Innovation and Commercialisation

INNOVATION AND COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P 1 Explain innovation and determine its importance to organisations in comparison with
invention......................................................................................................................................1
P 2 Explain ways in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation...............................................................................................2
LO 2.................................................................................................................................................3
P 3 Explain 4 P’s of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................3
P 4 developments in frugal innovation and provide examples of how it is used in F- drone
organization..................................................................................................................................4
LO 3.................................................................................................................................................5
P 5 Importance of the commercial funnel and the application of New Product Development
(NPD) processing for commercialisation of innovation..............................................................5
P 6 Develop an Innovation Business Case for an organisation, including ways to access
funding.........................................................................................................................................7
LO 4.................................................................................................................................................7
P 7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property............................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation can be defied as a kind of process and action of creating creative ideas that
can be worked upon so that new and required features can be developed within existing products
and services of the organization (Skillicorn, 2020). Today, innovation is one of the most
important factors which is required to be focused upon by organizations in order to attract a
greater number of customers, sustain within the market in which they operate and gain
competitive advantage. But in order to make an innovation successful and increase awareness
about innovative product and services its commercialization is extremely important.
Commercialization is a kind of process that helps an organization in order to introduce new
innovative product or service developed into market so that its success chances can be enhanced
and organization can gain competitive advantage (Azar and Ciabuschi, 2017).
This assignment will lay emphasis upon a case study of F- Drone organization which is
world’s first transition drone building organization for enabling aerial deliveries to ships and
offshore platforms. This assignment will further cover explanation of innovation and determine
its importance to organisations in comparison with invention, ways in which organisational
vision, leadership, culture and teamwork can shape innovation and commercialisation,
explanation of different types of innovation, process required to commercialise innovation and
evaluation of range of methods for protecting ideas and understand their advantages and
disadvantages.
LO 1
P 1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is a process that helps in development or creation of something new within an
existing product or service. In business innovation is extremely important because innovation
help an organization in updating their products and services as per the changing needs and
demands of customers. Innovation can further help a firm in updating their products and services
in order to attract a greater number of customers, sustain within the marketing in which they
operate and for gaining competitive advantage (Mazzucato, 2018). Due to advancement in
technology and rising awareness for environment among customers it has become extremely
important for organizations to focus upon innovation so that development of products and
services as per changing needs and requirement of customers can be fulfilled without additional
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cost economically. One of the main purpose because of which innovation becomes important for
firms is that it helps in making customers life much easier. F-drone is also one of those
companies who focuses upon innovation for development of products and services like drone
delivery in order to make delivery of shipments for customers from dockyard to ship much
easier. Their final target is to bring innovation within their existing service so that drones can
deliver 100 kg parcel over 100 Km till 2022. The main idea behind drone delivery is that it helps
in reducing carbon emission because drones emit zero carbon dioxide. Innovation is further
important for an organization it helps them in maintaining loyalty and satisfaction level of
customers (Adelowo, Akinwale and Olaopa, 2017).
Innovation and invention are completely different from each other and are useful and
important for organizations in different ways. invention can be defied as creation of something
new for the first time in terms of product or service. As invention is done for the first time so
success and failure rate of invention is fifty- fifty. But innovation is introduction of something
new in existing products and services as per the changing needs and requirement of customers
due to this failure changes of innovation is less. F-drone has focused upon introducing innovative
features within their drone delivery. They next aim is to develop drone which is capable of
carrying 5 kg over 50 Km and till 2022 they want to develop drone which is capable of
delivering 10 Kg over 100 Km (Willis, Koper and Lum, 2018) .
P 2 Explain ways in which organisational vision, leadership, culture and teamwork can shape
innovation and commercialisation.
There are many factors such as organisational vision, leadership, culture and teamwork that
helps in shaping innovation and commercialization. Contribution of these factor in shaping
innovation is completely different.
Organizational vision helps customers of the organization to understand vision and mission
of organization and what they want to become in future. It is an important factor because it helps
customers as well as stakeholders to bond and develop a strong relationship with the company.
Organizational vision further employees to understand what is required and expected form them
so that they can work upon bringing improvement within their work and performance
accordingly it further helps employees to think of innovative ideas so that main vision of the
organization can be achieved. For example, main vision statement of F-drone is to enable large
scale on- demand aerial deliveries (Akinwale, Adepoju and Olomu, 2017). This vision statement
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