Innovation and Commercialisation in F-Drones

Unit 8–Innovation And
Commercialisation
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Table of Contents
INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Importance of innovation for companies as compare with invention....................................3
Team work, vision, culture and leadership can shape innovation & commercialisation.......4
Sources of innovation and ways through which companies can foster an atmosphere and
culture of innovation...............................................................................................................5
4Ps of innovation and usage of innovation funnel.................................................................6
Developments in frugal innovation and its use in business context.......................................9
Application to innovation funnels in context of company...................................................10
Role of frugal innovation in regard to F-Drones..................................................................10
PART 2..........................................................................................................................................10
Significance of commercial funnel and application of NPD for commercialization of
innovation.............................................................................................................................10
Innovation business case for F-Drones including modes to access funding........................11
Suitable techniques to measure effectiveness of business plan............................................13
Varied tools that companies can use to develop & retain knowledge and protect intellectual
property.................................................................................................................................13
Evaluation base on different tools in wider organization context........................................14
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15
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INTRODUCTION
Innovation and commercialization are two key elements that can help companies in
recent time to grow and get great success. Innovation can be defined as carry out of new
combinations or set of attractive things that include introduction of unique product or service
which can add value for customers. While commercialisation can be consider as procedure of
transforming knowledge and ideas into good growth for ventures. The current assignment will be
based on F-drones, which known as world's first transition drone manufacturer. Its experienced
team and skilled applicants has contributed to design innovative drones. This study will explain
value of innovation as compare with invention, ways via vision, culture; leadership and team
work will shape innovation and commercialization and will also define key sources of
innovation.
Furthermore, this report will define development of innovation culture and environment
by firms, 4ps of innovation and will also explain use of innovation funnel. It will describe
development of frugal innovation, its role in company and importance of commercial funnel.
This assignment will justify commercial funnel importance, application of NPD and innovative
business case, all in context of chosen firm. It will simplify varied tools that can use to protect,
retain and develop knowledge & intellectual property.
PART 1
Importance of innovation for companies as compare with invention
Innovation can be described as an idea or innovative concept that can be converted into
practical reality; it is actually mean about respond to change in an innovative manner (Ortiz-
Villajos and Sotoca, 2018). It is one of the most appropriate manners through which companies
can change, update and improves its manufacturing procedure, internal business practices etc.
Invention is a process within an entire product and service development procedure; it can
be an improvement upon exiting things or practices for creating a desire outcome.
Importance and comparison-
Innovation is actually very important as compare to invention for companies in world of
business. When a firm use this term on its existing practices, it is because of that management
can save time and money as well as other assets (Bag, Gupta and Telukdarie, 2018). With
innovation concept, in recent time organizations get several benefits for example it can help to
gain competitive edge and allow driving the attention of profitable buyers and retaining them for
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longer period of time. It can be analysed that innovation can aid companies differentiate itself
from other brand, operated in similar industry (Fernández, Triguero and Alfaro-Cortés, 2019). As
compare to invention, all above things could not be happen because invention gives less
confidence to firms in term of products success and its higher sales beyond expectations. It gives
whole new structure and shape to product, which some people cannot like to purchase, while
innovation is quite better because it can be done via current products that already has been used
and liked by customers. As it add more value for people which turn into increased sales.
Innovation is the best concept in regard to businesses growth as compare to invention
because it helps to grow companies in order to become more profitable and successful. Firms
should focus on this term because it aid to improve customer relation with brands in effective
and ethical manner. It can support to improve sales even better which is less possible with
invention procedure as it can lead to gain less attention of buyers. With innovation, a company
can add more value for its business as it contributes maintains degree of consumer’s satisfaction.
It can reduce costs and waste of resources which is actually not possible with invention when
organizations plan to use it.
Team work, vision, culture and leadership can shape innovation & commercialisation
There are varied elements or factors accessible in the world of corporate that has been
utilized to shape commercialisation & innovation in effective manner, which bring varied
benefits to F-Drones.
Organizational vision-
This element shapes commercialization and innovation appropriately because applicants
drive towards working and performing according to set vision of companies (Scott and et.al.,
2020). For example, F-Drones vision is to make its business able to deliver aerial on demand and
in wide scale. It describe that which item or service it needed to be created or innovated, which
in return shape innovation and then turn into commercialization in form of increasing
profitability. It can be said that every firm has its vision which help to decided venture progress
within specific industry.
Leadership-
Just like above factor, it can also contribute to shape innovation and commercialization as
well in systematic manner (Naqshbandi, Tabche and Choudhary, 2019). For instance, leader with
appropriate leadership can guide workers to adopt innovative ideas into practical work, which
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