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Innovation and Commercialisation Assignment Sample

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Innovation and Commercialisation Assignment

INTRODUCTION - What is innovation and Commercialisation?

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In the present business world competition had increased to a greater extent and it had become important for businesses to focus on developing better products that can help them in gaining a competitive advantage over others. Innovation is considered to be one of the most important things for developing high quality and innovative products which can provide a better competitive advantage and help them in leading the company towards success and development(Maier, et. al. 2017). In the present report,the researcher focuses on explaining different concepts related to innovation in businesses. The present study would explain the importance of innovation, the difference between innovation and invention, types of innovation, four P's of innovation, the process of commercial innovation, and the different methods used by businesses for protecting ideas and understanding their pros and cons. For explaining all these different concepts the present report will consider the case of F-Drones which is a manufacturer of unmanned aerial vehicles. This company is working on building the world's first transition drone for enabling aerial deliveries to ships and offshore platforms.

INNOVATION

Importance of Innovation

Continuous development in the product range is very important for the businesses as the company needs to offer the products which can satisfy the changing needs of the customers and for doing this continuous innovation in the product range is very important. In general terms, innovation is being referred to as the concept of converting ideas into solutions that can add value to the products offered by the company. In the context of businesses, innovation is considered to be very important for the success and continuous development of the company as it helps the company in introducing new products and new working processes(Hameed, et. al. 2021). Innovation needs to be an important part of the business strategies whichcan help the company in developing their product range and the company should also focus on developing the organizational culture which can help the company in motivating the employees to develop better ideas and bring innovation in the organization.

Difference between Innovation and Invention

Whenever an innovation is being discussed that majority of the individuals consider it as similar to the invention but both the concepts are different from one another. One of the important differences between innovation and invention is that innovation is referred to as bringing changes or the modifications in the existing product in contrast to this invention is referred to as the process of creating a new product for the first time(Haeussler, and Assmus, 2021).

Impact of Leadership, Culture, Vision on Innovation in F-drone

Innovation needs to be an integral part of the business strategies than only the organization can work on bringing innovation to the organization. The case company F-drone is a highly innovative company as it is working on bringing something great in the industry which is highly technologically advanced and can help the customers in a number of ways. Although the company is a new startup the cited company is working on something new which would bring great innovation to the entire industry(Stojcic, et. al. 2018). The vision of the company is having a significant impact on the way the company develops its business strategies and the cited company is having a vision of led the industry. Along with this, the company aims to become a leader in the heavy payload of drone logistics across the industries within 5 years. The cited company is having a positive organizational culture with effective leadership and the company is focusing on creating or developing an effective team that can help them in developing better ideas and bringing great innovation as they are working on shaping a completely new product for the drone industry which is expected to offer great success to the company(Aksoy, 2017).

Development of environment and culture of innovation in F-drone

The internal business environment and the culture of the organization is having a significant impact on productivity and employee satisfaction as well. It can be said that it is important for the businesses to focus on developing an effective and positive environment in the organization which can help them in keeping the employees satisfied and motivated which promotes better idea generation and brings effective innovation in the organization which is important(Tian, et. al. 2018). In the context of the F-drone, it can be said that the company is highly innovative, and also the company is having an innovation-friendly workplace environment and culture which is promoting better innovation in the organization. The cited company can focus on different important factors that can help them in creating an environment and culture of innovation are such as communication, innovation training, creativity workshops, and motivating the employees.

Sources of innovation for F-drones

There are different sources that can bring innovation to the company or it can be said that there can be different reasons for which the company needs to make changes in their products or the way they work and should bring innovation to the organization. The shifting preferences, changing needs of the customers, and technological advancement can create a need to bring innovation in the product range. For the cited company F-drones they are bringing something new in the drone industry so there are chances that they might need to bring innovation in their product later or in their business strategies. It can be said that for the case company the innovation can take place in different areas such as consumer experience innovation, business model and process innovation, and product innovation as well.

TYPES OF INNOVATION

Four P's of Innovation

The businesses need to focus on the different types of innovation which can help them in developing their products and process so that they can maintain a better market position in the industry in which they are operating. Four P's of innovation is an effective strategy or tool which can help the company in analyzingthat in which the innovation is required for the organization. It is important for the company to focus on exploring all four areas of innovation which can help them in developing the best course of action for bringing innovation in the organization(Parameswar, et. al. 2017). The Four P's of innovation focuses on four important areas of innovation and these areas of innovation are explained below in detail as:

Figure 1: Four P's of innovation

  • Product Innovation:this type of innovation states that the company needs to bring innovation in the context of the product range or it can be said that the company needs to develop its product and innovate it. If the company had improved the existing product or have added something new in their existing product that is being referred to as the product innovation.
  • Process Innovation: this type of innovation is referred to as bringing innovation in the business process of the company or in the process of entire product development or in the way in the products are being delivered to the customers. With the changing technologies, the companies can make changes in their business processes and can adopt a new process for the company which is more effective and this type of innovation is being termed as process innovation.
  • Position Innovation:when the company focuses on relocating their products or focus on making changes in the repositioning of their products in a new market or focus on attracting new customers then this type of innovation is being referred to as position innovation. Entering into the new market with the same product or with the new product and entering the same market with a new product both are referred to as the position innovation(Edwards-Schachter, 2018).
  • Paradigm Innovation:when the company focuses on bringing innovation in their paradigm then it is being referred to as paradigm innovation. In other words, it can be said that if the company is making changes in the values, theories, and models then it is being referred to as the paradigm innovation.

Innovation Funnel and its implementation on F-drone

A company can develop different ideas that can bring innovation to the organization but it is important for the company to focus on selecting the best idea and then they need to work on it for bringing innovation to the organization(Yun, 2017). Innovation funnel is an effective mechanism that is being used by the majority of the businesses for analyzing and evaluating the ideas and selecting the best one which can bring great innovation for the organization and can add value to the company as well. The innovation funnel describes the different steps or the stages which are being followed by the businesses while developing the product and bringing innovation. The innovation funnel explains the important steps taken in the development of the innovation by the different parts of the funnel(Abramov, et. al. 2019). The cited company F-drones can also apply this mechanism while bringing innovation to the organization and for applying this process the company should focus on three important steps which I explained below such as:

First Step- Full mouth of the funnel:in the first step the company needs to focus on collecting better knowledge related to their products and focus on collecting the ideas which can help them in developing their products or bringing innovation to the organization. The cited company should focus on doing effective market which can help them in exploring all the products available in the industry which can help them in modifying or bringing innovation in the product.

Second Step- Narrowing segment of the funnel: in the second stage, the company should focus on screening the ideas which are selected in the first stage of this process. In this step, the company should focus on analyzing or evaluating all the different ideas and focusing on choosing the ideas which canlead the company towards its aims and objectives.

Third Step- Narrowing segment of the funnel:this is the last stage of the funnel innovation model and in this step, the cited company needs to focus on ensuring that the chosen idea is appropriate for the company and aligns well with the company objectives. In this stage, the company brings the innovation as per the chosen idea in this entire process.

Frugal Innovation and its implementation on F-drone

Bringing innovation in the organization or in the product range of the company is not an easy task as the company needs to focus on using an effective tool or method which can help them in doing this effectively. Frugal innovation is an effective method that can be used by businesses so that they can simplify the innovation process into different parts so that the company can bring innovation in both the product and processing. It can be said that the cited company should also focus on using frugal innovation as this can help them in developing more cost-effective products and bring efficiency to the entire working process as well(Weyrauch, and Herstatt, 2017).

If the cited company F-drone is focusing on implementing frugal innovation in their company then they need to focus on different steps in an effective manner so that they can bring cost-effective innovation in their products and processes. For implementing the frugal innovation it is important for thecompany to focus on identifying the needs of the customers andshould try to use the available resource and technologies in the best possible way so that the customer can be satisfied. Along with this, the company should focus on creating the ideas which can bring innovation in the product and processes in a cost-effective manner and this can help the company in cutting the unnecessary cost(Hossain, 2020). If the company is focusing on a cost-effective process then it can help them in gaining a competitive advantage in the industry.

PROCESS USE TO COMMERCIALISE INNOVATION

Importance of commercial funnel in innovation

The commercial funnel of innovation is an important tool that can be used by the businesses in an effective manner so that they can bring better innovation and develop the products as per the needs of the company and this can also help the company in gaining competitive advantage. In general terms,a commercial funnel is referred to as the process of converting the ideas into the final product and satisfying the market needs. Along with this better implementation of the commercial funnel can add value to the company and led them towards success and development(Vanhaverbeke, et. al. 2017). If the cited company focuses on implementing this in their business strategy then it would help them in implementing the innovation in a commercial manner or it can be said that it will help them to commercialize innovation. The commercial funnel can help the company in developing new ideas and in proper commercialization and development of the new product for the market as per the market needs.

New Product Development

New product development is being referred to as the process of launching a new product to the market and in the industry in which the company is operating.Before bringing something new in the market and offering it to the customers it is important for the organization to analyze the market position in an effective manner and this can help them in understating the market needs and trends which can help them in generating effective ideas(Harmsen, 2019). The case company F-drone is focusing on bringing something new in the drone industry and if the company would focus on using the new product development method in the organization that it can help them in developing the product in an effective manner. the commercialisation of the new product is also important for the company and in the case of F-drone, they need to follow the different steps in a systematic manner. The different steps included in the new product development process are mentioned below such as:

Figure 2: New product development

  • Idea Generation: in this step, the cited company should focus on analyzing the market and focus on collecting better information from the customers.
  • Idea Screening: in this step the company needs to evaluate the different ideas according to the market research.
  • Concept Development and Testing: in this step the company focus on converting the ideas into the concept and should define the cost, design and other important thing associated with the new product development(Johnson, et. al. 2017).
  • Marketing strategy: in this step the company selects that which market strategy would be appropriate for the product.
  • Business analysis: in this step the company estimates all things related to the new product such as cost, profit, and sales.
  • Product development: in this step, the product is being developed and the company focuses on its positioning, pricing, advertisement, etc.
  • Marketing Testing: testing the new product in the marketplace.
  • Commercialization: in this step the company needs to track the market performance of the new project(Chauhan, et. al. 2018).

Innovation Business Case for F-drone

The cited company F-drone is the one which is offering aerial transportation services to their customers and these services are offered by few businesses only.The cited company is having an effective organizational culture that supports better innovation in the organization. F-drone is a new start-up and is working on offering something new to the industry which is more cost-efficient and time-efficient manner and along with this,the services offered by the company are having an impact on thepositive impact on the environment as it is reducing the carbon emission(Aksoy, 2017).The cited company needs to focus on proper designing and bringing innovation in their overall process which can help them in delivering effective services to their customers.

The case company needs to focus on bringing innovation in the marketing strategies which would help them in promoting their services in an effective manner and will attract more customers as well. Along with this, the company should also focus on bringing continuous innovation in their product range according to the customer needs and market condition which would help them remain competitive in the aerial industry.

Techniques and methods formeasuring the effectiveness of innovation business case

Whenever the company develops any of the innovation plans then it is important for them to measure its effectiveness so that they can analyze that their innovation business case is effective or not for the company. The case company should focus on measuring the deliverability of innovation to the vision and company goals. Along with this, the company should also focus on measuring the sales percentage and customer satisfaction level so that they can manage it in an effective manner(Cooper, 2019).

METHODS USED FOR PROTECTING IDEAS

Methods and Tools used for protecting ideas and intellectual property

The intellectual property of the organization is an important resource for the company which needs to be protected in an effective manner. Businesses can use different methods for the protection of ideas and intellectual property in an effective manner so that anyone from outside the company cannot assess the important data and information of the company. The cited company should focus on using effective strategies or methods which can help them in protecting ideas and intellectual property in an appropriate manner. Before using any of the methods it is important for the company to focus on exploring the different advantages and disadvantages associated with these methods and techniques. Different methods that can be used by the cited company are mentioned below such as:

Employment Agreement: the employees of the company are the ones who can assess the important information and data easily and for this, the businesses need to use the employment agreement. According to this agreement, the employee needs to focus on the safety and security of the data and also needs to maintain the confidentiality of the ideas and information of the company, and also they are not allowed to disclose any of the information to any other person(Semo, 2020). The cited company should focus on using this agreement at the time of hiring a new candidate. The different advantages and disadvantages associated with this method are mention below such as:

  • Advantages:
    • Helps the company in securing the important data and information of the company.
    • Helps the company in having better control over their employees.
    • This agreement also restricts the employees from working against the company rules.
  • Disadvantages:
    • Sometimes it is having a negative impact on the employee-employer relationships.
    • It controls the employee's ability to resign from the company.

Non-Disclosure Agreement:the employer needs to ensure that their employees would not disclose important information to anyone else and this agreement helps the company in doing so. This is an agreement between the employee and the company and according to this agreement the employees need to keep all the sensitive information secure and confidential. The majority of the businesses in which the company information is crucial uses this agreement such as Apple Inc and others. The different advantages and disadvantages associated with this method are mention below such as:

  • Advantages:
    • Ensures better data security.
    • Helps the company in keeping the intellectual property and idea secure.
  • Disadvantages:
    • It is not offering any public credit to the company.
    • The company needs to solve the issue with the help of jurisdiction if the employee breaks this agreement.

CONCLUSION

In the highly competitive business world, innovation had gained a lot of attention and it has become important for businesses to bring innovation in their product range and their working process as well. In the above-mentioned report, the researcher had mentioned the different concepts of innovation for businesses. In this report, F-drones has being taken as a case company. The study concludes that it is important for the businesses to focus on bringing better innovations in the industry in which they are operating this can help them in being competitive and can lead the company towards success and development. On the basis of this report, it can be said that the case company F-drones needs to focus on different factors and applying different theories of innovation that can help them in being a successful organization in the aerial industry.

REFERENCES

Abramov, O., Markosov, S., Medvedev, A. and Rychagov, V., 2019. Innovation funnel of modern TRIZ: experimental study to show the efficacy of the TRIZ-assisted Stage-Gate process. Journal of the International TRIZ Association-MATRIZ, p.79.

Aksoy, H., 2017. How do innovation culture, marketing innovation and product innovation affect the market performance of small and medium-sized enterprises (SMEs). Technology in Society51(4), pp.133-141.

Aksoy, H., 2017. How do innovation culture, marketing innovation and product innovation affect the market performance of small and medium-sized enterprises (SMEs). Technology in Society51(4), pp.133-141.

Chauhan, A.S., Nepal, B., Soni, G. and Rathore, A.P.S., 2018. Examining the state of risk management research in new product development process. Engineering Management Journal30(2), pp.85-97.

Cooper, R.G., 2019. The drivers of success in new-product development. Industrial Marketing Management76, pp.36-47.

Edwards-Schachter, M., 2018. The nature and variety of innovation. International Journal of Innovation Studies2(2), pp.65-79.

Haeussler, C. and Assmus, A., 2021. Bridging the gap between invention and innovation: Increasing success rates in publicly and industry-funded clinical trials. Research Policy50(2), p.104155.

Hameed, W.U., Nisar, Q.A. and Wu, H.C., 2021. Relationships between external knowledge, internal innovation, firms' open innovation performance, service innovation and business performance in the Pakistani hotel industry. International Journal of Hospitality Management92, p.102745.

Harmsen, J., 2019. Industrial process scale-up: a practical innovation guide from idea to commercial implementation. Elsevier.

Hossain, M., 2020. Frugal innovation: Conception, development, diffusion, and outcome. Journal of Cleaner Production262, p.121456.

Johnson, J.S., Friend, S.B. and Lee, H.S., 2017. Big data facilitation, utilization, and monetization: Exploring the 3Vs in a new product development process. Journal of Product Innovation Management34(5), pp.640-658.

Maier, D., Sven, I., Sandru, M. and Maier, A., 2017, May. Integrating innovation into business strategy in the context of a service-led economy. In BASIQ International conference: New Trends in Sustainable Business and Consumption (Vol. 31).

Parameswar, N., Dhir, S. and Dhir, S., 2017. Banking on innovation, innovation in banking at ICICI bank. Global Business and Organizational Excellence36(2), pp.6-16.

Semo, J.J., 2020. Transitioning from residency: negotiating your first employment agreement. ASA Monitor84(6), pp.14-16.

Stojcic, N., Hashi, I. and Orlic, E., 2018. Creativity, innovation effectiveness and productive efficiency in the UK. European Journal of Innovation Management.

Tian, M., Deng, P., Zhang, Y. and Salmador, M.P., 2018. How does culture influence innovation? A systematic literature review. Management Decision.

Vanhaverbeke, W., Roijakkers, N., Lorenz, A. and Chesbrough, H., 2017. The importance of connecting open innovation to strategy. In Strategy and communication for innovation (pp. 3-15). Springer, Cham.

Weyrauch, T. and Herstatt, C., 2017. What is frugal innovation? Three defining criteria. Journal of frugal innovation2(1), pp.1-17.

Yun, J.J., 2017. Business Model Design Compass: Open Innovation Funnel to Schumpeterian New Combination Business Model Developing Circle. Springer.

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