Exploring the Role of Open Innovation in Commercializing Emerging Technologies

This collection of academic articles and online resources focuses on innovation, commercialization, and entrepreneurship. The papers explore various aspects of innovation, including open innovation, radical innovations, technology transfer, and the impact of anthropological concepts on innovation studies. Topics also include the importance of patent protection, R&D commercialization policy systems, information issues in technology commercialization processes, and business ecosystem-focused commercialization strategies. Additionally, the resources provide insights into successful commercialization of inventions with high societal and economic impact, as well as evaluation models for emerging energy technologies. The overall goal is to understand the complexities involved in bringing new ideas to market.

INNOVATION AND
COMMERCIALIZATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P 1................................................................................................................................................1
P 2................................................................................................................................................1
LO 2.................................................................................................................................................1
P 3................................................................................................................................................1
P 4................................................................................................................................................3
TASK 3............................................................................................................................................4
P 5................................................................................................................................................4
P 6................................................................................................................................................4
TASK 4............................................................................................................................................6
P 7................................................................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
With the help of innovation and commercialization, organization can make their
successful operations through creating new things within the enterprise. In respect to this, it
assists to develop plan of business for making effective transactions and activities (Xiao, Li and
Liu, 2016). Present report is based on Madgex Ltd. which leading in IT company of UK. In
respect to this, they promote software for development of the business through making effective
activities within the country. In addition to this, they are providing SaaS solutions and support
services which help to clients to create their values in outstanding career development. In this
report covers, innovation and its importance towards the organization with comparison to the
invention. Furthermore, report analysis different sources of innovation and how it can be foster
to development of the culture innovation. Moreover, it explains 4 Ps of innovation which can
shape to the innovative ideas. In addition to this, report explains the importance of commercial
funnel and application of new product development. At last, report evaluate the different tools
which help to organization to develop, retain and protect the knowledge of organization.

LO 1
P 1
Innovation and invention are two simple yet different subjects. There is a hair line
difference between the two. Innovation is just a new thought, idea or a different approach that
can be utilised in a respective field while invention is creating a new device, product or anything.
Creation of unique things be it a living or a non living subject is invention. Innovation can be
lead by invention or vice versa.
Innovation Invention
1. This is a process of manifestation of
original ideas and thoughts for
developing a subject.
2. It can be applied to the same
commodity or subject again and again
(Nwaka, Ochem and Nyasse, 2012).
3. Upgraded versions of the old television
is innovation. That is smart TVs, and
color television are innovated versions
of television.
 Invention is creating a new thing from
the innovative ideas and thoughts in a
unique manner for the very first time.
 Repetition here, doesn't exists.
 The complete concept is different in this
area. The inventors have to come up
with unique thoughts and ideas that are
developed once and the result gives a
completely new entity that did not
existed in the world previously.
 Television was a invention (Hsu and
Chang, 2013).
Innovation is the process to implementing the ideas to develop the business objectives in
different part of the country and other areas (Thore, A. ed., 2012). It demonstrates new things at
the workplace to generate high revenue for Madgex Ltd. In respect to this, it is very essential to
manage the innovation in company because it creates positive aspects within the business
environment. It determines both product and organization innovation through business can mae

their revenue at very high level. In addition to this, it can be helpful to Madgex Ltd. through
including set of tools that allow to manager of company to make cooperation with common
understanding of the process and goals of the enterprise.
With the help of creating culture innovation, organization can make their successful
transaction through considering resources, process and priorities within the firm (Xiao, Li and
Liu, 2016). In this aspect, Madgex Ltd. need to mandate new culture and routines that can be fit
to the grasp' innovation of the company. Traditionally organization considerer things that create
certain ways to determine various positive aspects for the company operations. By applying
organization culture system, cited firm can maintain their innovation and invention in systematic
manner. Without leadership no one can maintain operations in effective manner. Thus,
leadership play very important role within the organizational performance which help to
considered objectives of the chosen company. With creating innovation in the chosen business,
they can develop their transactions in effective manner through they can consider positive
outcomes within the enterprise (Kim, Rhu and Yang, 2015).
P 2
The innovation in the organization is highly dependent on the vision, mission, leadership
style and the culture at the workplace. Further, the vision of Madgex Ltd. is to develop their
market in the industry. They need to work for more and more companies so as to attain high
market share. Thus, for ensuring this they need to come up with latest innovation in their
practices so that more companies will hire them for there promotion activities. Further, the
culture at the workplace must be ethical enough (Thore ed., 2012). They must maintain the
relationship with others firms so that they provide them with the work on the regular basis. The
leadership style in the organization must be adopted as per the current situation. This will assist
in gathering the belongingness of the employees towards the completion of the work. The most
appropriate style is democratic leadership style which provides with the rights to each staff
member in the organization to provide with the suggestions for the development of the company.
For example, in Apple Inc. it is been seen that they practise democratic leadership style in the
company which provides with the right to the employees to give there suggestions and view
points for making decisions. This develops with the belongingness of staff members towards
achieving the goals of the company. Further, teamwork must be motivated in the organization as
by performing together, the results can be attained in an efficient manner. This will also assist in

maintaining relationships among the employees which will reduce the conflict situation in the
company. For example, in Virgin group they motivate in developing more and more teamwork in
the organization so as to create healthy and efficient relations among the employees.
LO 2
P 3
With the help of innovations within the enterprise, Madgex Ltd. can make problem
solution. In respect to this, they can manage their work in considering business transaction, their
activities and actions that help to create value for the business products and services. Chosen
enterprise make their transaction in specific area in which they are delivers high quality of
products and services to promoting business activities (Hsu and Chang, 2013). In order to make
effective functions 4 P's of marketing mix considered by chosen business in which they develop
product, process, position and paradigm. It can be understand in the following aspects of the
organization performance: Product: Chosen enterprise innovate their services and products in the best manner which
help them to enhance their transaction in different part of the nation. In respect to this,
Madgex Ltd. gather their employees to taking ideas of different members through they
will easily make business plan. The cited firm improve their products and services quality
so that they will easily generate positive results within the organizational performances
(Nwaka, Ochem and Nyasse, 2012). In addition to this, they can frame small objectives
and task at the workplace through they will able to positive outcomes in the business. For
instance, Apple develop their operations with addition new features within the products.
As they will able to determine effective transactions at the workplace. Process: In this step, Madgex Ltd. make plan in which they can demonstrate their
objectives and goals in systematic manner which determine objectives of the company. In
addition to this, chosen business considered activities in which they are supplying, selling
and accounting to business products. In this aspect, cited firm use new ideas which they
gain from various employees to increasing profitability of the company (Sawng, Lim and
Choi, 2016). In addition to this, enterprise can also enhance their targets to supply and
manage the products and services of organization. In the given scenario, Virgin adopt

process through establishing products and services in different new organization. To
considering this aspect, Madgex Ltd. can also operate new functions within the
enterprise. Position: Position of the enterprise create advantages to them to make ahead from the
competitors. In the promotion mix of Madgex Ltd., they are taking rand image of their
products and services to create profitability within the enterprise. It is very important
element of the marketing mix of organization because it is most important part that create
advantages for developing high profits within the business environment (Frattini, De
Massis and Campopiano, 2012). Apart from this, position of the company also make
effective reputation of the organization in front of customers and employees. In this
aspect, cited firm can take advantages for enhance their targets which help to determine
business objectives within organizational performances. Apple make their position in the
marketplace through high quality of products with high price. As this, cited firm can also
make their products same as Apple.
 Paradigm: Paradigm element of marketing mix in innovation considered shape for the
organization through business can make their high profits. In respect to this, organization
make changes within Madgex Ltd. through specific innovation and enterprise objectives
taken by cited firm. In addition to this, it also determines benefits for the organization to
demonstrate various objectives and goals for the company (Godin, 2014). In this aspect,
business considered their products and services which purchase by the customers. This is
because customers only purchase those products and services which create value for
them. They are requires for those products and services for development of the
organization performances. With taking effective operations, Apple demonstrate their
targets with developing positive outcomes. In respect to this, cited firm can also use same
thing through organization will achieve their targets easily.
P 4
Frugal innovation is the process which help to reduce complexity and cost of the product
for production. Mainly it is used to remove non essential features from the goods such as car,
phone and many more things (Choi, Kim and Lee, 2016). In addition to this, frugal innovations
are also considered advantages for Madgex Ltd. to make effective design of the products and
services at the workplace which make effective results within the organization environment. It

creates ideas to make effective functions within the business through imperative in developed
economies in those areas where customers mainly prefer low price for products and services.
This type of innovation is considering corporate leaders around the world in which they are
facing pressure to create high quality of products and services (Inauen and Schenker-Wicki,
2012).
Further, frugal innovation also offers path to forward for small and large company
products. It is also critical business strategy where customers create value for creating high
quality products and services within Madgex Ltd. In addition to this, it also creates affordable
and sustainable products and services which help to develop the business functions for
completing business objectives. Business also create innovate in increasingly resources
constrained environment of the company (Kim, Rhu and Yang, 2015). Hence, frugal innovation
is requires focusing on simplicity and agility for the enterprise. It leads with the current and
future requirement of the company products so that organization can make their transaction
accordingly. Hence, it will develop the business plan in which cited firm can contain their
different aspects. Apple considered frugal innovation in their products and services for taking
effective operations within the enterprise. In respect to this, cited firm can also make their
transactions in effective manner.
Frugal also create value for business and its customers because enterprise set their
transaction according to customers requirement. Similarly, customers posses their operations
according to their mind set perception so that it create link between Madgex Ltd. and their
customers. Hence, it breaking complex problems and issues within the enterprise which lead to
make effective transactions. It gives guidance to the company as well as small enterprise to make
growth of the company very fast (Radauer, 2014). In addition to this, frugal innovation also
considered effective and innovative activities within the enterprise which make valuable
information to the different communities members. Frugal innovators are taking part in which
they can make new solutions for the enterprise problems to create better results within the chosen
business. In this aspect, also involve capture the opportunities which has company to determine
business plan to consist effective solutions for enterprise problems (West and Bogers, 2014).

TASK 3
P 5
With the help of funnel, Madgex Ltd. can make their functions effectively which assist to
determine high profits within the business environment. In addition to this, it also creates
advantages within the organization to increase revenue of the company which create effective
transactions. In this aspect, cited firm can adopt new product development which helps to make
effective operations for the organization (Xiao, Li and Liu, 2016). In order to consider new
product development, steps consist by the business such as awareness, interest, evaluation, trial
and adoption. In the first step awareness, customers of the chosen enterprise become aware
towards the new product of company. After this, business identify that interest of consumers in
new product development which seeks out the information regarding products features and
availability. Further, in evaluation organization gather information about the products to evaluate
customers benefits towards the buying products and services (Chand, 2016).
In addition to this, in trail step customers of Madgex Ltd. try to find out new products
which make effective values with them. At last step is adoption, customers takes decisions to
make full and daily use of products and services for development of themselves. In innovation
two types of work considered in which organization can perform various functions. In respect to
this, funnel is always depict easier things which see as very hard. With the help of this funnel,
daily activities of company taking ideas to make commercialization to the enterprise. In addition
to this, we can get external knowledge and internal alignment within the enterprise to keep new
opportunities for the company operations (Thore, ed., 2012).
P 6
Planning innovation determine innovation within the company which create optimal
results for the business. In respect to this, Madgex Ltd. can innovate concepts which needs to
show different areas in which they can make clear discussion through organization can develop
quantity and quality for their products and services. For this aspect, chosen business need to
address through innovation concept which they are proposes to determine objectives of the
company (Hsu and Chang, 2013). In respect to this, they can easily know about the issue of
company in which they can make their profits at high level which structure by cited firm to
enable transparency within the business activities. In respect to this, it also gives same platform

to justify their enterprise case in which organization can achieve goals in effective manner.
Following steps can be considered within the innovative business case for the chosen enterprise:
 In the organization different activities tools considered within the business process to
implementing structure the project information on the comparison basis. This can be done
through demonstrate definition of success, offering suggestions guidelines to attempt
organization objectives (Nwaka, Ochem and Nyasse, 2012). In the early days,
innovations considered open questions and hard work can make answer to determine
difficult issues which help to make arguments within the organizational performances. In
addition to this, it can be also create better understanding within Madgex Ltd. in which
they can create best results for the organization performances.
 In the second step, cited firm move to build the business case preparation with cost and
benefits analysis (Sawng, Lim and Choi, 2016). In addition to this, it can be clarifying
opportunities needs to perform various functions within the future objectives and done in
effective manner so that business will easily develop their plan according to their future
requirements. In this step, Madgex Ltd. can easily clarify opportunities needs and
assessing stakeholders interest to clarify uncertainty for the enterprise.
 In the next step, Madgex Ltd. create group of the factors to considering and making
assessment of competition and market attractiveness to provide effective commitment
and attract to the business environment. In this step, cited firm also create advantages
within the enterprise to setting priorities, trails and moving towards the
commercialization in commitment and resources (Frattini, De Massis and Campopiano,
2012). In this context, different group of factors consist important role within the
enterprise in which business can easily consist their objectives at very high level. Hence,
it will assist to make effective training system within the enterprise.
 At the last step, chosen business move towards the formate in which they build up and
break down the case with availability inputs which includes unique selling proposition
and the future resources which needed to determine and reducing conflicts from the
workplace (Hobcraft, 2016). In this step, Madgex Ltd. also trying to reduce conflicts
from the workplace so that they will easily develop their operations in different areas.
Hence, it will assist to make effective operations within the business environment.

TASK 4
P 7
Intellectual property consist to creation of the mind such as inventions, literacy and
artistic work. In this aspect, different design, symbols, names and images can be used which
determine uniqueness (Godin, 2014). For instance, patent, copyright and trademarks, etc. which
help to people to recognising things for their inventions and creation. Through taking equal
balance among innovators and public interest, IP system aims to demonstrate creativity and
innovation within Madgex Ltd. In this aspect, they will easily make their organization ahead
from the competitors which create positive advantages within the enterprise.
Exploiting knowledge and intellectual property
There are different types of exploiting and intellectual property consist within the place
which are as follows: Absorptive capacity audit: In respect to considered absorptive capacity audit, Madgex
Ltd. make self assessment tool which help to explore absorptive capabilities within the
organization. In respect to this, cited firm can make their operations at very high level in
which they will able to determine their objectives in effective manner (Choi, Kim and
Lee, 2016.). Managing internal knowledge connection: Further, managing internal knowledge
connection consist important aspects within the business. In this aspect, cited firm
manage their knowledge system through they will easily develop business transactions
for achieve business objectives. In respect to this, they can create connection among
members of the firm through they can maintain their transactions easily (Inauen and
Schenker-Wicki, 2012). Innovation ecosystem: in order to considered positive results, ecosystem help to create
positive environment at the workplace in which organization can make their transactions
which assist to develop their operations in different areas (Inauen and Schenker-Wicki,
2012). Knowledge mapping: With the help of knowledge mapping, Madgex Ltd. can share
knowledge of their employees with each other so that they can maintain their intellectual
property safe within the business environment.

 Joint solutions: According to joint solutions, chosen business can together various
aspects which help to achieve business outcomes on the basis of enterprise performances
(Radauer, 2014).
 Acquiring technological knowledge: It is another method through cited firm can make
their transaction at effective level. In this aspect, they can enhance technological
knowledge within Madgex Ltd. performances.
Overview of IP tools
In order to considered effective solutions within the chosen organization they are kept
various IP tools such as copyrights, trademarks and patents. With the help of these tools, Madgex
Ltd. can make their solutions in effective manner through they can contribute their innovative
functions within the organizational performances. When organization come up with new ideas
within the business, it creates innovations for the company (West and Bogers, 2014). On the
contrast, invention directly associated with the commercialization. In this aspect, IP system play
very important role within the business which create positive outcomes at the workplace. Hence,
innovation system can also help to develop the effective plan within organizational performance
in which cited firm can create their vision, entrepreneurial team and innovation networks which
help to deliver effective results at the workplace. IP tools also helpful to develop innovative
functions which can be considered effective transaction for the chosen enterprise. In addition to
this, it also assists to determine operations in effective manner which cannot considered without
single person.
CONCLUSION
From the above report it can be concluded that, innovation and commercialization create
essential features within the business. In this aspect, various aspect considered within the
business which help them to create positive results within the business environment. In addition
to this, it could be assist to attain future goals and objectives which making high profits within
the cited firm. Furthermore, it can be summarized that marketing mix element consist by the
business in which they demonstrate decisions through positive results. Their four element consist
as product, process, position and paradigm. Moreover, it can be concluded that IP tools are
helpful aspect for the cited firm through they will develop their objectives ahead from the
competitors.

REFERENCES
Books and journals
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
Radauer, A., 2014. persistence, a working innovation system, and patent protection:
characteristics of the successful commercialization of two recognized inventions with
high societal and economic impact. Technology & Innovation. 16(2). pp.125-135.
Kim, D. H., Rhu, J. K. and Yang, K. Y., 2015. A Study on the Improvement of R&D
commercialization policy system for Railroad Transportation. Journal of the Korea Safety
Management and Science. 17(3). pp.289-296.
Inauen, M. and Schenker-Wicki, A., 2012. Fostering radical innovations with open
innovation. European Journal of Innovation Management. 15(2). pp.212-231.
Choi, Y. J., Kim, B. and Lee, J., 2016. Study for Information Issues and Possible Solutions to
them in Technology Commercialization Processes, especially for SMEs. International
Journal of u-and e-Service, Science and Technology. 9(3). pp.321-330.
Godin, B., 2014. Invention, diffusion and linear models of innovation: the contribution of
anthropology to a conceptual framework. Journal of Innovation Economics &
Management. (3). pp.11-37.
Frattini, F., De Massis, A. and Campopiano, G., 2012. Bringing to market technological
innovation: What distinguishes success from failure. International Journal of Engineering
Business Management. 4(15). pp.1-11.
Sawng, Y. W., Lim, D. H. and Choi, J., 2016. Business Ecosystem-focused Commercialization
Strategy for Real-time Monitoring and Detection Technology for Landslides. The Journal
of Engineering Geology. 26(2). pp.223-233.
Nwaka, S., Ochem, A. and Nyasse, B., 2012. Analysis of pan-African Centres of excellence in
health innovation highlights opportunities and challenges for local innovation and
financing in the continent. BMC international health and human rights. 12(1). p.1.
Hsu, C. W. and Chang, P. L., 2013. Innovative evaluation model of emerging energy technology
commercialization. Innovation. 15(4). pp.476-483.
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Thore, S. A. ed., 2012. Technology commercialization: DEA and related analytical methods for
evaluating the use and implementation of technical innovation. Springer Science &
Business Media.
Xiao, X., Li, Y. and Liu, Z., 2016. Graphene commercialization. Nature Materials. 15(7).
pp.697-698.
Online
Chand, S., 2016. 5 Stages of Adoption of a New Product by Customers. [Online] Available
through: <http://www.yourarticlelibrary.com/products/5-stages-of-adoption-of-a-new-
product-by-customers/23729/>. [Accessed on 13th December 2016].
Hobcraft, P., 2016. Building the Innovation Business Case. [Online] Available through:
<http://innovationexcellence.com/blog/2011/01/04/building-the-innovation-business-
case/>. [Accessed on 13th December 2016].
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