Unit 8–Innovation and Commercialisation

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
P1 Explain innovation and its importance in comparison with invention..................................4
P2 How innovation and commercialisation is shaped by organisational vision, leadership,
culture and team work. ...............................................................................................................5
M1 Different sources of innovation and how organisation can develop both environment and
culture..........................................................................................................................................6
TASK 2............................................................................................................................................7
P3 4Ps of innovation and use of innovation funnel in order to examine and shape innovative
ideas.............................................................................................................................................7
P4 Developments in frugal innovation and examples of how it is used in organisation............8
M2 Analyse and apply innovation funnel in context with organisation.....................................8
M3 Role of frugal innovation in context with organisation........................................................9
TASK 3............................................................................................................................................9
P5 Importance of commercial funnel and new product development process for
commercialisation of innovation ................................................................................................9
P6 An innovation business case for an organisation including ways to access funding...........10
M4 A detailed innovation business case which involve how to measure overall effectiveness
by using techniques available to test, iterate and improve .......................................................11
TASK 4..........................................................................................................................................12
P7 Evaluate different tools which organisations can use to develop, retain and protect
knowledge as well as intellectual property...............................................................................12
M5 Present supported evidence based evaluation of different tools in context of wider
business environment................................................................................................................12
TASK 1&2.....................................................................................................................................13
D1 Analyse how innovation is developed, embedded and measured in an organisation..........13
TASK 3&4.....................................................................................................................................13
D2 Evaluate the nature of innovation and the context in which it got developed, providing
evidence based judgements on how organisations can overcome challenges to enhance
successful innovations...............................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................15

INTRODUCTION
Innovation is defined as the procedure of creating something new or using a different way
to do something. It involve two things that is innovating new products and improving the
existing ones in order to attract employees. Commercialisation refers to a process of inventing
new and unique products in market. Both innovation and commercialisation include certain
elements which are been considered. In case of innovation it includes enhancement, creation and
many more. In case of commercialisation it includes production, marketing as well as support
from customers(Johansson, 2021). The below report includes comparison of innovation and
invention, how innovation and commercialisation are shaped by organisational vision,
leadership, culture and team work. It also includes 4Ps of innovation and usage of innovation
funnel, developments been done in frugal innovation, new development process and importance
of commercial funnel, a business case of innovation and different tools which can be used to
protect intellectual property. The below report is based on F-drones. It was founded in Singapore
in 2019 which offers aerial transportation services through which they deliver supplies to ships
and offshore platforms also.
TASK 1
P1 Explain innovation and its importance in comparison with invention
Innovation is a way of producing new things by using new ways of production and also
improving existing products. It is considered as an idea which gets changed into functional
reality. Every organisation wants that their customers remain attracted to their company only so
it is important to produce new things and also improving products if necessary and it must be
done on regular basis. Innovation is necessary in developing a business and its importance is
been explained as below:- Growth of business: - In order to grow business and increase productivity it is important
to innovate things. There are many competitors and each company try to offer unique
products so it is also important for them to built up new products and improving existing

products. When company innovates things, their business grows as well as its
productivity and customers gets attracted to their products. Helps organisation differentiate themselves: - If a company updates their product as
compared to other companies then they will earn competitive advantage. Innovation helps
them in differentiating themselves because customers memorise their company by using
such unique products.
Comparison between innovation and invention:-
Basis Innovation Invention
Meaning It means producing new
product and improving them in
order to attract customers.
It means execution of a
complete new idea to produce
a unique product which has
never been invented earlier.
Concept Implementing new ideas and
innovating products.
Original idea is created
according to which product
gets invented.
Concerned with It involve various products as
new things as well as earlier
products get improved.
It is concerned with only one
product. As company invents
only one particular product.
Occurrence Innovation is done when
organisation feels that they
should offer new products or
improve their products.
Invention occurs when
companies gets a new idea and
then invent product.
Invention and its example
Invention is defined as a concept in which a complete new product gets developed. It is
the act of bringing new ideas and objects together in order to invent something unique. In case of
F drones their AI engine supports self operating building which requires no human intervention.
It controls everything like in context with heating and also use cloud based computing in order to
create maximum impact on energy consumption.
Example of innovation:-