
It is very obvious that any business entity which initiates with some of its products and
services but later with time it keeps on changing its products and services in order to meet with
the changing trends. It is very simple to understand that F-Drone started its business with just
mere drones but now it is running on innovation only. The innovation is considered to be the
most crucial concept pertaining to the growth of the organization and along with this, it exhibits
its rival power in front of its competitors. Thus, these are the key difference among the
significance of the innovation and invention within the business organization.
P2 Impact of organizations vision, culture, leadership and teamwork over the shaping innovation
and commercialization
Commercialization accounts for the gain which is being derived from the introduction of
the new product or service in the market. It supports the organization in respect to dealing with
the marketing and planning aspects of the business. There are certain criteria for innovation and
commercialization of any company.
Vision: F-Drone has its vision of becoming leader in heavy payload drone logistics all
across the industries (Krasadakis, 2020). This helps it in determining the product which it needs
to innovate and the ways in which commercialization of the product which is being innovated
can be done. Vision helps in deciding the growth of the organization and thus, plays a crucial
role in shaping innovation.
Leadership: It is the common process in which the leader leads the team with his or her
specialized skills and qualities for accomplishing the desired objectives. F-Drone is having a
good market presence which means that it has maintained its lieu among its competitors.