Unit 8- Innovation and Commercialisation

Unit 8- Innovation and
commercialisation

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1) Explain innovation and determine its importance in comparison to invention....................1
P2) Explain how organisational vision, leadership, culture and teamwork shape motivation
and commercialisation................................................................................................................3
TASK 2............................................................................................................................................4
P3) Explain 4Ps of innovation and usage of innovation funnel to examine and shape
innovative ideas...........................................................................................................................4
P4) Explain development in fugal innovation and how it used in organisation..........................6
TASK 3............................................................................................................................................7
P5) Explain importance of commercial funnel and application of new product development
processing....................................................................................................................................7
P6) Build an innovation business case for an organisation including ways to access funding...9
TASK 4..........................................................................................................................................10
P7) Evaluate different tools that can be used to develop, retain and protect knowledge and
intellectual property..................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation and commercialisation is a process of transformation of various knowledge,
ideas, wealth and invention that is processed by an individual, society or a business at larger
scale. In this commercialisation is a wider prospect of innovation in this completely new change
is induced by business in order to provide completely new products and services to its customers
or at marketplace. It is an essential prospect as under this immediate, measurable and adequate
opportunities are grabbed that collectively foster and generate new patents in terms of
commercialisation. Innovation basically defines a new combination that is carried out as per
introduction of new products and services (Altaf, e Hassan and Batool, 2019). It originally based
on the development and effectiveness of different consequences that assist to break a strategy
into different market. The report below is based on F drones as they build the first transition in
World by which they are able to deliver aerial to ships and offshore platforms. The report below
comprises of innovation and its difference with invention, different type of innovation, process
required for commercialise innovation and a range of method in order to protect ideas to make
better understanding.
MAIN BODY
TASK 1
P1) Explain innovation and determine its importance in comparison to invention
Innovation is a concept that is followed by the business in order to transfer and induces
additional features by which offered products and services are promoted through which rate of
market attraction is increases with fluency and comfort. For this it is essential that new ideas and
thoughts are generated in sustained mode (Awni and et. al., 2019). It induces an effectual
capability that is developed under which long term sustainability is maintained with perfection
and adequateness. On the other hand invention is dependent on the creation that is induced by the
business in order to develop something new that is not offered to customers or within
marketplace at before. It usually induces certain level of alternation through which customer
demand and requirement get fulfilled so that continuous success and growth is achieved in timely
frame.
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Importance of innovation
An innovation is always be taken place in order to create and enhance sales production
through which customers perspective is changes as per attainment of market share. It has various
importances as in relation to F drone and that is as described below as:
 Thrashing rival firms: It is an importance under which business get assist towards the
enhancement of competitive gaining. As there is a tough competition within innovation
industry as every business wants to be different by which they are able to attract market
attractiveness. In this F drones work to gain higher sales by which sufficient changes is
induced in services through which more of people get attracted successfully (Thakur and
et. al., 2018).
 Boost brand image: It is required aspect under which business has tries to fulfill the
market image by which brand image and value is developed by which long term success
and growth is developed. For this F drones has worked to make sustained innovation
within which lot of people get attracted by which buying capabilities is managed
 Profit Maximisation: It is an aspect in which business has enhances its sales and profit
by which customer attraction and its abilities both get developed. In this F drones worked
to fulfil the demand and requirement of marketplace.
 Comparison between innovation and invention
Basis Innovation Invention
Values Innovation develops overall working
values and image of a business.
It induces better values within which
customers get something new as always.
Skills
and
activities
For this business need an individual
that has better skills, human resource,
strategic force etc.
For this implementation of scientific skills
is required by which modified changes are
induced.
Concepts It is basically refer to develop
productiveness by which brand image
and values is increases.
In this sustained level of changes is
recognised by which large number of
profit is addressed systematically.
Example F drones make innovation as with this
transition drone is innovative that
deliver aerial services.
In this F drones make long range
capabilities as by inducing scientific
modification (Zhou and et. al., 2018).
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