Innovation and Commercialisation: Explained and Analyzed

Innovation and
commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Explain innovation..................................................................................................................1
organisational vision, mission and leadership........................................................................3
TASK 2............................................................................................................................................6
4 P's of innovation..................................................................................................................6
Development in frugal innovation..........................................................................................9
TASK 3..........................................................................................................................................10
commercial funnel and new product development (NPD)...................................................10
Innovation business case for the company and different ways of funding...........................11
TASK 4..........................................................................................................................................12
Evaluate the different that organisations can use for developing, retaining and protecting
knowledge and intellectual properties..................................................................................12
CONCLUSION..............................................................................................................................13

INTRODUCTION
Innovation plays a significant role in organisations as it continues to improve the growth
and advancement of businesses. It is concluded, according to some studies, that small medium
businesses will implement creative innovations more easily than larger enterprises. They have
less bureaucracy and more appetite for risk-taking and fast appreciation for market conditions.
Commercialisation, on the other hand, is characterised as a method for turning innovations,
information and innovation into greater resources for companies, individuals and societies.
In this report, there is developing of the world's first transition drone for F-drones to
enable aerial deliveries to ships and offshore platforms. Our unique concept would have a blend
of heavy payload and long-range capability that will bring shame to other emerging delivery
drones. Our drone can still take-off vertically with such amazing specs, fly like a fixed-wing
plane, and land on a moving target. Consumer-grade drones are passing; we are developing
drones of aviation grade that will set high levels of protection and reliability. In 5 years, we plan
to be the pioneer in the logistics of heavy payload drones through industries. Both big, medium
or small, the idea of creativity has become a key subject of concern for multiple organisations.
TASK 1
Explain innovation
Innovation is defined as the development of new thoughts, ideas and creativity that are
added to the programmes and goods of different organisations. Innovation, on the other hand, is
characterised as an important organisational force that helps to build business models and
introduce improvements in the current business climate. It aims to provide better services and
merchandise. These advances lead to the rise in consumer satisfaction and to the successful
distribution of goods and services. Innovation leads to preserving the organization's strong name
and image in the industry in today's world of competition. Businesses continue to experience
creativity as this aims to offer better services and goods. The Drone Company's management
insists on supplying customers with professional services. This would continue to increase the
number of clients who access this place. In this way money and gains would be easier to
produce. The business Drone is implementing fresh technologies. It will be a special business
where modern technology is available. This helps to provide clients with reliable resources and
easy delivery. Invention, on the other hand, is characterised as producing, improving,

constructing and exploring new strategies, processes and methods that are not present in the
existing market and business climate. The invention is the process of bringing together all the
resource to make new things which is not there and it is new to the people. They are a cause of
change. The inventors are good observers and they make the products according to the needs of
customers.
Difference between innovation and invention
Basis Invention Innovation Innovation Invention
Definition Innovation is defined as the generation of innovative concepts and ideas for
transforming goods and services. Innovation is characterised as the creation of new concepts that
are applied to the company's existing services, products and processes.
The primary focus is on the development of innovative goods and services. Innovation relies on
building values for the company's delivered services or goods.
Aspect This is a century of principles in philosophy and their working. This is the realistic
application of new & innovative thoughts.
Entrepreneurs must have trained and skilled workers who are willing to deliver innovative
knowledge, research skills, imagination and critical thinking. This allows the product or service
delivered to generate enticing and successful concepts. This person must have strong abilities
and expertise in marketing analysis. Strategic analysis and technical expertise must be used in
this.
There is a need for creativity in the drone market as it interacts with the e commerce
industry. There is tremendous rivalry in this kind of business market. In order to retain a
competitive edge, it is also advisable that companies must implement new technologies. The
breakthrough of the Drone business is that interactive menu tablets and robots are used to serve
the online items to customers. It would continue to draw more buyers.
The challenges of innovation and invention for businesses such as F-Drone
The organizations are having the economic impact because the drone are available to the
customers easily. The drones were invented to help the military and they were restrain from com-
mercial purposes and with the innovation they are used by the people for commercial use which
is illegal because they can harm the personal life of the people.