Innovation and Commercialisation Report: F-Drones Business Strategy

This report analyzes innovation and commercialization strategies, focusing on the case of F-Drones, a Singapore-based company specializing in marine deliveries using drones. The report covers key aspects of innovation, including its importance compared to invention, and how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. It delves into the 4Ps of innovation, the innovation funnel, and frugal innovation. The report also examines the commercial funnel, new product development, and building an innovation business case, including funding access. Finally, it evaluates tools for developing, retaining, and protecting knowledge and intellectual property, providing a comprehensive overview of innovation management and its practical applications in a real-world business context.

Innovation and
Commercialisation

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain innovation and determine its importance to organisations in comparison with
invention. ....................................................................................................................................3
P2 Explain how organisational vision, leadership, culture and teamwork can shape innovation
and commercialisation................................................................................................................5
TASK 2............................................................................................................................................6
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.................................................................................................................6
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.................................................................................................................8
TASK 3............................................................................................................................................9
P5 Explain the importance of the commercial funnel and the application of New Product
Development (NPD) processing for commercialisation of innovation. .....................................9
P6 Build an Innovation Business Case for an organisation, including ways to access funding.
...................................................................................................................................................10
TASK 4..........................................................................................................................................11
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property.........................................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Modern business is sustaining in the large market with the end number of reasons. Some
of them are offers quality products and services and some of having the good brand image in the
market. There is a common aspect in all the business enterprises that leaders are having their
clear mindset is to establish innovation in their operational activities as it refers to the process in
which the management is implementing the innovative techniques for manufacturing the
advanced products or generate the ideas by which company can offer the innovative products in
order to meet the changing demands of the individuals(Lopes, Farinha and Ferreira, 2018).
Commercialisation refers to the aspect by which the new products can be introduced into
commerce. F Drones is the chosen organisation for this report that is established in Singapore
and the company is specialized in Marine deliveries. This report will cover the understand of
innovation and their significance in respect to
invention, vision, leadership and working culture of an organisation. It also cover the 4 P's of
innovation and also deal in new product development and a business innovation case
TASK 1
P1
Innovation refers to the process in which an individual or the firm performing the various
activities in order to launch a new products, process or idea so that company can establish a good
brand image in the marketplace. It can be defined as the combination is carried out with the
consideration of introducing the new products or the techniques in order to sustain in the large
market.
Invention is the process of inventing something typically a processor the device in order
to meet the highest level of advancement and innovation. It is the process of overall development
which help in getting the things done with the right approach in order to crate a new product or
process in order to meet the objectivity of the business.
In context of F-Drones, They are working on offering the marine deliveries with the use of
advance technology and there are various factors which enlist the importance of innovation is
discussed as follows:
 Innovation helps in sustainability: Every business wants to stay for a long period of time
as to earn the high profitability and growth in the market and when they are using the

innovative techniques and process in their operation process. It helps an organisation to
meet the current change and trends of the market in order to sustain in the large market.
F-Drones is working towards implementing the change so that they can retain in the
business for a longer period of time.
 It helps an organisation to be unique in the market: Innovative means bring something
new that have to introduced I the market yet so it make an organisation unique as with the
use of this, Company can establish a good brand image in the market with its uniqueness
in their products and services in order to generate higher profitability. In context of F-
Drones, they are launching the marine deliveries so it is the unique concept which leads
to establish a unique market valuer of their brand in order to get higher success and
growth.
 It helps the company to grow: In the current market, Change in taking place as the
changing demands of potential customers leads the company to expand their market share
in accordance to get the higher success. In context of F-Drones, they are innovating their
products as to grow in the large marketplace.
Comparison of Innovation with Invention
Innovation, It is the process of implementing the idea in to reality in order to introduce a
new product. It required the strategic, marketing and technical skills in order to do the effective
innovation. Innovation takes place, when the need for change is identifies in order to improve the
various aspect of the business and It is the conversion of idea into reality.
Invention, It is the idea generation which has not done before in accordance of new
product development. For inventing a new product or process, it require the scientific skills and
It is done as the new idea strikes in the scientist's mind and It is the idea which work with various
theories.
Innovation is the factors which helps the company to get the unique products by which
they can make the best sue of various resource in order to offer the innovative product in the
large market. Innovation helps the individual to get the new ideas by which the they can make
the best use of resources and get the new products in the market. When there is huge competition
in the market, then the firm needs to innovate their products in order to get the competitive
advantage in the large market and the changing demand of the customers also leads to implemt

the change within the organisation so that they can meet the taste and preferences of the potential
customers.
P2
A business is the entity which undergoes through various operations, activities and
functions in accordance to achieve its objectives which is priorly decided. An organisation is
focusing on innovation and development in order to get success in the competitive market. F-
Drones is the large company which is building the drones for the marine logistics and to be the
market leader of drone logistics in next five years(Kunicina and et. al., 2020). There are various
factors which affect the operation of an organisation and few of them help in shaping the
company with the use of innovation and commercialization. Elements like vision, leadership,
teamwork and culture which help an organisation to shape in the consideration of innovation and
commercialization so that they can attract the large group of customers in order to get the higher
profitability and growth in the competitive world. In context of F-Drones, elements which help in
shaping an organisation is discussed below:
Organisational Vision
The vision statement of the company is to focusing on achieving the long term goal of the
company. The company is operating their business in such a manner so that they can work
towards their vision that is priorly made by the organisation. The vision statement of the F-
Drones is representing their motive itself. The vision statement of the company is aim to produce
the drone which can fly with heavy leads so that they can deliver the goods and services by doing
Arial transportation.
Organisational leadership
Leaders are the one who are associated with the numerous skills and knowledge that
leads them to operate their business operation in an effective manner so that they can attain the
organisational goal with the right approach(Kosov and et. al., 2018). They are having various
roles and responsibilities in accordance to run their business operation successfully. Leader also
influence their subordinates to bring out the innovation in their products and processes. F-Drones
is working towards producing the innovative products so that they can meet the changing
demand of the market. Leader is using the participative leadership style soi that they can take the
valuable feedbacks of their employees in order to establish a two way communication that leads
to attain the organisational goal in an effective manner.

Organisational culture
Culture is defined as the values, beliefs, background of an individual in accordance to
follow their actions and organisational culture in the integration of their aspect so that they can
establish a positive working culture within the organisation in accordance to motive their
workforce to perform better(Gong and Peng, 2018). In context to F-Drones, The management is
focusing on continuous motivation so that they can influence the employees and give them job
satisfaction. Leader must ensure the healthy and happy working environment in the workplaces
so that employees can work with their full efficiency in accordance to achieve the organisational
goal
Team work
Driving innovation is no the easy task as it require high supervision and it can be done
with the help of having required skills and knowledge in order to perform the various task and
organisational goal can not be achieved by the individual. It is the integrated efforts of the whole
team and F-Drones must to focuses on employee engagement so that they can build the strong
bond among themselves so that they can attain their particular task in an approached manner.
Vision, leadership, culture and the teamwork with in the organisation helps the company
to set the appropriate strategies then implement those strategies in the business so that they can
make the best use of all the resources and get the innovative product by which the company can
meet the innovation and the commercialization in the large market.
TASK 2
P3
Innovation is the process of introducing something new and make the necessary changing
in the existing products so that they can offer the new product that will meet the changing
demand of the potential customers. F-Drones is using the 4P's of innovation in implementing the
process of innovation that is explained as follows:

Product Innovation: A innovative product includes the addition of the various features
in the new product or can be change in the existing products by using the innovative and advance
techniques in their business operations(Games and et. al., 2020). F-Drones is introducing the new
products as “transition drone which enable aerial deliveries to offshore platforms and ships”.
Various companies are offering the drones but they are offering heavy carrying loads drones.
Process Innovation: It is the procedure which explain the process which is involved in
the creation of the products so that they can offer the quality product that can meet the changing
demand of the potential customers. In context of F-Drones, they are using the advance process in
order to produce the innovative products and ensure the proper safety standard while delivering
the products.
Position Innovation: It refers to the process of establishing their brand in the market so
that it can be recognised by the company in order to gain the competitive advantage in the target
market(Fetisov and et. al., 2017). In context of F-Drones, they are focusing on marine and
offshore logistics.
Illustration 1: 4P's of Innovation

Paradigm Innovation: It is the process by which enlist the factors of change that how,
where and when the things has to be done and it comprasis of various principles and theories.
The mangers and the leaders of the F-Drones adopt the various methods and process in order to
adapt the change in the production process. It makes the systematic use of each aspect in order
to enhance the knowledge about the various components that use in different levels.
Innovation Funnel
It is the aspect which is used to describe the steps use in the development of products or
services. It determine the various stages which help in implementing the change and F-Drones is
make the use of innovation funnel that is explained as follows:
 Investigation: It is the first step in which the research and development department
develop the idea by using their external and internal sources so that they can get the
market analysis by knowing the market demand and currents trends in order to select the
innovative idea.
 Development: After collecting the facts and figure of the market analysis, the
development of the idea is being done by identifying the suitable vision, mission and
objectives of an organisation(Buch, 2019). F-Drones is offering the innovative
transitional drones that enable aerial deliveries to the ships and offshore logistics.
 Shipping products: It is the last stage in which the product is being to launch in the
market with the consideration of attaining higher profitability in the target market.

P4
Frugal innovation is the process which undertakes the process in order to reduce the
complicities and the cost in the production process so that the company can able to produce the
valuable products(Baars and et. al., 2021). It includes the elimination of the non essential
elements from the production process so that the best outcome can be rendered in accordance to
achieve the higher profitability within the enterprises. There are certain principles which is given
the expert in order to use them for frugal innovation that is describe below:
 Principle 1: Engage and Iterate- Under this aspect, the company is engaged in research
and development process and identifying the new ways of development by analysing the
different techniques and methods so that they can retain in the business for the longer
period of time and eliminate the old techniques that involve the huge cost and time. F-
Drones is using their website and social media platform in order to offer the conduct the
market research in cost effective manner.
 Principle 2: flexibility- It is the feature which is applied to wider asset chain and F-
Drones is using the use of frugal innovation in order to do the innovation in their drones
in order to minimize the cost and increase the profitability.
 Principle 3: development of sustainable solution- As the resources are diminishing day
by day so there is a need of saving the resources(Antonopoulou and Begkos, C., 2020). F-
Drones is using the reusable and recyclable resource in order to make the better use of
available resources.
 Principle 4: shape customer behaviour- Some times it can be difficult to shape the
consumer behaviour so F-drones is spreading the awareness and educating the people by
giving their relevant information.
 Principle 5: make innovative trends- F-Drones can identify their trends by
collaborating with the government so that they can cover the large group of customers.
Example of funnel innovation- when the company is make the unique product in the
large market then they eliminate the use of elements which are not giving the effective results in
the company by which they can establish a right use of their resources so that they can
implement their new product in the large market.

TASK 3
P5
Commercial Funnel is the marketing tool which companies can use the in finding, trading
and qualify their merchandise to their customers and it basically break the consumer journey
from the awareness to the purchase of the product. F-Drones can spread the awareness in the
market regarding product so that company can able to increase their profitability. Stages of
commercial funnel is explained below:
Awareness: It involve the individual who are having the knowledge related to the
products and the company is ensuring the use of social media and their website in order to spread
the awareness in the large market for attracting large groups of customers.
Interest: It consist of individual who show some interest in their working by visiting
their websites and social media platforms so that they can make the volume sale(Namdarian and
Naimi-Sadigh, 2018).
Desire: Interested candidate make the decision for their purchase and F-drones is giving
various offers in order to satisfy the potential customers and this leads to increase the sale.

Action: It is the step in which the actual sale take place and In context of F-Drones, new
customers attract to the brand and contribute in increasing the sale of the company.
When the company is using the commercial funnel then they can make
New Product Development Process
It is the process of bringing an original products idea in the large market as it varies from
the industry to industry and they are divided into six stages in order to get the quality product. In
context of F-Drones, They can introduce their new products “ transition drone that perform the
aerial deliveries to offshore platforms and ships”. There are several steps which involve in the
process is discussed below:
 Idea generation- The process start with the systematic research in the market so that the
innovative idea can be generated for the new product(O’Kane and et. al., 2017). F-Drones
can get the idea form the internal and external sources that includes the research and
development.
 Idea screening- It is the process of choosing the best alternative out of gathered ideas in
the first stage and the ideas must be reliable and useful.
 Concept development- In this stage, the shape is given to the idea as it is the detailed
version of idea that give the meaning to the potential customers.

 Marketing strategy- It involve the development of various strategies through which the
company can frame their operations and functionality. In context to F-Drones, when the
product is made and it is the time for framing the marketing strategies in order to launch
the product in the market.
 Business analysis- It involve the review of cost, profits, sale of the company in context
of new product development in order to satisfy the need of the potential customers.
 Product development- It includes the various step which is sued for the implementation
of the idea that is checked by the F-Drones.
 Market test- It involves the testing of product and the marketing strategies in the real
world. F-drones can take the test of their product whether they are up to standards or
not(Tawate, Gupta and Jain, 2019).
 Commercialisation- It is the final stage in which the product in launch ion the market
according to the planning.
P6
The company is coming with the innovative idea, as they are offering the transition
drones which enable aerial deliveries to offshore platform and ships. It can carry the heavy loads
in the air and can take off vertically and it help in generating high profitability and sale.
Mission The mission of the company is to get the volume sale by having the
increase in the aerial transportation of goods that can carry heavy loads.
Vision The vision statement of the company is to be the top brand in offering the
heavy payload logistics drones.
Innovation In
Product
The company is making their product in such a way that they can carry
the heavy loads of deliveries to the ships and offshore logistics. The
innovation leads to create the positive impact on the aerial transportation.
Funding In order to use the innovative techniques, F-drones is raising the funds
from the banks and their investors in order to shape the innovation.
Benefits The main benefit of the innovation is that marine ships and offshore
logistics can carry the large amount of goods and services in an easy
manner with the help of drones. It make the easy transportation and