Innovation and Commercialisation: A Report on F-Drones - Unit 8

This report analyzes the concepts of innovation and commercialisation, emphasizing their significance for organizations. It defines innovation and contrasts it with invention, highlighting their importance. The report examines how organizational vision, leadership, culture, and teamwork shape innovation and commercialization, using F-Drones as a case study. It discusses the 4Ps of innovation and the application of the innovation funnel for shaping ideas. The report also explores frugal innovation, providing examples, and explains the commercial funnel and new product development processes for commercializing innovation. Furthermore, it builds an innovation business case for F-Drones, including funding sources, and evaluates tools for protecting intellectual property. The report concludes with a summary of the key findings and their implications for businesses.

Unit 8–Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
PART-1............................................................................................................................................3
Explaining innovation and its importance to organisation .........................................................3
Analysing how the vision, leadership, culture and teamwork of organization can shape
innovation and commercialisation..............................................................................................4
Explaining 4Ps and use of innovation funnel to examine and shaping innovative ideas ...........5
Examining development in Frugal innovation with the examples .............................................7
PART-2............................................................................................................................................8
Explaining significance of commercial funnel and application of new product development
processing for commercialization of innovation.........................................................................8
Building an innovation business case for F-Drones, including sources of funding....................9
Evaluating different tools that companies can utilize to protect, develop and retain IP &
knowledge.................................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is the process that has been transformed into practical reality. Commercialisation is
the method of knowledge, transforming ideas and inventions into wealth for business, individuals
and society at large. The chosen firm of the report is F-drones that deals in making drones
according to the market demand. The study will explain the definition of innovation and its
importance by comparing with invention. It will further present how organisational vision,
culture, leadership and teamwork can shape innovation and commercialisation. The report will
also discuss about the different types of innovation that are used by the organization. It will also
present the use of innovation funnel to examine and shape innovative ideas. It shall be reflected
that importance of commercial funnel and the application of new product development. Along
with this it will evaluate the process required to commercialise innovation. Lastly it will evaluate
the different tools that organisations can use to develop, retain & protect knowledge and
intellectual property.
PART-1
Explaining innovation and its importance to organisation
Innovation is the concept or the process that is used by the organization to conceptualize brand
ideas, process and products or it is the approach that make changes in existing products in new
and innovative way (Gross and et.al, 2018).
Invention: It is the process, method, composition or novel device. It id defined as the process of
overall engineering and product development. It is done for improving the machine and product
for creating result or object.
Importance of Innovation are: It helps in growth of the company: in order to grow the business to become more
successful and profitable innovation is the best way that organization uses to achieve
goal. These innovation results in positive impact towards the company and help them to
be one step ahead from its competitors. Keeps organization relevant: The world is constantly changing to keep business
profitable and relevant the company need to adapt in order to meet new realities and
experience. To keep business relevant company keeps on changing its technology by
implementing new techniques.

 Helps organization to differentiate themselves: The company uses innovation method to
do something different from the other business. The innovation process will help the
organization in saving time, money and resources that will result in competitive
advantage. It will help the business to be differentiated itself and its product from the
competition.
For every organization it is important to do innovation first and then invention of something new
that is performed by any business. Both innovation and invention have different meaning but are
important and necessary to change the society.
Comparison between innovation and invention
Basis for comparison Invention Innovation
Meaning Invention is the process of
creation of new product and
device
It is an act of making changes
to the existing product by
introducing new ideas and
ways
Skills required Scientific skills are required at
the time invention(Gabriel,
2019)
For innovation skills like
marketing, strategic and
technical are needed
Concept The concept of invention are
performed as working in
theory with an original idea
This method are related to
practical implementation of
new ideas.
Activities Invention are limited to
research and development
department
Innovation activities are
performed and spread across
the organization
Aim It is related to the creation of
new product
The aim of the innovation is
Adding value to something
new that is already existing.
Importance of invention are:
 It helps the company to come up with fresh and new ideas with the different ways in
which they work.

 Importance of inventions is that it require skills and approach that are related to scientific
thoughts.
 It is related to coming up with the ideas of process and products that have never made by
the company in its past history.
Analysing how the vision, leadership, culture and teamwork of organization can shape
innovation and commercialisation
 Vision of the company can help in shaping organization that are related to the innovation
and commercialisation. The vision of the company are set on the future prospective
through analysing market condition, customer needs and wants and market demand and
supply that can help in achieving the organizational goals. The vision of the company sets
the ways for innovative ideas and how to achieve it. An innovation vision takes the
company from present state to better future (Adelowo, and et.al, 2017)
 In recent times a good leadership will result in shape innovation and commercialization.
Leaders know if there are no customers then company will not work. Leaders at the time
of innovation keep in mind the preference, desire and sensitivities of the customer. The
leaders play an important role at the time of innovation they allow their customers to give
ideas which will result in growth and shape. At the time of innovation if the leaders have
good strategy and know how to trainee the employees through advancement in
technology that enhance the employee performance that lead to innovative product.
Leaders can coordinate with its employee to come up with new an innovative idea that
are related to developing products.
 Cultural is an integral part of the business at the time of innovation. Cultural is the simple
way of work which help in changing the way so that the company can work in more
creative and innovative way. The organization that supports the innovation are the one
that believe in creativity. For the innovation and commercialisation
 Teamwork is an important part for any company that can help in shaping and
commercialisation (Dincer, 2017). If all the employees of the company can complete
their task with the group performance then that will result in growth of company.
Teamwork can result in employee growth, productivity and innovation have impact on
overall company's performance. Good teamwork can improves innovation and creativity.

Explaining 4Ps and use of innovation funnel to examine and shaping innovative ideas
The 4Ps of innovation are given below:
 PRODUCT: It is the first thing that comes in mind of the company at the time of
innovation and the changes that are related to the product and services which the
organization offers (Naughton and Foss, 2019). For example the F-Drone have started
expanding their rang of products which include lights where they can also reuse the
battery.
 PROCESS: This are related to changing the ways in which things are delivered and
created. The F-Drone pressed for cheaper price for the new products lines and innovated
the distributing process and manufacturing.
 POSITION: It is the change related to which the products and services are introduced.
Such instance the company targeted the special sectors or the people to sell their goods. PARADIGM: in this the company underline the mental models which is what the
organization does or how the company frames what it does (Razak and Murray, 2017). .
Use of innovation funnel at the time to shape and examine the innovative ideas
Innovation funnel is the process of describing the steps that takes place in developing the product
or process (What Is An Innovation Funnel?, 2021).

STAGE-1 Discovery: in this stage if innovation funnel the company examines the
customer ideas and market data to know what are the new opportunities for their new product
and product line (Medase, and Barasa, 2019). .
STAGE-2 Scoping: This is related to what are the different research and development or
the strategy and what will be the scope of these opportunities that are known in stage one. In this
stage fair amount of brain storming and customer rights are needed and market research is
involved to target audience and focus group.
STAGE-3 Build business case: in this stage the company build up most valuable ideas
that are ready for the testing. These are also related to identifying the business problems.
STAGE-4 development: In this stage the growth, progress, positive change are created.
STAGE-5 Testing&validation: testing and validation are done when the product is made
to test that it is made as per the expectation and needs of the customers. It is the process of
evaluating code during the development process or the at ending of the process to see that it also
satisfies business requirements.
STAGE-6 Launch: this is last stage of the innovation funnel which is related to the
launching the product that is made by the company to fulfil the needs and desires of customers. It
is the time when the innovative idea of the company have turned into the reality (Pustovrh and
et.al, 2017).

Examining development in Frugal innovation with the examples
It is the process of reducing the complexity and cost of the goods and its production. Usually it is
related to remove non-essential features that is durable goods like car or phone to sell it in
developing countries.
The main characteristics of Frugal innovation are:
 There is no relation with any scientific force.
 They are mainly based on the technological complexities that are very low.
 Frugal innovation have only weak technological intensity.
In the organizations it is used to develop the concept that business respond to limitations in
resources which can be related to financial, material and institutional that will turn in constants
into innovative ideas and practical solutions.
Examples of different organization that uses frugal innovation are:
F-Drone: the company uses the frugal innovation in the term of using available materials and
workers. They may provide training to existing workforce (Dezi, and et.al, 2018).
Schneider electric: frugal innovation is used in the form of program that aims to offer solutions
for affordable energy and for new business modals like LED lightning.
Renault and dacia: in this frugal innovation is termed as the resume of the company orientation
towards the low-cost cars by allowing them to reach other markets.
PART-2
Explaining significance of commercial funnel and application of new product development
processing for commercialization of innovation
Commerical funnel-
Sales funnel is one of those important concepts which made a firm able to increase its
revenues, profitability and productivity (Vieira and Claro, 2020). It is essential for any brand like
F-Drones in term of making company able to generate awareness of new heavy pay load drone in
market, which in return permit management to reach at global level. It allows firm to visualize
consumer journey from initial level to end through conversion.
Awareness-
Company may use commercial funnel by generating awarness at workplace regarding
innovation.

Interest-
They may identify the interest of people regarding task and then allocate role as well as
determine the needs of consumers as well.
Decision-
After passing two stages, management may take initiative to take decision in effective
manner regarding innovation.
Action-
After above activities the final action may manager take in term of innovation.
New product development-
Idea generation-
F-drones may apply NPD for commercialization of innovation by following each stage
(Kavadias and Ulrich, 2020). According to current one, it may generate ideas via group meetings
in which all the stakeholder may take part.
Screening-
Second phase of new product development process is viewing, where senior authority
screen out hundreds of ideas and chose specific one among them.

Concept development-
Furthermore, management may focus on applying selected idea in practical manner,
which named as idea development. In this stage, company may concentrate on continuing idea in
term of working on it.
Development of business tactic-
After selecting idea, F-Drone may develop business strategy in which major decisions
relate to task or responsibilities dividation may include.
Product development-
After passing above stages and taking decision to innovate new heavy payload drone,
now firm may work to cover idea into final product, for which it may hire experience and
knowledgable candidates.
Marketing test-
It is quite important for company to make a important test of new heavy payload drone
before market launch, which allow them to identify growth opportunities in market.
Commercialization-
Now it's time to launch new product in market which enable firm to commercialize its
innovative idea, which in return increase sales.
Building an innovation business case for F-Drones, including sources of funding
Executive summary-
Innovation is the key elements which contribute to business growth and success within
specific sector. F-Drones has used this component and gained benefits to implement in term of
producing new heavy payload drone that have featured to record overall process of
transportation. Furthermore, by using the most appropriate source of funding company has
fulfilled oversized capital requirement in effective manner. By developing influencing marketing
plan and using social media platforms, company has gained competitive edge in term of
increased customer base and sales level.
Mission-
F-Drone mission is to build strong brand image in market which help to gain competitive
edge.
Vision-

Organization vision is to make transportation process easier for varied companies who
face challenge while transferring heavy products from own outlets to offshore platforms.
Need that its innovation will satisfy-
New heavy payload drone is one of those innovations that company has innovated. It will
satisfy needs of those entrepreneurs or organizations who want to transfer their goods without
investing a lot of money on transportation services.
Opportunities in market for new heavy payload drone-
There are a great opportunity accessible in market for new heavy pad load drone as it
make transportation procedure become simpler and faster. By using competitors analysis model,
it can be identified that threat of substitute products or services is moderate, because many
transportation options consume a lot of time and money as well.
How will innovative product meet that needs-
New heavy pay load drone will meet the need and expectations of consumers in term of
recording entire process of transportation or supply of their items from warehouses to shipping
area, through which companies will deliver goods to consumers at last. It is much better than
other goods in term of speed and power to hold heavy load.
Competitive advantages offer by company-
There are many forms or size of drones accessible in this digital world that provide good
services to users. But still not effective in term of holding quite heavy burden. New heavy pay
load drone will do that because it will manufacture by using strong steal material, and other sorts
of resource, which give it power to work even better than other drones in market.
Market opportunity-
The size of maritime industry is quite vast, where F-Drones offering on demand product
in form of drone to ships in port. In this sector, certain growth possibilities are available for
example technology advancement, strategic alliances etc. All these progress prospects are
attractive chance for company and its product as well because it gives opportunity to take each
step towards success in term of making partnership with existing brand that has operated in
similar sector.
Target customers-
STP is the best strategic framework that F-Drone will use to target its potential
consumers. Organization can use geographic and behavioural segmentation strategies to target