Innovation and Commercialisation Report: F-drones Business Case Study

This report provides a comprehensive analysis of innovation and commercialization strategies, using F-drones as a case study. It begins with an introduction to innovation and its significance for organizations, differentiating it from invention. The report then explores how organizational vision, leadership, culture, and teamwork shape innovation and commercialization processes. It delves into the 4Ps of innovation (paradigm, process, product, and position), and the application of the innovation funnel to evaluate ideas. The report also examines frugal innovation, providing real-world examples. Furthermore, it investigates the commercial funnel and the New Product Development process for commercializing innovations, including building an innovation business case and exploring funding avenues. Finally, the report assesses tools for developing, retaining, and protecting knowledge and intellectual property, concluding with a summary of the findings and a list of references.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
P1 Explain innovation and determine its importance to organisations 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 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................4
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................5
TASK 3............................................................................................................................................7
P5 Explain the importance of the commercial funnel and the application of New Product
Development processing for commercialisation of innovation..................................................7
P6 Build an Innovation Business Case for an organisation, including ways to access funding. 8
TASK 4............................................................................................................................................9
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property...........................................................................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is an idea that has been transform into the practical reality in order to make
change in the current environment (Altaf, Hassan, and Batool, 2019). Innovation in the business
refer to the development of new product and services that help business to increase its market
share and profitability. Innovation helps business to attract new customers in the brand in order
to fulfil the need and wants in the business. Whereas commercialisation refer the various attempt
to gain profit in the business by the new innovation through the sale of new product and services.
This report is based on F-drones, company is is focusing on building first drone to enable aerial
deliveries to ships and offshore platforms. This report includes information about innovation and
its importance to the organisation also difference between innovation and invention, also
includes the different types of innovation that company can use for better growth. Further, it
include the process required in commercialise innovation. At the last it include various rang and
methods for protecting ideas and understanding of their advantages and disadvantages in the
market.
MAIN BODY
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation is an important aspect of the business that helps in increasing the growth and
sustainability in business(Astiti, Sakapurnama, and Huseini, 2020). Innovation helps businesses
to gain long term competitive advantages. By the various innovations in the business company
serve various options to their customers and increase their satisfaction level. It require more
innovativeness and creativeness with the willingness to bear risk in the competitive market.
Importance of innovation in compression to invention:
Innovation in the business helps in problem solving for the company it increase the level
of effectiveness in the business. Innovation assist company towards the better vision that helps to
gain competitive advantages in the firm. As compare to the invention both are different terms.
Both innovation and invention is essential in the business growth. Below are various importance
of innovation in the context of F-drones.
1

Solve problems: Business see the problems their customers face in their daily life and
innovation helps them to provide appropriate solution of those problems. Problem solving by
providing them effective product and services helps businesses to gain more customers base.
Problems in business environment can be solved when business person think out of the box it
helps in effective planning of the future growth by the innovation in the business. In the context
of F-drones, company is trying solve the problems in the out side business environment by
providing drone facility to the ships and offshore platforms. It helps the business of F-drones to
because more effective in the market and increase the rate or profitability.
Increase productivity: Innovativeness in the business assist company towards the
achievement of better productivity that can increase their profit share in the market(Awni, and
et. al 2019). It also attract the customers in the business so that they can they can become loyal
customers of the brand. It helps businesses in the potential growth in the market. With the use of
innovative technology in the business it can helps in the gain of better productivity and growth.
In the context of F-drones, business use innovativeness for the gain of effectiveness in their
drones so that it can help the target customers to use this product for effective business.
Comparison between innovation and inventions:
Invention: Inventions refer to the happening of idea for the product and services that
never been made before. Inventions refer to the creation of new product and services that never
been before in the market. It concerned with single product and services that can be liked by the
customers in the market. For the inventions it require high knowledge of research and
development so that product and services can be made in effective way.
Innovation: Innovation refer to the implementation of the idea for the product and
services for the first time. Innovation helps businesses to add value to pre existing product and
services. Innovation increase the level f effectiveness of the product and services so that business
make more profit. It increase the growth of the organisation by providing value to the product
and services in the market. It enhance the level of effectiveness by providing product and
services with innovativeness.
2

P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation.
In organisation there are various factors that have an impact on the shape of business innovation.
Various aspects of the business and impact the growth of the innovation in the market. Below is
various aspect of the business that have an impact on the shape of innovation and
commercialisation.
Vision: It is an inspirational statement that reflect how business could become in the
future or how business person wants their business to become in the future. Vision of the
company reflect their future strategies that can helps in the growth and profitability. Vision of the
company support the innovation and development in the business( Bong, Shin, and Park, 2020).
How company want its business in the future shape the innovation in the business. If company
want high customer turnover in the future business than they have to focus on the innovation in
the product and services. Innovation can help the business to fulfil the all needs and want that
can help to fulfil the vision statement of the company. In the context of F-drones vision
statement of the company is “aim to become leader of heavy payload drone logistic across the
industries in 5 year”. Vision statement of company reflect their aim to become number one
leader of drone logistic. The vision statement of the company clearly shape their innovativeness
in the market.
Leadership: Leaders of the company helps to achieve all the goals and objectives, so that
company can gain more profit and growth in the market. Effectiveness in leadership helps to
increase the level of the effective productivity and growth. Leaders of the organisation helps to
understand about the various needs that customer expect form the organisation. Effective
leadership in the organisation analyse the various needs of innovation in the business and helps
the business in effective decision making process. In the context of F-drones, leaders of the
company helps to understand about the market changes so that company can implement the
innovation in the market.
Culture: Different culture in the organisation also impact the process of innovation,
businesses focus on betterment of their market position and growth in the market. Culture in the
innovation is useful because of development of innovation aligns with the cultural norms of the
company. In the context of F-drones, their values and norms are based on the idea of innovation
and also the perception around the creativity. Culture of the business enhance the level of
3

effectiveness of the business, also effective culture promote innovation so that business can
enhance the change management system. Also F-drones follow the culture of innovation and
invention in the business and support change management and this has affect on the level of
innovativeness in the business.
Teamwork: Effective team work can enhance the innovation in the company, with the
teamwork company can increase the level of effectiveness in the business and increase
innovation(Yang and et. Al 2018). Innovative team members can help the business to enhance
innovation and development in the organisation. Dedicative team work towards the effective
growth and new ideas and inventions so that business can enhance the level of growth and
proficiency in the market. Effective team work support business and innovativeness, the team of
F-drones has effective team that support innovation and growth in the business.
TASK 2
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
4Ps of the innovation refer to the paradigm, process, product, position. This explain the
practices that company can done in order to develop innovation. Below is detail description of
4Ps of innovation in the context of F- drones.
Paradigm: In this business try to educate people to understand about the needs of
product and services in the daily life. Make them understand the use of product and services. It
concern with the change in the way something to be done in the business. It could be anything, it
depends on the nature of product and services or what business want to convey in the market.
Paradigm can also refer to the area of business change in the market for the better profitability. In
the context of F-drones, company can use this P of innovation for the change in the business and
effective innovation in the market.
4

Process: It refer to the change in the way company create or deliver product and services
to the customers. It helps business to increase the level of productivity in the business by
improvement in the production process and innovativeness in the market(Chou, Hu, and Shih
2019). It is the process that organisation change in order to make changes or improvement in
something. In the context of F-drones company use this P of the innovation to make changes in
the innovation process and increase the effectiveness in the production process of the company.
Product: This refer to the various product and services that company offer to their
customers in order to make change in the environment and process of the company. Change in
the product and services can be beneficial for the business. Company can change the appearance
of the product and services so that it can help to attract more customers in the brand. In the
context of F-drones, company can make their current product more innovative in order to gain
effective growth in the industries. Innovation in pre existing product can help in the better
fulfilment of needs and wants of the customers.
Position: In this company decides the target customer base for the various product and
services they offer to them)(Fujiwara, and Collins, 2019). It define potential customers of the
company, these helps in the better productivity and growth in the market. Business analyse
whether change in the product and services can attract more customers or not.
Innovation Funnel:
It is a mechanism that promote continuous stream of idea and innovation in the company
for the viability. It also know as funnel management process that helps companies in the better
5

fulfilment of the innovation in the market. Below are various steps of Innovation funnel is
explained.
Illustration 1: https://paul4innovating.com/2011/04/13/the-new-extended-
innovation-funnel/
Opportunity stage: In this business examine customers, market data and other
information in order to analyse various opportunities in the market. Company use this stage to
analyse the need of new product and services in the market.
Insights based innovation: In this stage company think about the capitalisation of the
opportunity in the market. In this company needs to understand about the choice and preferences
of the customers in order to introduce the opportunity in the market.
Conceptualisation: In this company came to know about the most innovative idea that
can help in better growth in the market.
Evaluation and benchmarking: In this business analyse the target group for introducing
the opportunity in the market.
Plough on or cut it loose: In this company collect all the feedback about the product
innovation.
Launch: In this company decide to launch product in the market. This stage helps to
know about the whether the product is effective or not.
6

P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
Frugal innovation refer to the delivering more values to the customers at lower cost
according to the needs and demand of people(Hohenberg, and Homburg, 2019). It provide
businesses ability to generate considerably more business and social value while significantly use
of scarce resources. Below are various steps of frugal innovation used in the context of F-drones.
Assessment of Opportunity: It is the first step that F-drones use to conduct market
research, and collect necessary information from the marketplace(Kelly and Kim 2018).
Company conduct survey of market research and use questionnaire in order to achieve better
accessibility. Business of F-drones can use this to achieve necessary change and modification in
their working standards so that working possibility and effectiveness can be achieved in the
organisation. It also improve the level of performance in the market so that company can
improve its business. This stage of frugal innovation helps to analyse various opportunities that
can help in the better growth and profitability.
Ideation Process: In this stage of Frugal innovation, F-drone look forward for the
various opportunities in the market that can help in the development of the business and growth
in the market. In this stage they ensure that they develop various opportunities in the business by
the effective capitalisation in the increase on the direct basis. Effective use of opportunity in the
market can helps to increase the level of effective productivity and growth.
Conceptualisation: In this over all concept of innovation is defined under which it
involve making of packaging, advertising copies, detail study of how product can be develop and
all advancement within the F-drones( Link, and Scott, 2018). It helps businesses to know about
the various process and task to be done in order to implement opportunity in the organisation.
Benchmarking: In this stage management of F-drones ensure they control all the
standardise outcomes. In this company generate suitable idea on the basis of revenue generation.
It also analyse performance creditability as by forecasting the level of profitability in the
business. The development of the idea helps to know about the profitability level in the
company.
Go or No go and launching: This is the final stage of Frugal innovation, implemented
as the suitability of product lunching is processed with the more perfection and transparency. In
7

this stage F-drones take responsibility to analyse all the future initiative on the basis of different
measurements.
Thus, frugal innovation helps the business to achieve various opportunities in the market
and use those opportunities in order to enhance the performance of the business and gain better
profitability. This model assist the business of F- drones to fulfil requirement of the business and
oversee the opportunities that can help to grow and increase the level of effectiveness.
TASK 3
P5 Explain the importance of the commercial funnel and the application of New Product
Development processing for commercialisation of innovation.
Commercial funnel refer to the various buying process that companies leads customers
through when purchasing product and services(Liu, and et. al 2020). It is important for the
business of F-drones because it helps to achieve profitable outcomes. Company make their
decision making process according to the achievement of customers attraction towards the
products of the company. It also assist company in the process of enhancement of sales with
effectiveness so that F-drones can attract and retain the target customers for long term. It helps
the business to enhance the sale of the product and increase the level of customer satisfaction.
Illustration 2: https://www.wikiwand.com/en/Purchase_funnel
Process of New product Development:
8

It is a process of brining a new product into the market place in order to fulfil the demand
and needs of target customer. Business develop new product that never been before developed in
the market or business. It involve product innovation in the market for the first time. Below are
various stages of new product development is explained in the context of F-drones.
Idea generation: In this stage F-drones generate idea according to the various
opportunities available in the market. In this company brainstorm the various problems that
customers are facing due to lack of resources(Min, Vonortas, and Kim, 2019). Brainstorming
could help company to understand about the future needs and demand of the customer and how
they can follow those demand by invention of new product.
Idea evaluation: In this stage F-drones select one of the most effective idea that can help
to attract more customers. Analysing all the ideas that can help in the better growth and
development of the company and selecting most appropriate idea.
Concept definition: In this stage F-drones, develop feasible outcome by analysing
specify innovative product and services. Company ensure that they discover all the problems that
can help in betterment of the future process.
9
Illustration 3:
https://in.pinterest.com/pin/736408976557918118/

Strategic analysis: In this F-drones develop most effective strategy inj order to gain
sustainable process and effective result. They ensure that all the outcomes support the future
growth with effective planning and designing.
Product development and testing: In this F-drones make appropriate documents that support
product development process in the market.
Market testing: In this management of F-drones ensure that they reduce the risk of
uncertainty revolving around the success of new product development.
Commercialization: In this F-drones ensure that they done appropriate marketing of the
product and services with the use of promotion strategies.
Product launch: It is the last stage where F-drones introduce the product in the market
and analyse its effectiveness in order to gain better outcomes.
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
Business case: Business case support the marketing strategy for innovation for new
product and services(Parveen and et. al 2019). This case analyse the buyers on how they make
their purchasing decision making. F-drones planning to innovate personal drones that can be
used for film making, recording, with the photography and gaming.
Executive summary: With the use of effectual understanding of various policies are
developed for the target audience. In the major concern company planning to develop drones that
can be used by the customers for the multi purpose use such film making, recording and with the
photography and gaming options.
Innovative idea: Development of drone that can use for multi-purpose works such as
film making, recording, photography, and gaming options.
Benefits of new product development: this can helps the user to have effective and
innovative experience with the use of multi-purpose drone system. Also it is beneficial for the
business to gain new customer base and growth.
Gantt chart:
10