Importance of Innovation and its Impact on Organizational Success

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Task 1...............................................................................................................................................1
P1. Explain innovation and determine its importance to organisations ................................1
P2. Organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation...................................................................................................................3
Task 2..............................................................................................................................................5
P3. Explain the 4Ps of innovation and use of the innovation funnel . ...................................5
P4. Explain developments in frugal innovation and provide examples.................................6
Task 3...............................................................................................................................................7
P5. Importance of the commercial funnel and the application of New Product Development
(NPD).....................................................................................................................................7
P6. Design an Innovation Business Case for an organisation, including ways to access
funding....................................................................................................................................9
Task 4.............................................................................................................................................10
P7. Different tools that organisations can use to develop intellectual property. .................10
CONCLUSION..............................................................................................................................11
REFERNCES.................................................................................................................................12

INTRODUCTION
The term innovation is describes defining as the carrying out of new collective of unique
in term of manufacturing of product and services along with new procedure of production,
opening of market existing as well as new, about new sources of supply as it carrying out about
new organisation towards an industry. Therefore, many government regulation has provided their
own overview related with concept. In other term is Commercialisation is a process of
introducing new vision of product or production method that enhance to commence to creating
available in the market (Eckhardt and et. al, 2018). According to market it offers different types
of mass market where it also involves research and development and laboratory. In this report,
the organisation is taken F-Drones, it is one of most world first transition drone that provide
advance technology drone to offering ships platforms. As per topics are covers innovation and
determine about its importance to organisation comparison. Organisation vision, leadership,
culture and teamwork can shape innovation along with commercialisation. To elaborate with 4Ps
of innovation to examine innovative ideas. On Development in frugal innovation and provides
examples, examine the importance of commercial application of NPD processing towards better
innovation (Fechner and Shapanka, 2018). Discuss different tools that is used to retain protect
knowledge as well as intellectual property.
MAIN BODY.
Task 1.
P1. Explain innovation and determine its importance to organisations .
Definition of Innovation: It is creation and development and invents towards products
and better process or service with having objective to improvising in efficiency manner,
effectiveness to better gain competitive advantages. In term of business as in F-Drones that
allows to generates more innovative development in context of better ideas and increase mobility
in organisation which helps to remain competitive respond to changes (Fini and et. al., 2018). It
enhance to involves to utilising existing method which is starting to creates a scratch. Therefore
the goal is to reinvigorate a business for creating better values that helps to speed up the growth
productivity.
Importance of Innovation:
1

As the innovation is having importance that help to accomplish towards current business
to achieve better outcomes in today's model. Through advanced technology contribution and
impact is more beneficial for better attainment growth or expand growth. The increasing of
development as per growth and changes of implementation with great deal opportunity for
business. In following there is importance which frame in context of F-Drones that advantage of
further companies to meeting with their customer:
 It helps to increase development aspect: The major qualities of innovative nature is
necessity for current business measures, the skills of business for better helps and
create an effective value from creativeness (Barrena-Martínez and et. al., 2020). As it
concerned for better future expectation in terms of improvement in business as well as
setting benchmarking for attaining positive outcomes.
 Continuous Improvement: From innovation provides organisational sustainability
where constant improvement and repackaging and re-branding. The better professional
is enhance to recognize which needed to innovate better business skills that increase
optimum creativity. This continuing sustain only happen when particular company
perform better and provide proper durability of product and services.
 Reinforce the brand: As per the development of product branding is highly popular on
terms of organisation development. Some of managerial factor is allows to innovate
way more better leadership. According to this process it commence valuable
information that tend to helps leader to scrutinize more innovative which are consider
towards main drivers.
 Responding to competition trends: As from innovation, it better support to exists in
opportunities or which one will enhance to likely with better near future. Through
business are one of successful don't only be responded to the current needs to their
customer (Gong and et. al., 2020). It also predict towards future needs and evolve to
come up within ideas on the basis of demand.
In above importance of innovation is describes on the perspective of F-Drones company
where it is a technology based venture and provides better resources reinforcement towards
attain positive outcomes.
2