Innovation and Commercialisation

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
P1: Innovation and its importance...............................................................................................3
P2: Role of organizational vision, leadership, culture, and teamwork in innovation and
commercialisation........................................................................................................................4
P3: 4Ps of innovation and use of innovation funnel....................................................................6
P4: Development and role of frugal innovation in F-drone.........................................................7
P5: Importance of commercial funnel and application of New Product Development...............8
P6: Innovation business case.......................................................................................................9
P7: Evaluation of Intellectual Property (IP) tools......................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation refers to brining some efficient product in new way or with new idea while
commercialization will make the availability of those products in the market. Innovation and
commercialization both plays an important role in the life of business. These concepts will lead
the companies to achieve their objectives along with moving with changing trends. This report
will study about the concept of innovation and its importance along with role of company's
culture, leadership, teamwork in the implementation of these concepts. Ps of innovation,
innovation funnel, frugal innovation, commercial funnel are all those concepts which is being
discussed in this report. In addition, of this, new product development process, business case,
intellectual property tools are also being highlighted in this report within the context of F-drone.
MAIN BODY
P1: Innovation and its importance
Innovation:
It can be defined as an idea which will leads to the introduction and improvement in
something new concept or goods or service. Innovation can be implemented in anything which
could either be a process that includes innovation in production process, it can also be executed
in products or services in the form of launching of new product or service (Kahn, 2018). In
simple words innovation can be defined as a term which relates with improvement in existing
product or service by raising its efficiency and effectiveness.
Invention:
It refers to a new thing which is being made and created for the first time. In simple word
invention is related to introduction of something new which is yet not discovered and made
(Confalonieri, 2018). Creativity is the essence of invention and without creativity invention
would not being possible.
Innovation plays a very important role in every sector whether it could be business or
companies. It could also be said that both innovation and invention is closely related to each
other. This means that invention will lead to innovation or innovation is the follower of
invention. This means that firstly invention will occur on which by making innovation its
efficiency and effectiveness can be rose. In F-drone which is a wholly technologically driven

company, innovation and invention both plays a very crucial role. This is because it is very
essential for it to be technologically advanced and innovative while operating its operations.
Distinction:
Innovation Invention
An improvement in the existing product or the
process would be made.
New product of the process will be evolved
and developed for the first time
Marketing, technical and strategic skills will be
required.
Scientific skills required.
Occurs when the need is felt for some
improvement in the existing product.
Occurs when new idea hits the scientist.
Importance of innovation in comparison of invention in the contrast of F-drone:
As F-drone is planning to build world's 1'st transition drone so this is considered as
invention of F-drone company. However, it will be considered as incomplete if its efficiency will
not be high in comparison of present product. Here innovation plays its role. This means that yes
it is important and significant to invent something but its journey will be incomplete without
implementing the concept of innovation (Bag, Gupta and Telukdarie 2018). So innovation plays
an important role in making the product unique and efficient which will meet the market
competition and establish its own special place.
As after inventing drone, F-drone has executed innovation in the form of making the
drone unique in terms of its design, features, heavy payload and various other. It is only due to
innovation which resulted in the creation of such drone that can take-off vertically, capability of
flying like an aircraft and involvement of various other feature. Thus, it would be right to said
that without innovation, there is no use of invention in case of F-drone because invention of
drone is common but making it unique and special is important which is only made possible
through the process of innovation.