Unit 8–Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Concept of innovation with respect to its importance and in comparison with the process of
invention......................................................................................................................................3
P2 How commercialisation and innovation gets shaped by leadership, vision, culture and team
work............................................................................................................................................5
TASK 2............................................................................................................................................6
P3 Explain the use of innovation funnel in context with shaping innovative ideas and detail
about 4Ps of innovation...............................................................................................................6
P4 Explain about the developments been done in frugal innovation with examples that justify
how they are used in organisation...............................................................................................8
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and development of new products in context with
commercialisation of innovation.................................................................................................9
P6 Explain a business case of innovation in terms of organisation and also determine methods
to access funding.......................................................................................................................12
TASK 4..........................................................................................................................................14
P7 Different tools required to protect knowledge, retain and develop the intellectual property
...................................................................................................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Innovation is considered as the procedure of enhancing a new product and implementing
it in a complete different way or applying a new method. Innovation does not include just the
method of developing things but also improving earlier ones. It includes many elements like
creation, enhancement, improvement and so on. Commercialisation means a procedure of
initiating new products to market. It involves account production, sales, marketing as well as
customer support in order to achieve success for new item. The below report includes innovation
as well as its importance as compared to invention, how both innovation and commercialisation
can get shaped through the method of implementing organisational vision, culture, leadership as
well as team work. The report also includes 4Ps of innovation and usage of funnel, developments
in frugal innovation with examples, importance of new developed product and commercial
funnel(Csedő and Zavarkó, 2020). The report involves an innovation business case in order to
access funding and evaluation of different tools which organisations can use. The report is based
on F-drones. It provides aerial transportation services in order to provide supplies to offshore
platforms and ships. The company was founded in Singapore in 2019.
TASK 1
P1 Concept of innovation with respect to its importance and in comparison with the process of
invention.
Innovation is the procedure of developing new products, using different methods of
production. It is considered as an idea in relation with developing into functional reality. In
context with business development it is done on continuous basis so that better productivity can
be done. In an organisation creating new things is very crucial because there are various
competitors who use unique products so with respect to competing with them it is important.
Innovation is important because it leads to growth, meet customer demands as well as attract
talented people. When business innovates their product, introduce something new then it helps
them to grow their business. In comparison with invention, it deals only with creating new things

but innovation also include improving previous things. A product can't be invented without
innovation. So, its importance is been explained as below: - Different from competitors: - When a product gets invented companies don't look at their
competitors. They just try their best to create effective product but when innovation is
done whether it is related to introducing new product or new ideas to make those goods.
So, it is considered more important because while applying new ideas or innovating
something new focus is on competitors also and businesses try to offer complete different
and unique products from those of competitors. Attract talented people: - When organisation is an innovative one so they try to attract
only those people who are talented in that complete area. When an organisation
implements new things they do that while attracting best qualified people so that with the
help of their skills and talents they can improve organisational performance. In relation
with invention the focus is mainly on selecting employees as they want to implement a
new product. (Lin, Xiao and Wang, 2021) . Business growth: - When a company innovates a product or improve existing product
also, their growth gets increased. When any company innovates a new product they
achieve growth because improvements are been done in existing product but in the
process of invention company don't achieve much growth because a complete new
product is invented and they are at initial stage only.
Innovation and Invention :- On the basis of meaning:- Innovation means to make improvements in the existing
product or implementation of new idea for specific product for first time while in case of
invention it means creating a product which has never been made in past. In this process
a complete new product is created. Skills required:- In the case of innovation both marketing as well as technical skills are
been required which include implementing something new or improving existing
products according to customer needs and wants while inventing a product scientific
skills are required. It means observing which product should be implemented in order to
achieve customer satisfaction.