Higher National Diploma in Business: Unit 8 Innovation Report

This report delves into the core concepts of innovation and commercialisation, focusing on how leadership, culture, vision, and teamwork shape innovative ideas within an organization. It examines the 4Ps of innovation (Product, Process, Position, and People), the development of frugal innovation, and the importance of a commercial funnel. Furthermore, the report outlines how to build a business innovation case, including sources of funding, and explores tools to protect intellectual property. The report uses F-drone as a case study to analyze these concepts, emphasizing the significance of innovation in a dynamic market and the crucial role of leadership and culture in driving commercial success. The analysis covers the comparison of innovation and invention, their importance, and the role of vision, leadership, culture, and teamwork in fostering innovation and commercialization. The report also includes recommendations for companies like F-drone to meet market changes and competition, making innovation a continuous process.

Unit 8 - Innovation and
Commercialisation

Table of Contents
P1 difference between innovation and invention.........................................................................3
P2 Ways leadership, culture, vision and teamwork can shape the innovation and innovative
ideas for the organization.............................................................................................................5
P3- 4ps of Innovation...................................................................................................................8
P4- development of frugal innovation with examples...............................................................11
P5- Importance of commercial funnel and application of new product development...............12
P6- Build business innovation case for the organization including source of funding.............15
P7 tools to protect Intellectual property.....................................................................................17
REFERENCES................................................................................................................................1

P1 difference between innovation and invention
Introduction:
F- drone is one of the famous company that deals with manufacturing of drones. It is famous for
the production of such kind of drones that is unique in terms of their features and characteristics.
This report will cover the concept that how implementation of innovation will lead to raisng its
efficiency and commercialization.
Innovation :
Innovation refer to the process of finding new ways of doing things and making new
ideas and ways to create a different impact on the particular things. It is the introduction of
something new, without innovation there isn't anything new.
Comparison of innovation and invention
Basis Invention Innovation
Meaning Invention refer to the idea
occurs for product or process.
Innovation implies the
implementation of the
invention idea.
concept Original idea and working
theory
Practical implementation of
idea
skills Scientific skills Set of marketing and technical
skills.
Outcome Invention leads to generation
of product.
Innovation will lead to raising
efficiency in the current
product.
Time of occurrence It usually occurs when a new
idea will come in the mind of
inventor.
It is being occurred when there
is need of improvement or
raising of efficiency of the
product.
Example Smartphones, computers. Different versions of
smartphone with additional

features, or technologically
advanced computers.
The importance of Innovation :
Create development
Innovation always helps in making new things which create a leverage of work power
helps in the development of the working with better and quick process. It helps in creating
development which can be beneficial for the brand and the F-drone. F-drone need to make a lot
of innovation so that they can increase the development into the technological industry and it can
help in promotion and development of business and achieving objectives.
Continues improvement
Continues improvement in the working industry need new ways of doing things and
innovative ideas of making sure that the process of working of F-drone can develop by the
innovative ideas and innovation to create and improvement continuously into the working
industry. It can help the F-drone into better result and increase productivity and profitability
(Meissner, Polt and Vonortas, 2017).
Reinforce the brand
New innovations helps the organization into better result and some times new innovation
can cause negative impact on the business but due to change in trends and business, it is
important for the F-drone to make changes and find innovation to increase the brand
reinforcement into the market and also increase the working into the business.
Unique selling point
When the organization have new innovation they create a benefit of unique selling point
product or innovation they have created and it also help in making a good profit into the
management of the F-drone and achieve objectives and goals (Tan and Sousa, 2019).
Importance of invention:
Bringing new concept:
Adoption of invention by F-drone will lead to the emergence and bringing of new
concept into the world. As F-drone is working for the production of unique drones so this will
helps the world to live a new perspective and to see the marine activities with different angle.
Raise current experience:

Through the implementation of the concept of invention the experience of the customers
will get a new direction and it will raise to next level. Since invention leads to production of new
product so along with raising the product will also raise the experience to explore different and
more.
Raise leisure in human life:
As it is very difficult to have a watch over the marine activities through physical moves
so invention will lead to existence of such product that has never experienced before. It makes
the life of people easy.
Analysation:
Since the factors of PESTLE including political, economic, social, technological, legal
and environment are very dynamic means continuously changes. This has become the base that
encourage and raise the importance of innovation so that these changes can be meet up by
companies. Along with changes related to these forces, it is very essential for F-drone to adopt
and evolve innovation in its workplace so that it can meet these changes along with meeting
market competition that is being increasing day by day. Alo customer's expectation and
globalization raise the demand of more innovation. Since the demand of customers and changes
in global economy also occurs at a very fast pace. These also has raised the importance of
innovation for F-drone. This is because through innovative product containing various features
these needs will be satisfied and fulfilled.
Conclusion and recommendation:
From the above part it is being concluded that it is very essential to bring innovation in
the products of the company. In addition, of this it is being recommended that to meet the
changes regarding the elements of PESTLE, competition and various other, innovation and
innovative products are the only way that can help the company in facing these.
P2 Ways leadership, culture, vision and teamwork can shape the innovation and innovative ideas
for the organization.
Introduction:

Innovation is one of the important term that is being essential for every company to
incorporate into their workplace. However, this part will discuss the concept of organization's
vision, culture, teamwork, and leadership that how they help in the inculcation of innovation into
the working operation of the company.
Leadership:
It refers to a skill that is being possessed by leader. Through the skill of leadership,
appropriate guidance, direction, will be provided that will lead the company to accomplish its
objective.
Culture:
It refers to working culture of the company in terms of positive environment or culture. It
includes thinking, perception of the employees as well as it also constitute organization's internal
policies and rules.
Vision:
It refers to a statement that indicate the desired position of future which is being wanted
to be achieved by the company.
Teamwork:
It is an important concept under which instead of working individually, teams will be
made who will perform the work. This is the best method of completing the complex work in an
easier form.
Role of f-drone's Vision in brining innovations
In an company, the workers follow the leader in pursuing goals and objectives of the
business. The vision sets by the leaders in the way for innovative ideas on how to achieve it
effectively for F-drone. It is the starting point for objectives, metrics, and strategic plans. An
innovation vision takes your organization from its present state to a better future. Also if the
vision of the company is regarding the capturing of market with new products then it will
automatically leads to move towards the concept of innovation.
Role of f-drone's Leadership in innovations
Leadership plays most important role within the organization, and they responsible to
manage all the business activities and lead employees effectively within the workplace of F-
drone. They take decision for the company and provide innovative ideas and make strategies so
company can create new opportunities within the market where they are operating their business.

Effective leader always come up with the new idea that can lead employees and make their way
to achieve objective more easy. Since leadership is concerned with leading and directing the
activities so it would not be wrong to said that it plays a major role in brining innovation in F-
drone because through guidance and adequate direction innovation will inotiate and take place.
Role of f-drone's Culture in inculcation of innovations
Having an innovative culture within the organization can be helpful for the F-drone to
attract customers and employees can be more effective and productive. Leaders and manager of
the company can create innovative workplace environment by adding fun activities and reward
management polices. It will make the employees more open with the companies superiors, and
they will give the new ideas and learn something that can helps company to grow. Since,
creativity is the base of innovation so a good and positive work culture will leads to brining
innovation in F-drone very easily. Good working environment also enable the flow of
communication and having good communication within the workplace can lead employees stop
suggest innovative idea, and they will work innovatively within their task. This will again work
as a lead by which F-drone will execute innovation and innovative idea in its workplace.
Role of f-drone's Teamwork in incorporating innovations
Team work can influence on the employee's growth, innovation and productivity which
has overall impact on the performance of F-drone within the market. Team always have
employees with the different employees and knowledge and skills. These skills can be used to
create new innovate ideas to their work and make their work easier, so they can reach to their
desired goals quality and achieve their those goals for the company. Individual employees more
time to do their task as compare to the group so employees get time to give more idea to the F-
drone leaders and help them to achieve success within the business and satisfy the needs and
demand of the customers.
Function of F-drone's vision in shaping commercialization:
Since commercialisation refers to brining new and innovative product into the market and
as F-drone's vision is to capture new market through innovative products then it automatically
leads to commercialisation of its products in the form of brining new product in the market.
Role of leadership in commercialization in the concept of F-drone:
As leadership is concerning with leading and directing the employees. So this has a direct
and major role in the commercialisation of innovative products of F-drone. This is because

through adequate direction employees will know that in which way they have to take steps so
this will make the commercialisation of F-drone's product very easy.
Culture of F-drone in commercialisation:
As the culture of F-drone is positivist and motivated then will directly lead to the
commercialization of its products because employees will have inner desire to produce more
innovative products and thereby commercialize it.
Teamwork and commercialisation:
As teamwork includes the effort of whole team so it will create easier situation for F-
done to produce more and commercialize its product in the market so that people can have better
exposure with innovative products.
Conclusion:
From the above part it is understood that for incorporating innovation and making
commercialization of products of F-drone, its culture, leadership structure, teamwork spirit, and
vision plays a major role. This is because these terms and concept will lead to actual execution of
innovation.
P3- 4ps of Innovation
Introduction:

Since, innovation is very important concept in the framework of companies. In bringing
innovation every company have to consider 4Ps of innovation. This report will study about the
concept of 4P'S of innovation along with the concept of innovation funnel.
Product
Product include the product and services the F-drone are offering to the world as a
services to provide the customer satisfaction with quality and quantity at one place. In addition to
this product is not only limited to the type of product but it covers all the associated terms of
product in the form of its packaging, labelling, delivery methods and many more.
Process
The ways in which the organization is offering its product and services to the audience
and they ways in which they deliver the product and services. It is important for the F-drone to
make sure that they have proper process of delivering the services which can help them in
making things faster and smoother into the working factors to achieve better results and growth.
Position
Positioning refer to the ways in which they provide the exact information of the product
and services they are offering to the customer in a way to tell the story of the product F-drone are
offering. It is important for the organization to make sure that they provide the exact information
of the product and services so that they can make better impact on the audience. Apart from that
position also includes the perception and thinking of customers towards the company and the
products. Thus, this will also help the F-drone regarding knowing its position as well as
customer's thinking towards the company.
Paradigm
Paradigm refer to the business model and what the organization things about it. It helps in
making new innovations and also help the organization to focus on the things they need to
increase or change into the process of working (Akgun and et.al., 2017). It also includes the way
in which F-drone will make avail its products to its customer that could either be through
physical stores or through digital and online mode.
Innovation Funnel

Innovation funnel is the funnel of ideas which help in finding of the innovation through
lots of invention. It is an idea of taking the invention into reality and make them into the
implementation to create something different. It include three steps :
Investigation
Investigation is the stage where the ideas are investigated in a lot of numbers and every
person is allow to provide the suggestion to increase the performance of the F-drone.
Development
After the process of investigation it is important for the F-drone to make changes and
focus into the development which help the organization in making a selective implementation of
the ideas to make it moulded and change into innovation.
Shipping Product
Shipping product are the final product and innovation which the F-drone gets into
business and utilise it into implementation process to finalise the end result.
Source: Innovation Funnel, 2016
Use of innovation funnel:
Innovation funnel plays an important role in making the idea and thinking into reality. It can be
well implemented by F-drone in its workplace in the form of capturing the new ideas or general
ideas, filtering it to find the most appropriate idea that may have chances to further production of
product. And lastly executing the main idea that is being left out at the end or most appropriate
one that will leads to creation of actual and innovative product for F-drone.
Illustration 1: Innovation funnel

Application of innovation funnel on F-drone:
Application of innovation funnel in F-drone begin with generation of idea in which new ideas
will be generated regarding the innovation or the idea. Then the concept will be investigated
under which justification related to idea is analysed. After that feasibility study is being
performed by F-drone that whether it is feasible or not that will meet up the idea or not. Once
everything will be done then the idea will be executed and product will be developed and lastly it
will be commercialized by F-drone.
Conclusion:
From the above part it is understood that implementation of innovation will bear the following of
certain stages including implementation of P's of innovation along with the concept of innovation
funnel that will lead to the production of innovative products.
P4- development of frugal innovation with examples
Frugal innovation was firstly innovated by the Chairman and CEO of Renault Nissan
Alliance Carlos Ghosen in year 2006. Carlos was impressed with the cost effective and quick
innovation by the engineer from India under the severe resource constraints. From the India
engineers they take the inspiration and introduce Frugal innovation which is beneficial for the
company and it is helping the world make their product more cost effective without
compromising with the product quality and their efficiency.
Frugal innovation is the process that urges the business of the F-drone to respond to the
limitation in the resource in their inventory and other things like material and turn these contains
into the innovative ideas and practical solutions. It is about delivering the more value the
customers in lower cost with higher quality and production tea try to make the product lower cost
without sacrificing the product quality. They are able to do this by removing the waste things
from the product that does not add any kind of value for the customers and there is no use of that
thing. It helps to decrease the price of the product and their product quality remain same like
before. It helps to changes the strategy of the F-drone and make the comp[lex process more
simple and easy for the company.
Values in Frugal innovation for F drone

Affordability: The making use of frugal innovation can make the products which are newly
invented affordable to consumers.
Sustainability: By making use of this innovation process it has been analysed that F-Drone has
made sure to minimize wastage and also make effective use of resources.
Quality: By making use of F drone high quality of services are been provided to consumers
because of which they are been retained.
PRINCIPLES OF FRUGAL INNOVATION IN F-DRONES
Do more with less: By making use of this innovation company is able to achieve more by
making use of less resources.
Keep it simple: The main principle of frugal innovation is to keep it simple so that more
consumers can be attracted.
Appraise the role of Frugal Innovation in F-drones.
F-drone company can also use the Frugal innovation n their organization, it is necessary
for the companies leaders and manager top understand that how the Frugal innovation work and
what are their benefits. Leaders and manager of the company should remove the things that are
not used and waste in the product or making the product sell by the F-drone more expensive.
Conclusion
For examples- If company is selling any product in which there are some addition things
are add that has no use a nd it just uses for the product design that product team of the company
can remove and save the extra cost in the product and make it more cost-effective for the
customers. Customers will need to pay less, as compare to their previous price. Without
compromising the quality of the product company will able to provide quality product to the
customers in lower price and gain the loyalty of the customers and take competitive advantages
within the market where they are operating their business.
P5- Importance of commercial funnel and application of new product development
Introduction:
This task will deals with the concept of commercial funnel along with its importance that how it
leads to raise the sales of the company. Along with that, the concept of new product development
and its detailed process is also being included in this section.