Unit 8: Innovation, Leadership, and Commercialization at Madgex Ltd.

This report examines the concept of innovation within the context of Madgex Ltd., a company focused on providing solutions and guidance to its audience. It differentiates between innovation and invention, highlighting the practical implementation of ideas versus the initial creation. The report analyzes the impact of vision, leadership, organizational culture, and teamwork on the development and commercialization of innovative products and services. It delves into the 4 Ps of innovation (Paradigm, Product, Processes, Position) and analyzes the innovation funnel, emphasizing the importance of frugal innovation within the organizational context. Furthermore, the report explores the significance of the commercial/sales funnel alongside new product development, the creation of a business case for innovation, and various techniques for safeguarding intellectual property. The report underscores the importance of innovation for enhancing revenue, user experience, and overall business growth. The report covers various aspects such as vision, leadership, culture, and teamwork to develop innovation and commercialization of various services and commodities that Madgex Ltd manufactures. Also, the report focuses on the different techniques and measures applied for safeguarding the knowledge and intellectual property of a firm.

UNIT 8 INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
LO1.........................................................................................................................................1
P1 innovation and its significance in comparison of invention..............................................1
P2 Impact of vision, leadership, culture and teamwork for development of innovation and
commercialisation...................................................................................................................3
TASK 2............................................................................................................................................4
LO2.........................................................................................................................................4
P3 4 P's of innovation and analysis of innovation funnel.......................................................4
P4 Importance of frugal innovation in the organisational context.........................................5
TASK 3............................................................................................................................................6
LO3.........................................................................................................................................6
P5 Why does the commercial or sales funnel is vital along with new product development
(NPD) life cycle......................................................................................................................6
P6 Business case for innovation in organisation...................................................................7
TASK 4............................................................................................................................................9
LO4.........................................................................................................................................9
P7 Different techniques and measures applied for safeguarding the knowlwdge and
intellactual property of a firm.................................................................................................9
CONCLUSION:.............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Innovation is a significant way to develop or improve the existing product or service, for
the benefit of people. The innovation includes the better development of a good that helps in the
effective problem solving. The innovation is the process of extensive brain storming and research
and needs to be handled with great efficiency to be followed by the innovator. The innovation
process helps in simplifying the life of people and improve the standard of living (Chun, Chung
and Bang, 2015).
For the report, Madgex Ltd. which need to contain operations in innovative context. In
this enterprise, relationship has been build between audience and enterprise with the best solution
and guidance. With respect to lead in the industry, it can be stated that the chosen firm deal with
competition and represent brand with advance functions. Smooth and impressive experience also
drive with more revenue and focused on effortless.
In this regard, significant advantages can be develop with innovations and creativity.
Both the firms are known for their innovative approach. This report will involve the importance
of innovation and how it is different from invention. The impact of vision, objective and
teamwork on the innovation and commercialisation is been considered. Four factors or 4p's of
innovation and its influence should be economical. Also, the implementation of innovative
commodities for the financial development is been taken into consideration. Also, an innovative
business case, and various tools to retain the intellectual property of the company is been taken
into consideration (Sengoku, 2015).
TASK 1
LO1
Innovation and its significance in comparison of invention
Innovation which consist by Madgex is that they protect users and maintain trust to
increase relationship with it. With top technical mind, they pride themselves to robust security
standard. Hence, data security and fastest response systems team develop successfully to build
trust. Since upgrade site to the chosen organisation, significance increase revenue and overall
engagement. As a result, user experience is world-class which deliver consistent value to
members.
Creation is the process for developing new goods or services, using the existing resources
or technology. Also, it involves the improvement or enhancement of the product or services
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present in market. The innovation will help in the improvement of the product and services that
helps in rising lucrativeness and productivity of the Greenergy. Apart from this, the innovation
helps in increase in the consumer attainment level that amends brand worth of the company.
Partnership in the Madgex valued in which they provide first class technology to deal
with appropriate customer services. Invaluable expertise and knowledge consider ongoing
commitment to innovation. The innovation assist firm to hit demands of its customers and
provide them with better products and services, simplifying their life and improving the standard
of living. The innovation process is quite different from that of invention or discovery process
that is been in the efficient management of different dealings of selected company. The main
difference between the innovation and invention are:
Innovation Invention
Innovation is the practical implementation of
idea for a product or service to increase its
productivity of Madgex.
However, it involves the occurrence of the
ideas for the first time in the selected
enterprise.
It leads to the creation of new product or
services by a researcher or inventor within
Madgex.
It involves the effective practice of adding of
value to something already available in market
for the chosen organisation.
It is based on the theoretical concepts. Beside this, it is the practical implementation
of that theory or concept.
It is the result of a single research process
(Abdul Razak, Murray and Roberts, 2014).
On the other hand, it is the complex
combination of various operations.
It is limited to the Research and development
of the company.
It is spread among all over the organisation.
The suitable management of different functions helps in efficient handling of various
business operations and actions and fulfil requirements of organisation as well as the customers.
Apart from this, it aids in proper management of different business processes that helps in
efficient dealings and processes which needs to be taken into thought process and are been put
into consideration by the company to have better production capacity and revenue generation.
The process of effective innovation helps for high approach and better development of various
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operations assist in increment in different operations and in profitability and fruitfulness of cited
business firm. Apart from this, Madgex Ltd. will use the innovation process to attract the
maximum number of customers or users to increase its overall revenue. Other than this, fine
handling of managerial procedures should be taken to develop the innovative product or services
will help the business firm to enhance its ratio and lucrativeness along with the operational
capacity of firm (Do and et.al., 2018).
Impact of vision, leadership, culture and teamwork for development of innovation and
commercialisation.
Various factors would definitely assist in fine development of innovation and
commercialisation of the various services and commodities which have been manufactured by
the Madgex Ltd. The different factors like organisational vision, leadership, culture and
teamwork would aid in fine handling of the different transactions leading to the development of
the better innovation and commercialisation process. Some major impact is as follows:
 Vision: The organisational vision of Madgex Ltd. lead to opt the effective innovative
measures that will help in improving the work efficiency of the company. Therefore, they
consider new website development to attract several customers with online method.
Besides this, the effective vision will help in managing of the various operations of the
business firm. It will aid in developing a better business plan which would result in high
profitability and high quality.
 Leadership: For carrying out the innovative business processes that will lead to the rise
in profitability and good sale. The effective leadership will help in the better management
of different dealings which will help in increasing the efficiency of the Madgex, and
attain a better production capacity and revenue generation. (Cockbill, 2017). The leaders
or top executives of company would properly handle various managerial decisions of
various functions and meet the operational requirements of the company.
 Culture: The organisational culture too, plays a very important role in the efficacious
establishment of different operations that helps in rise of different functionality of the
Madgex Ltd. Apart from this, the better cultural support and environment will see
through the efficient management of the several transactions and aid in the better
innovation and commercialisation of respective goods and services developed.
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 Teamwork: The teamwork is the most important and essential factor for the proper
handling of the various components of the innovation and the commercialisation process
that assists in the better management of the different dealings. The efficient planning and
the simultaneous team work would push Madgex Ltd. to take into thought process about
innovative measures to look the requirements and needs of the consumers through the
means of their website.
This all factors would result in proper managing of business operations of Madgex Ltd. to
adopt the effective and innovative measures to develop its new website to meet the needs of the
organisation. Other than this, flourished management of the various operations will lead to the
better commercialisation of various operations of the company and meet them in a very effective
manner. Satisfaction level and brand image will get enhanced. (Nogrady, 2016).
TASK 2
LO2
4 P's of innovation and analysis of innovation funnel
The effective innovation process will involve the better use of the several dealings that
which would result in the effective development of the different operations, leading to increase
in profitability and productivity. Various elements or the factors are been considered in the
efficient management of the innovative business dealings which will lead with Madgex Ltd. in
better revenue generation. Besides this, this will assist in suitable management of different
business operations within the selected enterprise. Further, it will aid more business firm to opt
the significant innovative business transactions which would helps in the proper handling of the
productivity and profitability in selected company with appropriate working (Dutta and Folta,
2016.). The basic P's of the innovation process is as follows:
 Paradigm: Effective measures would be taken into consideration and operations which
would assist in better handling of different operations that are been considered by the
firm. It will help to Madgex to take different factors into consideration and operations
leading to the development of the different measures which would assist in the proper
handling of respective operations leading to innovation in Madgex Ltd.
 Product: Each and every product or service that produced by the cited firms is required
to be handled with appropriate care and should possess the utmost quality standards, to
meet the demands and requirements of the consumers. Managerial and purposeful
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handling of various operations will help in managing the meaningful handling of the
several operations in selected enterprise and meet them in an efficient and effective
manner. Madgex Ltd. Look towards appropriate innovations which would perfectly see
and watch better administration as in Madgex which would result in different managerial
decisions and would lead to the high productivity and profitability.
 Processes: This will involve the various transactions which will effectively manage and
handling of the different dealings by Madgex Ltd. to develop a better and innovative
product or services, to provide the better services to its customers. Both the firms will
look after the effective measures to which are properly effectively and considered in
Madgex. This would further help in the improved management of different dealings that
lead to better innovation and commercialisation of their respective products and services
(Chen, 2014).
 Position: It involves the effective practice of the improved managerial tasks of the firm
of the various operations of the company that helps in the better handling of the different
measures that will assist in the effective management of the various operations. Thus, in
Madgex have an effective management for different operations to meet the demands of
the consumers. Better position in market will lead to the good capturing of consumers
and better marketplace which will improve the work efficiency of selected firm and assist
them to achive the requirements of the users or consumers.
Thus, these factors would result in improvisation of management and different measures
which helps in efficacious handling of different transactions of the Madgex. Besides this, it
would further help the firm to increase the productivity and the innovative approach of both the
firms that will support suitable management of various innovation activities related to developing
effective products and services.
The Innovation funnels that is been carried out by the organisation will look after the proper
assessment of the innovation or developing of a new product or services that will help in
improving the performance of the organisation. It involves 4 stages:
Assessment: at this stage the needs are been analysed and identified for developing an innovative
product.
Development: at these stage the innovative product is been developed by the organisation.
Testing: once the product is been developed, it is been tested in order to find out its feasibility.
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Launching: Once the testers are satisfied by the quality and feasibility of testers, the product is
launched
Importance of frugal innovation in the organisational context.
The frugal innovation is the approach of developing an innovative product or services
would result in proper handling of different dealings at the company so that all demands of user
could be fulfilled at time. The frugal innovation is the effective approach of developing an
innovative product or services with the minimum investment or resources but having high
usability as an alternative product in Madgex Ltd. The innovative approach of frugal innovation
will help in increase in manufacturing capacity and revenue generation and help them to fulfil
the operational needs of the company (Lee and Lau, 2017). Main motive of the frugal innovation
is to provide the effective usability to the customer and attain the requirements of organisation
and their customers with a greater ease. Other than this, proper management of several business
procedures would assist in leading better management of the various innovation's, which would
help in meeting needs and demands of the customers or the users. The company using frugal
innovation and this should be taken into consideration so that effective standards would
effectively aid the selected enterprise to satisfy the needs of its customers. It helps in driving the
innovation as per the market needs.
TASK 3
LO3
Why does the commercial or sales funnel is vital along with new product development (NPD)
life cycle.
Main or effective use of the financial or sales funnel would aid in the better management
of different managerial processes for efficient development of the diverse operations for effective
commercialisation of the various products or the services developed by Apple Inc. and Virgin
group. It supports the company to have an insight about its capabilities and serious buyers or
consumers. Following shown is sales funnel:
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Illustration 1: Sales or financial funnel
(Source: Rouse, 2017)
 Awareness: It will lead to the rise in insight and knowledge about product or the services
that are been developed by Madgex Ltd. as Apple Inc. and Virgin Group by the means of
marketing and advertisements. It will help the customers or buyers to get an idea abut the
various products or services developed by the cited firms.
 Interest: Proper management and processes of marketing campaigns would result in
impressive rise or development of the interest of customers in the product or services that
are been developed by the Madgex Ltd.
 Interaction: It helps in the better communication between the service provider and the
customer, that leads to the better understanding of the customer's needs and demands and
providing him with better product or services, as per their requirements (Do and et,al.,
2015).
 Action: It involves the final process that leads to the better handling of different business
functions, leading to purchasing of the products and other benefits by customer.
Apart from these important features, New product development cycle would support in
proper managerial functioning of the development process of the different trading operations
which would result in efficient management of the various functions played in Madgex Ltd.
Further it results in proper development of better innovative goods and commodities. The
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effective NPD used by the company that will involve the effective measures like discovery or
identification of real time problem faced by the customer defining the problem that is been
identified to design the effective product to find out the feasibility to cater the demands of the
customers by using the innovative products like software. Once the product or the service is been
designed, it is been delivered to the user to get the better idea about its effectiveness and
efficiency. Besides this, it supports proper management different business activities of
organisation leading for innovation (Johannessen, 2017).
Business case for innovation in organisation.
In respect to consider innovation of the innovative software's in the organisation, there
are following stages covers in the Madgex Ltd.: Research and development: It is the first step in which the chosen business need to
conduct research and development activities. In order to complete this stage, invention
and innovation in software's can be made successfully. Assessment of chain of events: At this point, marketable products considered in new
process. Therefore, innovation of software's can be achieved. In this phase of
commercialisation triggers start with another chain of events which characterized as
diffusion. Diffusion process: In this step, Madgex Ltd. Covers wide spread adoption of new
products and process that exists by market. Incremental innovations within the software's
can be successfully achieved in this process.
 Sources: In order to consider innovation in the organisation, there are two types of
resources included such as internal and external. In internal resources, the selected
business can use staff members, R&D related to software's and applications etc.
However, in external context, suppliers, customers, media reports, market research, etc.
consider to make successful innovation in Madgex Ltd.
The involved risk has to be ascertained by Madgex Ltd. as Apple Inc. and Virgin group is
been focusing constantly and consistently on the process of innovation. For the purpose of
achieving effective results, the management of the chosen business select these two organisation
so that they can focus on the ideas and creativity that are convinced about the ideas and facts of
the data that are performed effectively thoughts into finished products as innovative software's.
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These thoughts and views have to be ascertained by Madgex Ltd. by considering about the facts
and the views by meeting the needs off the consumer preferences. The environmental trend have
to be acknowledged by the management of organisation by focusses effectively on the changed
needs, tastes and preferences which sufficient effectiveness can be performed (Rietsch, Beaudry
and Héroux-Vaillancourt, 2016). To consider about the risk or reward and by making checklist of
business case that have been detailed in this report.
 Risk: The uncertainty is unpredictable in every organisation which can take place in
Madgex Ltd. alike Apple Inc. and Virgin group. For the purpose of long run of the
business by launching a new software by the organisation which could be grasped by any
other organisation by meeting the terms that are already involved in the selected business
that could be made in the latest techniques of software development are been used and
can be opted. This can create hindrance and barrier while undertaking new product
development. Though it can be concluded the risk involved in organization is wide and
high.
 Identifying the needs skills and resources: To avoid the non circumstantial things to
happen in the Madgex Ltd. the skill and knowledge of the employees should be
considered by the management to avoid the hindrances and barriers. In order to bring out
the effectiveness trainings can be provided related to techniques which are performed in
organisation for the development of product as that can increase the profit and
productivity. To gain huge profits in the organisations the technological trainings can be
generated either with the relevant feedbacks and modifications suggestions that could be
implemented in the process of innovation. To meet the effectiveness the constant focus
should be made on the happy consumers and staff by meeting their necessities
(Greenaway and Rudd, 2014).
 Success and failure look like: Though the success and failure cannot be predetermined
by anybody. Also, there is absence of formula, that could help the organisation to get rid
of it. To achieve the goals effectively the process of skills inventory and advancement of
software development can be opted.
Proper funding will be required in order to carry out the software development
operations. Besides this, it is essential to get the suitable raw material and work force. This will
assist in getting and increasing the return of interest every year.
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Year Return of investment
Year 1 $50000
Year 2 $100000
Year 3 $150000
Year 4 $200000
This indicates that the innovation measures that are been carried out by the organisation will
prove out to be beneficial and profitable for the organisation.
TASK 4
LO4
Different techniques and measures applied for safeguarding the knowlwdge and intellactual
property of a firm.
The knowledge possessed by firm is the tool which assist firm in maintaining
confidentially of companies products and services. It is important for the firm to protect the
identity of its products in order to prevent the chance of copying. This is the best strategy which
helps in protecting and enhancing the value of companies goods and services. Apple and virgin
are the leading companies and both the companies aims at implementing the use of tools and
strategies which assist the firm in protecting the value and name of their commodities. Therefore,
Madgex Ltd. Follow their case to make innovations and increase productivity in positive
consideration. Retaining intellectual property of Madgex Ltd. plays an important role as it is only
strategy which helps in protecting uniqueness of products. It is the only strategy which helps the
firm in making regular image by protecting the value of existing products (Hu and Allen, 2017).
Retaining of intellectual property is the advantage which helps the firms in establishing strong
consumer base and increasing market share. Further, to protect the identity and uniqueness of
companies products the organisations implements the use of three major tools which are as
follows:
 Trademarks: It is the symbol, sign or the logo of company and it is the best method of
protecting uniqueness and labelling product. It provides goods an identity of brand to
which consumers are loyal. The symbol of company signifies its values and products
which is the most important part of retaining intellectual property. It is a effective
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