Innovation and Commercialisation: A Comprehensive Report Analysis

This report delves into the intricacies of innovation and commercialisation, providing a comprehensive analysis of the processes involved. It begins by defining innovation and comparing it with invention, highlighting their importance to organizations. The report then explores how organizational vision, leadership, culture, and teamwork can shape innovation and commercialization, using the example of F-drones. It further examines the 4Ps of innovation (product, process, position, and paradigm) and the innovation funnel, detailing their use in examining and shaping innovative ideas. The report also touches upon the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialization. It concludes with a case study of an innovation business, discussing tools organizations can use to develop, access funding, retain knowledge, and protect intellectual property.

Innovation and
Commercialisation

INTRODUCTION
An innovation is a process to bring innovative thought, methods and products which if
enforced lead to an effective change which is positive. It is creating of new values and capturing
the values in a new and different way. While invention is a creative process that achieves a
complete unique results. Invention is creating something completely new which is not made
earlier but innovation causes change in behaviour or interactions. In this report importance of
innovation, and comparison is determined, how organisational vision, culture, leadership and
teamwork can shape innovation and commercialisation, the 4Ps of invention and the use of the
innovation funnel to examine and shape innovative ideas, the importance of the commercial
funnel and the application of New Product Development (NPD) processing for
commercialisation of innovation, Case for an organisation, an Innovation Business, the different
tools that organisations can use to develop, including ways to access funding, retain and protect
knowledge and intellectual property along with conclusion.
TASK 1
P1 What is innovation and also determine its importance to organisations in comparing with
invention.
Innovation: It means to make improvements and to replace something and brought
something up to date processes, introduces new techniques or establish successful new ideas. An
innovation is related to something original and effective. It is more apt for practical
implementation of an invention. It is often a new product which is associated with arts, medicine,
cooking, language, philosophy and religion (Bican and et. al., 2017). Taking an example of
television , black and white television an invention and colourful Led 's an innovation.
Invention:It is a process of creating something new that has not been in existence
before. It involves a process or device that has been made up for creating some new product or
techniques which are not used before that invention. It refers to new in something or to change in
products which are already made. Taking an example of telephone , the first cellular telephone is
an invention. It often extends to boundaries of artistic, design creativity, human knowledge,
experience and capability.

Importance of invention to organisations in comparison with invention
Basis Invention Innovation
Meaning Invention means as introduction and
creation of something new product,
process and services for the first time
which are useful for an organisation.
Innovation means improvements
or significant changes that are
made by contribution which
improves the existing product,
process or services of an
organisation (Godin, B., 2017).
Advantages An invention is a discovery of new ideas,
process and composition which takes a
long process to come into existence and
sometimes does not work according to
prevailing situations.
Innovation is the improvements
and enhancements over the
existing discoveries. It is more
advantageous and beneficial as it
is done keeping in mind the
prevailing environment situations.
Patent The inventions can be patented easily.
Unless it relies on basic criteria such as
novelty, inventive step must be involved
and communicability (Ge and et .al.,
2018).
The innovation cannot be patent
easily as it is an improvements
over existing inventions. It can be
patented only when it has efficacy
to become a patent material
Process Inventions happens at a slower pace as it
involves a long process and more time to
came into existence.
Innovation happens at a faster rate
and does not need much time to
develop as it involves
improvements in existing
inventions.
Nature An invention may or may not need any
imagination to develop any product or
process from prevailing problems in the
nature.
An innovation comes from the
inspiration from the prevailing
problems in the nature. It gives
solution to the prevailing problems

in the environment.
Usefulness Inventions are sometimes not much useful
as it involves high cost of products,
outdated version of the products and does
not provide solution for the existing need
of the users
Innovation comes from need of the
public , high cost of the products,
outdated version of the existing
inventions and capable of solving
the existing problems (Jugend and
et. al., 2020).
Protection Inventions are hard and time taking
process but easier to protect.
Innovations are easy to do but hard
to get protection.
Sources of innovation
There several emerging business practices which can be talked to innovate the functions
of the enterprise. This helps in moving the organisation at the top level in marketplace. There are
some sources of innovation those are as follows: Unexpected: This means when the innovation has done by chance. It is just done by the
new idea or product. There are many unexpected innovations in the history of human like
the invention of fire. Market Structure: The current market structure helps in the innovation of the products.
This can be done by examine the needs and wants of the customers and market. The
information helps in innovating the new ideas for satisfying their customers. Necessity: It helps in generating the innovation which helps the current situation. It is
based upon the bright ideas.
 Changing Perception: The changing environment gives birth to the new ideas. The
change in the needs and wants of the customers becomes the source of invention.
P2: How organisational vision, leadership, culture and teamwork can shape innovation and
commercialisation explain this in brief.
Invention means coming up with new ideas and ways of doing the things in more
convenient and better way (Kharb, L., 2018). By implementation of new ideas in a business

organisation can save money and time by which it can grow at a rapid speed. It is refers to
generally changing and adapting effective processes, products and ideas.
Organisational vision:
For organisations, Implementation of plans is a big challenge for most of the
organisations. In every transformation and change training people to work with more creative
ways, developing their skills and knowledge and working on real situations is challenge as well
as opportunity for an organisation. Every organisation has a vision which clearly states about
direction in which an organisation will work and reflects that in which way a business desires to
work. In context with F-drones an world' s first transition drone which is enable to aerial
deliveries and offshore platforms have vision to develop more products of these kind which can
be helpful for the consumers.
Leadership
Leadership is the method of organising a firm with respect to goals and objectives of an
organisation. There are many types of leadership which are adopted by the organisation
according to vision of the company (Lea and et .al., 2018). Different types of leadership methods
are autocratic, monopolistic, democratic , participative and laissez- faire. In context with F-drone
a new innovation company who have capability of serving in long range with combination of
heavy payload have participative type of leadership (Li and et. al., 2020). In which every
employee of the company participates and give new ideas to the company by which company
manges to work more rapidly and innovatively.
Culture
Culture of an organisation aggregates values, norms and attitude of employees towards
the company. Organisational structure opted by a company differs from size and location of the
country as one structure is valid for a country and can be void for another. Cultural differences
impacts upon process of innovation of products and services of a company. In context with F-
drones as there is participatory culture where employees get opportunity to speak freely which
indicates that it has a good culture where there is more possibilities of innovation and growth.
Team work
Team is an important factor of the company as it is a process of an organisation which
helps to formulate new innovations and commercialisation of an organisation. In context with F-
drones they have different teams which performs different tasks to innovate and

commercialisation of the products offered by the company by which it can achieve its goals
easily (Mansour and et. al., 2017).
Commercialisation
It is a process which refers to aggregates to all innovation and invention of a company to
customers. In context with F-drones various factors affects the process of innovation and
commercialisation which are taken into consideration by the company.
How company can foster innovation by developing environment and culture.
The above mentioned innovations helps in organising the vision of the plan of the F-
Drones, which helps them in clearing their views upon their upcoming ideas. It also helps in
analysing the best leadership style which helps the organisation to attain their objectives in an
effective manner. The company use participative culture which enhance the interaction between
the employer and their employees. In this the employees use to give their ideas to employers
which helps them in taking the new innovative ideas this will leads to the enhancement of their
business.
TASK 2
P3 Which are the 4Ps of innovation and innovation funnel and what is their use in examine and
shape innovative ideas.
The four P's of innovation are as follows:

1. Product Innovation: It means the creation of the organisation in creating new or altering
the products or services of the company. It helps the firm to innovate the existing
products, they can also improve the packaging , delivery methods and many other. F-
Drones, uses drone facilities for the delivery of things in ships and offshore platforms.
2. Process Innovation: It means to introduce the new techniques in manufacturing process,
management activity and takes different measures to improve the existing methods. F-
Drones use this innovation to change the way in product or services or in its delivery for
the better optimisation of resources (Max and et .al., 2018.). It is any thing which helps in
improving the process of the organisation, which helps them in quick service at cheaper
rates.
3. Position Innovation: It means the position of the product and services in the existing
market. It is a psychological category of the organisation, which attains by the way of the
promotion. It creates changes in products in which they were introduced, which helps in
changes in the perception of the customers. With context to F-drone, the organisation use
to make customers different perception about goods and services they offers and about
the story the customers has heard about the product.
4. Paradigm Innovation: It can also be called as Business model. It shifts the fundamental
changes into the core concepts, values and practices. With reference to F-drone, the
organisation use to work on the bases of needs and wants of the general public. Their
products helps them to delivery the products in maritime.
Innovation Funnel: It is the mechanism which means a continuous innovative ideas in
the products and services of the products. It helps the organisation to analysis about realistic
ideas (Mazidi and et .al., 2018). Plans and strategies can be decided by firm. There are three
stages which helps in launching the product in marketplace by enterprise and they are as follows:

 Investigation: The first and foremost step for organisation is to investigate about the
needs of market. Before launching any new product or altering into existing product, firm
has to study the market about what are the demands of their customers and what can be
easily provided. F-drones has investigated the market about their needs that's why the
company has planned to launch the drones for purpose of offshore deliveries. This helps
in fulfilling the wants of the customers. Development: the second step, says that the company has to execute the plan. Fractions
become the part of full fledged projects. F-drones is innovating the idea of drones to
provide the the services in offshore. In this, company has made a unique design of heavy
payload with the long range of capabilities, which reduces the use of existing drones.
 Shipping Products: The goal of company is not only to develop the product but also to
launch it into market, which helps the firm to attain its objective while enhancing the
strategy to carry this in future. F-drone has also developed its product and ready to serve
for their customers (Naghizad and et .al., 2019).
The F-Drone has analysis and applied the innovation funnel by investing in marketplace
about the need of their product and services. After analysis this, the company has developed the
idea to provide the offshore services over the seas with an unique design. After filling the above
points, the company has finally developed the product and ready to serve it to the public for
satisfying their needs and wants.

P4 Explain the developments in Frugal innovation and give examples of how it is used in an
organisational context.
Frugal innovation is the process which helps in reduction of the complexness and the cost
of products and services. This helps in removing the unnecessary characteristic of the durable
goods. It responses to restriction on resources by using different kinds of methods. It resulted in
the low cost products. To apply this innovation the company has to follow the following
principles which are as Engage and Iterate means the company has to understands the needs of
the customer which helps the company to satisfy their needs. Find opportunity in adversity
means the firm has to reframe the problem. F-drone has to analysis the problem and change the
threats into opportunity. Do more with less: the firm not always find the new things but they
have to utilize the existing resources. F-drone is also doing the same, they use to think about the
new ways to create the existing things (Rousseau and et .al., 2017). Think and Flexibly: F-drone
is flexible with things rather than rigid. They must be flexible with their products it is applied on
their chain or production, supply and other services. The company must be ready to deal with the
sustainable changes which may be occurs due to change in environment, climate and other
unavoidable circumstances. Keep it simple: F-drone has to keep the things in simple way,
making them complex makes difficult for the organisation to deal with it. Includes the margin: It
means that the company has to know what are the wants of their customers. F-drone use to track
the customers problems and help them in solving it. Follow your heart: F-drone has to be
passionate about their invention and forward on it.
P5 Why the commercial funnel is important and the application of New Product Development
(NPD) processing for commercialisation of innovation
It is process of envisioning each and every step in the journey of customer, as they make
purchase only when they come to know about brand. It is also called as sales funnel, revenue
funnel or sales process. It is important as it helps the business in many ways. Some of
importance of commercial funnel are given below:

Marketing Strategy- Sales funnel helps the business while selecting any business tool or
business strategy (Smirnova and et .al., 2018). As strategies plays an important role in the growth
of business. If right strategy is not adopted at right time, it can cause heavy loss in business.
Relating Customer- It is important to explain product and all terms in that language in
which customer can easily understand. Commercial funnel helps the seller to understand the
behaviour and language of customer.
Increase Sales- Main objective of Revenue funnel is to increase sales by providing new
strategies to business, by knowing about the need and behaviour of customer. It focus on the
process that how can any seller push the customer towards their desired result.
Innovation of product means to introduce new product or service or doing improvement
in existing product. It is important for every business to do something creative or do invention to
fulfil need of customer for surviving in the market. After innovation, it is necessary to follow
New Product development (NPD) process for the success of product. This process include 8
steps which are explained below:
Idea Generation- NPD process start with idea generation step. Structural search for new
product ideas is known as idea generation. There are lots of ideas either it can be from external
sources or internal sources, but to finding best one is the target.

 Idea Screening- After generating ideas, seller have to do screening of the ideas. They
have to find best idea from the whole. In the process of screening, they left the poor ideas
and shortlist that product ideas, which they find more profitable in future. Concept Development and Testing- After screening the idea, it is examined that how
they can present that idea in the form of product or service in front of customer to attract
them. Also the need and desire of targeted market is examined and find if the product is
suitable or not. Marketing Strategy Development- For introducing new product in the market it is
necessary to design and develop marketing strategy as well, as per the product. These
marketing strategies should contain interpretation of target market, planned value of
premise, planned value of product, market budget, profit goal etc. Business analysis- After developing business strategies, seller have to assess the
attractiveness of business. At this level, seller analyse whether the new product is
satisfying the objectives of organisation or not (Surie, G., 2017). They analyse on the
basis of costs, profit, review of sales etc. Product Development- It involve all the steps which are undertaken for bringing the idea
or concept of the product in market. It include many steps i.e. identifying market need,
quantifying the opportunity, preparing product roadmap,etc. Test Marketing- At this stage, market is to be tested before doing the complete process of
introduction of new product in the market. Marketing test provide various market ideas
and experience to marketer for doing marketing of new product. They test the market and
examine that the product will run or not (Tawate and et .al., 2019).
 Commercialisation- It is the final step in the process of NPD. At this stage company
launch the product in the market, which result in huge costing in advertising, sales
promotion activities and other marketing effort.
P6 Build an innovation Business Case for an organisation, including ways to access funding.
Business case is the process which helps in analysis the opportunities, alternatives,
project working and techniques to raise funds in order to get the value of their businesses. It
gives the answer about what happened if the organisation proceeds with its plan. It is time
consuming to develop it because it helps in increasing the value of the business projects and
reduce the amount of risk. The business case is helps in studying the plan of the organisation: