Innovation and Commercialisation

This document discusses the importance of innovation and commercialisation in organizations and how to foster a culture of motivation. It explains the 4 P's of innovation and the use of innovation funnel to determine innovative ideas. It also explores the development of frugal innovation and its application in the organizational context. Additionally, it highlights the importance of commercial funnel and the application of new product development (NPD) process for commercialisation of innovation.

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine the importance of it in the organisation and how the
organisations can foster and develop an environment and culture of motivation..................1
P2 Explain how organisational vision, mission and leadership can shape innovation and
commercialisation...................................................................................................................3
TASK 2............................................................................................................................................5
P3 Explain the 4 P's of innovation and explain the use of innovation funnel to determine
innovative ideas......................................................................................................................5
P4 Explain the development in frugal innovation and give examples used in the organisational
context....................................................................................................................................8
TASK 3............................................................................................................................................9
P5 Explain the importance of commercial funnel and the application of new product
development (NPD) procession for commercialisation of innovation...................................9
P6 Innovation business case for the company and different ways of funding....................10
TASK 4..........................................................................................................................................11
P7 Evaluate the different that organisations can use for developing, retaining and protecting
knowledge and intellectual properties..................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation and commercialization are two important factors within a company that helps
in providing new products and services to customers. Providing products to clients and
customers helps in promoting businesses and it is very essential for all companies to innovate
their products on regular basis. It helps in overcoming the challenge of monotonous products and
customers will find new and attractive products and in this way profits can be earned. Innovation
is a term that mainly focuses upon analysing the interest of organisations. All organizations
whether it is small, medium or large requires that they renovating the product on regular basis.
Mission is defined as the process in which new and innovative product is properly manufactured
and within the marketplace. In the following report, company which is considered as F drone.
This is a company which is aiming for building the first transition drone. These will enable aerial
deliveries for shipping and offshoring platforms. There is a unique design in days and they
provide the combination of heavy payload and long range capabilities. This report will help in
understanding the reason of innovation and commercialization within companies. There's also
discussion of various models used by companies for managing the culture of motivation. There's
explanation of organizational vision mission and leadership. It will also explain the 4P’s of
innovation and innovation funnel. There is also explanation regarding development of frugal
innovation. new product development is discussed and at last innovation business cases prepared.
TASK 1
P1 Explain innovation and determine the importance of it in the organisation and how the
organisations can foster and develop an environment and culture of motivation
Innovation is defined as the process of producing new and fresh ideas, imagination and thoughts
into an existing product of the company. It helps the company to create a new business model
which can be followed for increasing the profits and sales in specified time. It enables to deliver
good quality products and services to clients and customers. Such kind of innovation contributes
in increasing the customer trust and value. In context of present scenario , competition is very
high in market hence it is very important for all organizations to continuously innovate the
existing products. In context of the report, there are F drone which will help the customers to get
easy delivery and fast delivery.It is evaluated that innovation of such kind of equipment will help
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in increasing the reputation and brand image of company. This is a unique idea and it will help in
attracting attention of various potential customers. There is another concept which is invention
and it is known as the creation development, designing and discovering of different models and
approaches which are used within present business environment. The difference between
innovation and invention is mentioned below -
innovation invention
definition this is defined as a term in which there is
development of new and innovative ideas
in existing service, product or the process
of an organization.
Invention is known as the production of new
and innovative ideas or thoughts which increase
the opportunities for changing the service or
product.
emphasis Main focus of innovation is upon
creation of new values to product and
service. Main objective of these is to
increase the companies way off attracting
more number of customers.
there's significance of generating new products
and services for removing the challenge of
monotonous usage.
aspect It is known as practical implementation
in which new and creative ideas are
utilised.
it includes generating of several ideas and
thoughts in which functional activities will be
done according to several theories.
abilities
required
Innovation managers must have good
knowledge of market and they should use
strategic al thinking and technical skills in
order to conduct the organizational
objectives properly.
There are several entrepreneurs who are having
strong capabilities and skills which they can use
for innovating they existing scenario of market.
occurrenc
e
It is created when there's change among
any product or service offered by the
company.
it is associated with occurrence of new ideas in
mind and thoughts of other people.
example A well known innovator across the world
is Ada Lovelace
An example of a great inventor is Nikola Tesla
It is very essential for a company which is making F drone in order to increase the
Opportunities of a company to manage the profits and sales. There are different kind of business
sectors in which there is huge competition. Hence, it is very essential for all companies to have
new innovative products and services. In context of F drone company, it is concluded that it can
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compete other companies by developing an effective and strong equipment that will help in
easing the consumer efficiency.
P2 Explain how organisational vision, mission and leadership can shape innovation and
commercialisation
Innovation and commercialization are known as two important factors of the company and
these are analyst before using any kind of new idea within the existing product or service. There
are several vision, culture, leadership and teamwork within the company. Innovation within
company is important as it affects the mission, vision and leadership. When innovation is done in
our company than it is made to be aligned with vision Commission and leadership of the
company. Several managers and leaders have to adopt new leadership qualities in order to rule
and guide the new product development properly.
Organizational vision: like every other company, F drone company is also having a vision of
becoming the best company within market. This company is having a vision to capture the
mindset of potential customers by providing them quality services. It is also analyst that
executive leaders of this company are working upon increasing the quality of service they are
providing in different manner.
Leadership: this is known as the ability of a person to rule over other people. And effective
innovation is only possible when there is a successful leader who is able to manage different
activities as well as people. Several managers and leaders of the company are involved in
managing and controlling processes . They have to take effective actions so that desired goals of
innovation can be achieved. Different type of leadership style followed within the managers and
leaders include autocratic, Democratic, participative and decisive. In context of F drone company
it is seen that innovation of the product are directly controlled by the leaders and managers. All
the staff members as well as employees are provided proper instructions as well as guidelines in
order to manage the innovation of new product.
Organizational culture: this is known as they belief, assumption, value which the company has
chosen for conducting the functions and activities of the business. It is also considered as
expectations and philosophy that is involved in experiencing the organization will stop there are
different type of culture which are followed within the company and these include role, power,
task and person culture. These are used by the leaders and managers of different companies in
order to manage the innovation of company properly for stop employees and staff of F drone
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company are very talented and skilled because they have come up with a new idea of this
innovative equipment which will provide good service to customers.
TASK 2
P3 Explain the 4 P's of innovation and explain the use of innovation funnel to determine
innovative ideas
Innovation is a very important concept which is involved in the development of new
plans and ideas in order to attract more number of customers. According to 4P of innovation
strategy which were given by Joe Tate and John bison. 4P of innovation are mentioned below
Product innovation: there are several companies you have to create as well as develop strong
plans to maximize profit of the company by adopting any change. Innovation within product are
used for increasing employee satisfaction level. If companies providing services and products
which are not innovative or new then customers may switch to another company which is
providing new technological ideas within the product.
Process: it is involved within process which the company uses while manufacturing the product
to the customer. It is evaluated that companies must be innovative so that products can be
provided to customers by using the new technologies.
Position it consist of having a good reputation and brand image . There are several managers and
leaders of F drawn company who are analysing the demands and requirements of customers in
order to have a successful outcome.
paradigm: it is known as the process of managing change and innovation that is applied to the
product for new innovation. In context of F drawn , there are several employees and staff who
are provided proper change and innovation strategy so that goals can be managed.
Innovation funnel
Innovation is potentially dangerous, to be sure, and it is more about mitigating risk than
removing it to get the best from a portfolio of innovation programmes. Because nobody knows
precisely where useful technologies can appear, and it is impossible to look anywhere,
executives must establish some boundary conditions for the spaces of opportunity they choose to
pursue. The way these spaces are defined and bounded will range from intuitive dreams of the
future to closely scrutinised strategic studies. Thoughtfully prioritising these spaces often helps
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enterprises to decide whether they have adequate investment behind their most important
possibilities.
Illustration
1: INNOVATION FUNNEL
(Source: Innovation Funnel, 2019)
It is defined as the process in which new ideas and thoughts are provided in the existing
product. F drawn has developed a new equipment which will help in providing online delivery
two customers at every single point across the world. As there is development of technology,
there is need to provide offerings and processes properly. There are several ideas of innovation
which are implemented for managing the customer satisfaction as well as retention.
In context of F drawn, it is seen that innovation is conducted for providing customers with
convenient in delivering.
Opportunity assessment: it is known as the major step of innovation funnel for stop there are
several managers and leaders of drone equipment in which there is involvement as well as
evaluation of managing requirements and needs of clients and customers. They are provided
proper management and services for adopting the new innovation.
Insight based ideation: it includes developing and formulation of planning and strategies to
increase profit and revenue. There are several managers and leaders of F drawn company who
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have conducted several market researchers in order to know the actual demands of customers. It
provides help to manage brand reputation and image. Different methods used by the company in
order to collect information our focus group, question year, online survey, communities, etcetera
Conceptualization: it is known as designing the actual concept by using the information which is
extracted from the thoughts and ideas of various people. Innovation is done for the new
equipment that will help customers to manage the convenience of having online delivery.
Evaluation and benchmark: this is a step which consist of actual implementation of new ideas
and thoughts . There are proper feedback provided to customers regarding the convenience of
online delivery by using drone.
Launch: this includes the process and method used by the company for launching the F drawn
within market. There is requirement of proper advertisement and awareness of customers
regarding the new product or service.
P4 Explain the development in frugal innovation and give examples used in the organisational
context
Frugal innovation is defined as managing the new business model and estimating the value
chain as well as design product in order to provide satisfaction to clients and customers. There
are lot of ways by which companies can manage the development of skills in order to provide
quality products and services. There are lot of ideas of innovation within products like Tata nano
car, washing machine manufactured by Haier company, lithium ion battery scooty, etcetera.
Frugal innovation consists of a change on existing product or service that helps in increasing the
convenience of using any product or service. Innovation in context of present scenario is done on
if drone.
New market opportunities: there is need to identify as well as analyse present market
opportunities for growth and development of organization. A strong market research conducted
for estimating profits that a company can earn by launching a new innovative product or service.
There's need for companies to manage the service by adopting all the necessary requirements of
a drone.
Resources: these are known as essential assets which company requires for utilising resources in
proper manner. Frugal development is used for providing resources and conducting the
organizational work properly.
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Innovation funnel: this includes development of new product and new business model that will
increase the chance of innovating present product and service. It is important for several
customers and clients to adopt new and innovative strategies for the present product.
TASK 3
P5 Explain the importance of commercial funnel and the application of new product
development (NPD) procession for commercialisation of innovation
Commercial Funnel
Commercial funnel is defined as the framework which our company uses for utilising as well as
reforming present services and products. There are proper procedures and planning for it. There
are basically 3 phases of funnel which company has to use. Several protocols are followed which
are given in this funnel. These help in properly managing the innovative product and launching it
within market. These steps are mentioned below
Pricing policy: these are used by F drawn organization in order to provide the new service to
customers at affordable price. This is the most important aspect which companies have to adopt
in which pricing policy of company must be provided to customers properly. Sustainability can
be achieved by managing the price.
Improving ways of growing business: new innovation funnel is helpful for analysing demands
and needs of customers. This helps in increasing customer retention as well as customer
satisfaction. In context of new equipment of online delivery there are several other services
which are offered to the customers.
Process of new product development
Idea generation: this is defined as development of innovative new ideas within present product
and service. This consists of managing the innovation in service and product properly. In context
of drawn, there are several opportunities which are provided to the customer such as ease of
delivery.
Idea evaluation: it consists of implementation of new as well as creative ideas within product
and service. It is involved in providing new technology as well as innovative series for managing
the customers. It helps in increasing customer retention and prepares the organization to manage
the profits incurred.
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Concept definition: in context of F drawn, it's seen that organization is developing this
equipment for increase inconvenience of product and online delivery.
Analysis of strategies: this is associated with grabbing off quality and innovative services which
are provided to the customers.
Commercialization: it is known as the final step which is used for launching the new product or
service within market for stop in context of present scenario, it is seen that new if drawn is able
to provide convenience of online delivery.
Product launch: new advertising and marketing is done effectively for F drawn in order to
provide awareness to customers and clients so that they can have the new service offered for
quick online delivery.
P6 Innovation business case for the company and different ways of funding
The business case and business strategy are potential forecasts of acts that are written to
maximise the company's future benefit. The corporate plan covers the organization's single
project and product portfolio. Business case may be a written and verbal document designed to
provide insight about corporate priorities and goals. Market success forecasts key aspects of
financial statement such as earnings and sales.
Executive overview- There is F drone provided to the customers whoch will help in online
delivery.
Goal statement-"To maximise profit through increasing customer numbers."
Resources- This company needs robotic technology, AI technology, raw materials, finances,
equipment for technical development, etc.
Financial projection- The online drone fund expected is £ 50,000.
Support forms- This fdrone will collect funds from banks, associates and family.
Funding for entry to the latest product range:
F drone needs cash in its company to have hardware and wireless online delivery. Any of the
means from which funds can be raised are discussed below.
Investor: There are persons on which the organisation may rely to develop new imaginative
goods.
Income: F drone is a profit-making enterprise that will use its profits to introduce new
autonomous technologies and automated menu tablets.
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Bank loan: F Drone is a strong business player, because it has the potential to make money.
Banks are also the most profitable way to take funds at a fair level.
TASK 4
P7 Evaluate the different that organisations can use for developing, retaining and protecting
knowledge and intellectual properties
Intellectual property is defined as the way for securing, protecting and covering different
intangible creations which company can use to manage the work properly. There are several
methods which are used by the company such as Copyright, patent trademark, etcetera. In
context of new F drone technology, there is management team which is adopting some
intellectual property . Some of these are mentioned below
Copyrights: these are known as the best method which are used for protecting creation
innovation done by the person. In context of F drawn, company is having Copyright of the new
equipment and no other company can innovate the product in the same way which this company
has done. There are several methods used by this company within this drone process and
according to the Copyright, no other firm is able to use the same process.
Patent : this is known as the invention which provides authority as well as rights for the owner of
company in order to prevent exploration of products. In context of F drawn, it is seen that new
patent is used so that no other company can use the equipment on the name of other and sell it.
This protection tool last for 20 years and for longer duration it has to be renewed continuously.
Conclusion
It is analysed from the above report that innovation is the most important factor that leads a
company to progress forward. It helps in building competitive advantage. When customers are
provided monotonous service then there is decreased customer satisfaction and trust. There are
several new technologies used by companies and these help in attracting more number of
services and products to customers. 4P of innovation is used for analysing what is the right kind
of technology used for attracting more number of customers.
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REFERENCES
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