Innovation and Commercialisation in F-drones

Unit 8 – Innovation and
Commercialisation

Table of Contents
INTRODUCTION .........................................................................................................................3
LO1..................................................................................................................................................3
Innovation and its importance to organisation in comparison with invention ............................3
How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation .......................................................................................................................4
Different sources of innovation and how organisation can foster and develop environment and
culture of innovation....................................................................................................................5
LO2..................................................................................................................................................6
4Ps of innovation and use of the innovation funnel to examine and shape innovative ideas .....6
Innovation funnel and its application to F-drones ......................................................................7
Developments in frugal innovation..............................................................................................8
Role of frugal innovation.............................................................................................................9
LO3..................................................................................................................................................9
Importance of the commercial funnel and the application of New Product Development (NPD)
processing for commercialisation of innovation..........................................................................9
Innovation Business Case and ways to access funding.............................................................11
LO4................................................................................................................................................12
Different tools that organisations can use to develop, retain and protect knowledge and
intellectual property...................................................................................................................12
Different tools in the context of the wider business environment.............................................13
CONCLUSION .............................................................................................................................14
REFERENCES .............................................................................................................................15

INTRODUCTION
Innovation can be defined as introduction of something new in which idea is
implemented by creating a new product or service. Innovation in present business environment
has become very important for success and growth of organisations. This report will discuss
about innovation and its importance and its difference from invention. Followed by this report
will discuss about contribution of organisational leadership, culture in shaping innovation and
will also include 4 Ps of innovation. In addition to this report will also discuss about frugal
innovation. In second part report will involve discussion regarding commercial funnel and
application of new product development and will also involve creating an innovation case for
business. Lastly, report will involve different tools that organisations can use to develop retain,
and protect and intellectual property. This discussion will contextualise F-drones, company is
building world’s first transition drone to enable aerial deliveries to ships and offshore platforms.
This is an innovative case in which company is working on creating effective innovations to
provide solutions for aerial deliveries at low cost and considering higher standards of safety and
reliability.
Innovation and its importance to organisation in comparison with invention
Innovation is a process of identifying and developing new ideas and creating ideas into
product or service that can be offered to customers. Organisations in present environment of
business have become highly conscious regarding innovation in organisation. Often innovation is
used interchangeably with invention however invention is different from innovation (Meissner,
Polt and Vonortas, 2017). Invention is concerned with occurrence of an idea for products or
services that have never had any existence before on the innovation are concerned with
implementation of an idea for the first time. This means that invention is creation of new product
or service whereas innovation involves enhancing and adding value to an existing product or
service that already exists. In relation with F-drones invention is creation of first drone and
innovation is adding value to drones and increasing their quality and reducing cost associated
with and through aerial drones.
Importance of innovation to an organisation is as follows-

Increasing value- This means that through innovation organisation can increase value of the
product or services. Increasing value of product adds in satisfaction of customers and also
increases customers for a product. Increasing value involves increasing utility or reducing price
of the product or services. This is possible through innovation in organisation. F-drones have
also worked on increasing value of drones by increasing quality and reducing cost.
Increased productivity- This is another important reason for organisation to undertake and
work on innovation. F-drones can increase their productivity through innovation. This can be
done in both ways including increasing production of F-drones at low prices and also through
increasing demand for product leading to increase in productivity.
Competitive advantage- This is another importance of innovation because innovation provides
competitive advantage to the organisation (Yu, 2018). Competitive advantage because
organisation has differentiated and high quality and high value products and services.
Competitive advantage is concerned with advantage that an organisation has over its competitors
and through which they are able to attract customers. Competitive advantage can be created
through innovation and adding value to products and services.
How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation
Commercialisation is concerned with introducing new product or service into market and
making it available to be used by customers or consumers. For the purpose of innovation and
commercialisation vision, leadership, culture and teamwork plays very important.
Concerned with vision of F-drones it plays very important role in innovation. This is
because vision outlines what a company aims to achieve and also provide direction and guidance
regarding how they can do so (Modranský, Jakabová and Oláh, 2020). This is why in order to
direct and provide standards of activities of organisation and its people it is very important to
have a vision. Vision of F-drones helps in highlighting long term achievement goals and when
goals and vision includes elements like quality, innovation they help in shaping innovation and
commercialisation in F-drones. This also helps organisation and its members regarding extent to
which innovation and commercialisation can be done easily.