Innovation and Commercialisation
Executive summary
This assignment focuses on the innovation and commercialisation performed F-drones for competitive advantage. Therefore, the mission of the organisation is to provide quality products to access the overall growth of the organisation. Moreover, it also highlights the comparison between innovation and invention in the context of the company. The report is very much effective in terms of accessing the 4ps of innovation.
Introduction
Innovation is very much essential in the modern competitive world for developing a competitive advantage. Therefore, the growth and market competition depends on the uniqueness of the organisation through its innovation and invention criteria. In addition to this, innovation and invention mainly seem in the IT sector for developing the overall activities of the organisation. This assignment will shed-light on the comparison between innovation and invention in the context of F-drones. Moreover, it will also highlight the role of leadership, culture and team-work in innovation. In addition to this, it will also showcase the 4 Ps of innovation along with a clear explanation of frugal innovation. The assignment will also focus on the process required for commercialisation in innovation and with the range of methods. The main motive of the assignment is to provide knowledge regarding the innovation and invention criteria in the context of F-drones.
LO1 Explain the context for innovation and determine the difference between invention and innovation
Explain innovation and determine its importance to organisations in comparison with invention
F-drones is a drone manufacturing company based in Singapore that mainly deals with different kinds of IT equipment. Therefore, the company promotes its operation through its unique innovation criteria to increase the overall functioning of the organisation (Ovcina, 2020). The organisation is famous for its transition drones that deliver through aerial images and clicks. This report will focus on the innovation of transition drones in different regional areas by implementing the 4ps of innovation. The report will represent two parts, such as critical analysis and critical evaluation for effective information.
Innovation
According to Frey (2008), innovation refers to the modification of existing substance for better implementation in the competitive market. Therefore, innovation is very much essential for improving the existing performance at the next level. It can be related to any other substance such as improving the performance of employees, modification in developing the existing product, and others. F-drones promote its image and brand position in the market by applying unique innovation and invention development in the operating areas. Moreover, the transition drones are the unique product launched by the company to accelerate its reputation and provide quality services to the Singapore military. Thus, innovation plays a crucial role in the performance area of F-drones.
Comparison between innovation and invention
| Point of basis | Innovation | Invention |
| Meaning | Innovation refers to the modification of existing substance through unique developing ideas or process for access the benefit of the organisation (solveoco.medium.com, 2018). | Invention refers to the creation of a new product or strategy with relevant effect on the organisational performance. Moreover, the invention is the first time attempt for the creation of new ideas. |
| Motive | The motive of innovation is to improve the existing product or strategy by adding value. For example- Developing the performance of the product through effective strategic modifications. | The motive of the invention is to develop a new product that is to be different from other products (solveoco.medium.com, 2018). For example- the creation of a new product such as food elements or IT equipment that has to be a different and unique form of other products. |
| Skills required | Gaining unique ideas and strategies for developing the existing performance in the market operation. For example,- Training and development assistance in analysing the skills required for gaining unique ideas and strategies. | Scientific knowledge for developing a new product in the IT sector. For example- Employees form science background with unique developing skills. |
Importance of innovation for F-Drones
Innovation plays a crucial role in developing the existing performance of the organisation in the required area. In addition to this, innovation also boosts the overall activities of the organisation in the market areas by modifying the existing strategies (Purcell, 2019). In the context of F-drones, innovation plays a vital role in boosting the operation of transition drones by reflecting on the unique performance. Therefore, transition drones have the unique facility of capturing aerial images that will assist the military forces of Singapore in ascertaining the location of the enemies. The following are the importance of innovation gained by F-drones.
Accelerating the growth of the company– Innovation assists in increase the growth of the organisation if it is properly implemented. The modification of F-drones boosts the operation of the organisation in the effective areas for developing the growth of the company. Therefore, innovating the F-drones and adding value in terms of aerial footage.
Boosting the reputation in the market- The innovative development assists in accelerating the market reputation. Thus, improving the performance with an effective reflection on the market areas increases the reputation of the organisation. As a result, it will also accelerate the revenue operation of the organisation.
Importance of invention for F-drones
Invention of new products and strategies is very much essential in the IT sector. Therefore, creation of new substance with effective performance accelerates the reputation in the market areas. In addition to this, the overall growth of the organisation depends on the invention of a new product in the market. The following are the important factor for invention.
Strengthen the organisational growth– The invention of products with unique developing criteria assists in accelerating the growth of the organisation. Therefore, the invention of new product assists in the competition in the market operation through effective unique performance (Autten, 2019). Moreover, the overall strength of the company depends on the performance of the invented product. Transition drones assist in supporting the organisation through its unique and effective performance.
Essential in terms of competitive advantage– Creation of new product is very much essential in terms of competition in the market. Therefore, the creation of a new product will assists in competitive advantage if it is properly processed. However, invention should be performed by maintaining ethical laws and regulations.
Explain how organisational vision, leadership, culture and team-work can shape innovation and commercialisation
Elaborating the vision, leadership, culture and team-work of F-drones
F-drones vision is to build aviation-grade drones for accelerating high safety and reliability standards. Moreover, the aim of the organisation is to be the leader of the heavy payload drone industry in the next five years (f-drones.com, 2020).
In terms of leadership, the organisation mainly focuses on the innovation of products and strategies to increase the overall activities of the organisation. Therefore, developing the products and strategies as per the market requirement ascertain the organisation towards transformational leadership (f-drones.com, 2020). Moreover, transformational leadership helps in boosting the operation of the organisation through effective leadership control.
Culture of F-drones only focuses on growth and innovation for effective performance in the market. Moreover, culture of the organisation boosts operation towards formulating a proper working environment for the growth through innovating the drones.
The overall team-members of F-drones focus towards innovating the existing product and strategy by adding value for effective performance. Moreover, organisational growth and team-oriented performance increase the accessibility of ineffective areas.
Vision of F-drones in shaping the innovation and commercialisation
The vision of F-drone in developing aviation-grade drones for accessing more safety and security in the essential areas. According to this vision, the transition drones have been innovated for capturing footages through aerial view for ascertaining the exact information (f-drones.com, 2020). Moreover, the innovative concept of aerial deliveries shapes the innovation criteria of the organisation to meet the vision of the company.
Leadership of F-drones in shaping innovation and commercialisation
The leadership style performed by organisation focuses on the innovative development of the products. Therefore, transformational leadership assist the organisation towards growth and development in innovation the existing products. According to the leadership styles, it shapes the overall performance of the organisation in terms of innovating the products (Schwartz, 2016). The transformational leadership style assists in boosting the operation towards innovating the products for performing the commercialisation in an effective manner.
Culture of F-drones in shaping innovation and commercialisation
The culture of the organisation only focuses on quality delivery of products with effective market performance. Moreover, developing the drones by adding value in the performance acknowledges the innovation criteria of the organisation (Muthyala, 2019). Therefore, the culture of the organisation shapes the overall innovation of the products by developing the quality of drones. The culture of the company also focuses on the commercialisation of the products and strategy for accelerating the overall growth.
Team-work performance of F-drones in shaping innovation and commercialisation
The team-work performance of F-drones assists in innovating the products for effective performance in the market operation. The equal effort of every team members towards developing aviation drones with unique ideas assist in accessing the market. Moreover, the overall effort of the team for accomplishing the innovative criteria is very much impressive. The team-oriented operation and gaining the viewpoint of every employee towards innovating the products promote the company towards accomplishing commercialisation.
LO2 Explain the different types of innovation
Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and shape innovative ideas
(Source: David, 2016)
The 4ps of innovation reflects on the innovative development proposed by the organisation by accomplishing the 4ps of innovation. Such 4ps of innovation in product, process, position and paradigm that all reflects on the innovation criteria developed by the organisation. F-drones focuses on innovating the products and services of the organisation with unique ideas. The following are the 4ps of innovation maintained by F-drones.
Product– The product innovation strategy focuses on the innovation criteria developed by the organisation in modifying the product. According to marketing trends, customers are more focused on an innovative product for gaining more performance (Anthony, 2010). Therefore, innovative product accelerates the market position compared to other products. F-drones formulates its product as per the requirement in the market and also adds value to the existing product for better performance. In addition to this, the innovation of product performed by F-drones by developing aviation drones with aerial delivers. Thus, product development also accesses the profit margin of the organisation.
Process– The process strategy in innovation assists in accessing the overall process of innovating the product. F-drones performs the innovation process by dividing every developing process in every department. Moreover, the innovation department of F-drones assists in gaining appropriate division of the development criteria (Anthony, 2010). Such division while be configured into the following, gaining idea from the employees is performed by the team leader, implementing the idea in an effective manner is performed by the manager, analysing the result of the innovative idea and implementing rewards is performed by the CEO. Therefore, all these division is being accomplished by F-drones through effective result in the performance of aviation drones.
Position– The positioning strategy refers to the position of the product and organisation after innovation. Moreover, after developing the product analysing the result is very much essential for the organisation to gain knowledge about the effective performance in the market areas. In addition to this, positioning the product according to the innovative criteria is very much essential (David, 2016). Therefore, positioning the product in the market is very much essential to calculate the profit earned after development.
Paradigm– Paradigm reflects on how and why the product is required to be developed. The innovation of drones is very much essential for assisting the market competition. Therefore, the paradigm is essential to analyse the benefit of innovating the products for effective performance. F-drones accomplish the paradigm by analysing the requirement for developing the products.
Funnel innovation in shaping the innovation ideas
The innovation funnel refers to analysing the steps required for developing the product in a organised manner. The following are the steps performed by F-drones in innovating the aviation drone.
Step1: Focusing on the wide mouth of the funnel
In this step, the organisation focuses on gaining knowledge and collects information about the innovation. Therefore, collecting the information before developing the product will assist in gain knowledge about the innovation (Luenendonk, 2016). In addition to this, F-drones analyses the market competition and different types of product launched by the organisation. This step also highlights the different unique ideas gained by the organisation from various sources for effective performance.
Step 2: Narrow segment of the funnel
This step concentrates on the innovation process that it is accessing the motive of the organisation. Moreover, narrow segment funnel focuses on the unique ideas and compares them with the goals of the organisation for effective result. Therefore, analysing the impact of the innovation idea is very much essential that is to be performed in the second step.
Step 3: Narrow segment of the funnel
In this step, the company ensures the implementation of the ideas ineffective areas for accessing growth and development. Moreover, the funnel concept provides appropriate knowledge about the innovative criteria is accomplishing the goals or not. F-drones perform this step to maintain the motive of the organisation through effective performance.
Development in frugal innovation
The frugal innovation mainly focuses on the sustainable development of the product and strategy. Therefore frugal innovation analyses about the revenue operation held by the organisation in performing the organisational activity.
F-drones promotes the innovation criteria by developing the six principles of frugal innovation in accelerating the overall activity of the drones (medium.com, 2019). The drone is being applicable by engaging and iterating all the activities through proper development. Therefore, the utilisation of frugal innovation in the context of F-drones assists boosts the capacity of the drones in the effective areas for development. Frugal innovation is very much essential that is being used by the organisation for proper growth.
LO3 Discuss the process required to commercialise innovation
Explain the importance of the commercial funnel and the application of New Product Development (NPD) processing for commercialisation of innovation
Commercial funnel is very much essential in the marketing areas. Therefore, commercialisation funnel plays a crucial role in developing the size of marketing for proper implementation (Stevens, 2020). Moreover, F-drones promote its activities in the marketing areas by performing commercial funnel for effective development. Performing commercial funnel is very much essential as all the products and services are being promoted through social media marketing in the effective areas.
The process of NPD requires to fulfil the following steps.
NDP refers to the development of a new product by performing the steps:-
Ideation- In this stage, F-drones gains an idea for developing the products of the organisation in the required area.
Well-researched– All the information required for developing the product is required to research in an effective manner.
Proper planning– Planning for development of the product in a organised manner in the correct path for understanding the growth of the product in the commercial market.
Prototyping– F-drones has created a sample product with quality finishing for future production.
Costing– F-drones have also prepared a budget to analyse the cost of production by determining the profit range.
Build an Innovation Business Case for an organisation, including ways to access funding
Innovating the products requires different types of funding in the operating areas to access the organisational development. The following are the potential investors of F-drones that may increase the overall operation of the organisation.
Angel investors– These are the individual person that provides funding to the organisation with an n high rate of interest (GANTI, 2020). F-drones can access the funding form the angel investors for quick and easy accessing of loan.
Family investing– Family investors refer to the funding process from the family by lending gold or mortgaging property to access fats funds to continue the business operation.
Financial institution– The financial institution provides a loan to the organisation for accessing the performance in the effective areas. F-drones promote its activities by accessing the loan from the financial institution.