Innovation and Commercialization

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Explaining innovation and its significance to companies in comparison with invention..........3
Explaining how organizational culture, vision, leadership and teamwork shape
commercialization and innovation..............................................................................................4
Analysing varied sources of innovation and acts of fostering & developing environment of
innovation....................................................................................................................................5
Explaining 4Ps of innovation and use of innovation funnel to analyse and shape innovative
ideas.............................................................................................................................................6
Justifying development in frugal innovation and its usage in organizational context................9
Analysing application of innovation funnel in F-Drones company..........................................10
Appraising role of frugal innovation in F-Drones.....................................................................10
PART 2..........................................................................................................................................10
Explaining importance of commercial funnel and application of NPD processing for
commercialisation of innovation...............................................................................................10
Building an innovation business case in context of F-Drones company, including ways to
access funding...........................................................................................................................11
Ways used to measure overall effectiveness of business case using appropriate techniques
accessible to test, improve and iterate.......................................................................................14
Evaluation of IP tools in wider business environment context.................................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is defined as a procedure by which service or product is renewed by applying
new procedures and establishing creative ideas. While commercialization is described as act of
launching new goods and services into firms for making it accessible in front of buyers to earn
profit. The current assignment will be based on F-Drones company, which is known as the first
transition drone manufacturer in the world. The study will explain innovation and its value to
company in comparison with invention. It will define how leadership, organizational vision,
culture and teamwork shape innovation & commercialization.
This assignment will justify 4Ps of innovation and use of innovation funnel in context of
shaping creative ideas. Furthermore, it will explain development of frugal innovation and its use
in regard to chosen company. The report will clarify importance of commercial funnel and
application of new product development (NDP). Moreover, through innovation business case
study will provide procedure of innovate a new product along with its funding sources. Lastly,
assignment will evaluate different tools that firm can use to develop, protect and retain IP
knowledge.
PART 1
Explaining innovation and its significance to companies in comparison with invention
Innovation is one of the most essential and beneficial forces as it drives the efforts and
activities of companies towards producing creating new value for target consumers (Lüdeke‐
Freund, 2020). It usually defines as the act of making changes and adding new value in existing
products that satisfy the needs of customers.
Importance of innovation in context of F-Drones as compare to invention-
Innovation is connected with creativity, which provides benefits to the chosen company.
It is quite important for firm because innovation help to increase customer satisfactory level and
maximize the productivity of its venture.
Innovation is very important for F-Drones as compare to invention, it helps to save time
and efforts of company in the context of manufacturing a drone which they used to conduct
transition act. It assists increasing its competitivenesses and maximizing profitability.

Invention is defined as method, process and composition of developing new service or
good. This procedure encompasses techniques and methods that used to invent something new &
attractive.
Comparison-
Innovation Invention
Innovation is essential for company because it
helps firm to introduce those products that its
consumers like the most.
On the other hand, the invention is less
beneficial for the organization as it allows
management to create a new item that many
people do not like.
Innovation is usually an invention that causes
modification in interactions.
While invention is a process of manufacturing
a new product.
For F-Drones, innovation is much more
essential than invention as it make them able to
change products according to what consumers
like.
On the other side, invention permit firm to
create something new that has not existed
before.
Explaining how organizational culture, vision, leadership and teamwork shape
commercialization and innovation
There are different factors accessible in the corporate world that contributes to shape up
innovation & commercialization. For example;-
Organizational culture-
A Company's culture always play a vital role in context of shaping innovation and
commercial (Gürlek and Tuna, 2018). For example, collaborative and coordinative culture within
F-Drones, drive the attention of its workers to be innovative and creative. It enables individual
worker to shape commercialization in form of introducing a new drone which in return increase
profitability of firm.
Vision-
Each company set a specific vision and mission statement, which defined workers to
which service or item is needed to innovate and in what manner commercialization of creative
item is done. For example, the vision of F-drones is to be a leader of heavy payload drone. It