Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LO1..................................................................................................................................................3
P1 Innovation and its importance with invention........................................................................3
P2 leadership, culture, vision and teamwork in shaping the innovation and commercialization
for the organization......................................................................................................................5
P3- 4ps of Innovation nd the use of innovation funnel..............................................................6
P4- Development of frugal innovation with examples................................................................7
P5- Importance of commercial funnel and application of new product development.................8
P6- Build business innovation case for the organization including source of funding. ..............9
LO4................................................................................................................................................10
P7 Tools that organizations use to develop, retain and protect knowledge and intellectual
property......................................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
Online ........................................................................................................................................12

INTRODUCTION
Innovation refer to the process of working on new ideas and to make new ways of
working into actions. Commercialization refer to the ways in which the selling of the product is
done. Innovation and commercialization are very crucial and it is important for the lives,
innovation are very important as it eases the work easy and also help in doing in new and better
ways. F-drones works in the drones services and logistics with the aim of being the best drone
delivery brand in the market in next 5 years. They are working in delivery of product and
services into the offshore places and on the ship logistics. They claim to have less 80% of carbon
emission and other saves as they save time in delivery and one of the best ways of delivery
(About Us. 2020). The report will explain the working of the F-drone into the market and how
can innovation can be effective and what are the importance and needs of innovation. The report
further explain about the 4ps of innovation and the new product development process.
MAIN BODY.
LO1
P1 Innovation and its importance with invention.
Innovation : Innovation refer to something new which is being done by different thinking or in
new way of doing. It is referred as the introduction of doing something new and innovative.
Innovation is important as they are helping in doing things in new ways.
The importance of Innovation as compared to Invention : Inventions are one of the most
important ideas and way of working which focus on new things or new ways of working. They
help in finding innovation by giving the idea. As compared to this, innovation are the
implementation of invention into action. F-drones have found an innovation of in the drones by
increasing the build quality to make it a source for delivering the product and services at offshore
places. As compared to this F-drone have made a lot of inventions including the Dron deliveries
in the business. They worked on the idea of proving the product or services to the people by

Dron delivery ideas. The invention of the Nokia are to work on the cellphones creation, They
produced NOKIA 1100 as an invention for the developing country. They create an idea of
developing the device which can help them in making a call.
The importance of invention is that it helps in making better services and also in
increasing the working way. As compared to this the innovation refers to the process of
implementation of the ideas to make a product or service. For example, F-drone has made the
invention of delivering the product and services by drone in the offshore places. They made a
product to increase the standard of drone in the market. On the other hand, Nokia produced an
innovation of telephones and made a GSM phone which was launched on 1st July 1991. They
made this work and make the first call on that date. F-drones have focused in increasing the
drones stability and also the strength in the product so that they can provide better deliveries in
the offshore places. The importance of innovation is that it helps in creating a better services and
make things easy for the places like offshore. The invention help in creating a fast delivery of
product and services in the market to places where the facilities are not easily find.
Comparison of innovation and invention
Basis Invention Innovation
Meaning Invention refer to the idea
occurs for product or process.
Innovation implies the
implementation of the
invention idea.
Concept Original idea and working
theory
Practical implementation of
idea
Skills Scientific skills Set of marketing and technical
skills.
F-drone as organization The invention is the idea of
working on the Drone to
increase the performance.
F-drone innovates and
manufactures strong drones so
that they can help them in
providing the services they
want to offer to the market.
NOKIA as organization Telephones GSM phones in 1991 on 1st of