Innovation and Commercialisation in Business

Higher Nationals
AssignmentBrief – BTEC (RQF)
HigherNationalDiplomain Business
StudentName Bianca-Mihaela Dumitru ID HE09803
UnitNumberandTitle Unit 8–Innovation and Commercialisation
AcademicYear 2020-21 Cohort April 20 Block 4
UnitLeader SeethalakshmyNagarajan Assessor Jobi Jacob, Johnson Obilanade, Dr. BM
Razzak, FarihaQuddus, Dr.Rajini
AssignmentTitle Innovation and Commercialisation
IssueDate 11.01.2021
SubmissionStartDate (Formative) 05.03.2021
Submission Date (Summative) 21.03.2021
IV Name RahimaKhatoon
IV Date 25.09.2020
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Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
P1 Explain the innovation and determine its importance to organisation in comparison with
invention.................................................................................................................................1
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation ...........................................................................................................3
Task 2...............................................................................................................................................4
P3 Explain the 4 P's of innovation and explain the use of innovation funnel to examine and
shape innovation ideas. ..........................................................................................................4
P4 Explain developments in frugal innovation and provide examples of how it is use in an
organisational context.............................................................................................................6
Task 3...............................................................................................................................................7
P5 Explain the importance of the commercial funnel and the application of New Product
development (NPD) processing for commercialisation of innovation...................................7
P6 Build an innovation business case for an organisation, including ways to access funding9
TASK 4..........................................................................................................................................12
P7 Evaluate the different tools that organisation can use to develop, retain and protect
knowledge and intellectual property....................................................................................12
CONCLUSION..............................................................................................................................13
References:.....................................................................................................................................14

INTRODUCTION
In a business context, innovation can be defined as the process of conversion of ideas into
reality by bringing new products and services into an organisation or making changes into the
existing offerings with the purpose of enhancing growth and profit. Business are operating in a
volatile and dynamic environment, in order to respond to these changes business comes up with a
new and innovative product or make modifications in their existing products and services.
Whereas, commercialisation is the process of bringing the innovative products and services
available to the customers. In a broader sense, innovation takes shape with the help of
commercialisation only. F-Drones laid the foundation in March, 2019 with the purpose of
providing aerial services to defence sector. Unmanned aerial vehicle (UAV Prox dynamics) is a
innovative drone used by militaries all over the world, including British Army. The report covers
concept and types of innovation, distinction between innovation and invention and methods used
to protect the innovative ideas.
Task 1
P1 Explain the innovation and determine its importance to organisation in comparison with
invention
Invention : Invention is a term which is used for a idea, products or services that has evolved for
the first time. Creative thinking plays a major role in a invention. Therefore, Invention is a
process where, through a continuous research and experiments, an individual creates, design and
discover a novel method, process and device. F-Drones is the perfect example of invention as
they are offering a smoothies consist of crushed fruits and juices (Özilgen, 2019).
Innovation : From the perspective of Frey, (2021), The term innovation itself describe its
meaning, i.e. to renew or modify a process, product or service. Generally organisation conduct a
innovation with the purpose of adding value to the products and services so that it could meet the
needs and wants of customers in better way. An innovation can be done by introduction of new
products, process or technology or to modify and update the existing one with extra features so
that the market needs are met better than before.
Importance of Innovation

 Creative development : Creative thinking give rise to the innovations and uniqueness. In
order to respond to the volatility of a market and for a continuous it is essential for every
business to have a certain level of creativity.
 Continuous Improvement : Business like F-Drones focus on continuous improvement
by critically responding to the external challenges and convert them into the opportunities
by transforming existing products and services (Boretti, 2020).
 Relevant business : By adopting to a changing conditions of market, companies aims to
stay relevant, competitive and profitable in a business environment. The technological era
has changes everything around us and in order to maintain its presence, business are
taking the way of Innovation.
 Differentiation : Innovation brings new ideas, process or products or modify the existing
offering to cater the needs of customers. Innovation brings changes in the life of people
which creates a unique identify of a business firm in a market.
 Growth of a business : Innovation creates a path for a company to grow and succeed. It
increase the overall performance and profitability of a business firm.
Importance of Invention
 Solving problems : Invention involves creative thinking and doing. Inventions are
related with new ideas and concepts which have not existed before. These ideas and
concepts are developed generally for the purpose of providing a unique and complete
solution to a problem available in a market. F-drones analysed the needs of ships and
offshore platforms for the delivery shipments and developed a new drone which can
weigh up to 50-100 kg to a distance of up to 100 km.
 Increase productivity : Innovations include the creative and smart work which leads to
the development of innovative products and services to address the needs and wants of
market. F-drones with the new UAV technology assisting the military workforce in
leading the tactical initiatives.
 Competitive edge : Creative thinking encourages better design and development of
products for the customers with an additional value which helps in better connect with the
customers. Additionally, innovative thinking helps the marketing managers in adopting a
right techniques for marketing for a better reach with the customers that in turn boost
competitiveness of F-drones.