Business Innovation and Commercialization Report: Madgex Ltd. Analysis

This report provides a comprehensive analysis of innovation and commercialization strategies, focusing on Madgex Ltd., an IT sector enterprise. It explores the importance of innovation compared to invention, examining the vision, leadership, culture, and teamwork that shape innovation and commercialization within the company. The report delves into the 4Ps of innovation (product, price, place, and promotion) and the concept of frugal innovation, illustrating their impact on business development. Furthermore, it discusses the commercial funnel's role in new product development and explores various funding sources. The report also covers tools for knowledge development, retail, and protection, offering a holistic view of innovation management and its practical applications, drawing parallels with successful companies like Apple and Virgin.

INNOVATIONS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Importance of Innovation in comparison with invention.......................................................1
P2 Vision, leadership, culture and teamwork which shape to the innovation and
commercialisation........................................................................................................................2
TASK 2............................................................................................................................................3
P3 4Ps of innovations...................................................................................................................3
P4 frugal innovation.....................................................................................................................4
TASK 3............................................................................................................................................5
P5 Importance and application of the commercial funnel in development of new product........5
P6 Ways of accessing funding.....................................................................................................6
TASK 4............................................................................................................................................7
P7 Various tools for knowledge development, retail and protection...........................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation determines as the useful concept that assists to develop way in which
enterprise will accomplish their desired results in systematic manner. In this regard, creativity
and integrity of new things ascertain at workplace which assists to develop more profits at
workplace. Further, it develops effective transaction that are needed to perform several activities
at workplace. In this context, present report based on the Madgex. Ltd. which deals in IT sector
enterprise in UK. They are promoting growth and software development which create several
activities at workplace. Furthermore, there are supporting services are also develops in the
business that assists to ascertain creative results at workplace. For gaining insight knowledge of
the present report, it covers innovations and its importance with compare it with inventions.
Moreover, it includes 4ps of innovation that could be impact on the innovation funnel and shape
to the innovative ideas.
TASK 1
P1 Importance of Innovation in comparison with invention.
Innovation is the process of manipulating and modifying the original ideas. It is different
from the invention process. In this aspect, innovation defines as the thought and idea which
utilise to develop respective field. On the other hand inventions determines as the creating new
devise, product and services with unique activities. However, following are certain differences
exists in it:
Innovation Invention
Innovation is the process in which original
ideas will be manifestation for development of
the subject.
Invention consist creation of new things
through innovative ideas, thoughts in the
unique aspect.
It could be applied for all products and services
again and again.
In this regard, repetition never take place.
It demonstrates functions to create upgraded
version of the old things.
It develops concept in distinctive manner with
come up the unique ideas and thought.
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From the above discussion, it can be stated that innovation is the systematic process that
assists to Madgex Ltd. to operate their functions in different areas of the world. In this regard,
case study of different businesses has been applied that assists to frame effective results at
workplace. Apple and Virgin case has been selected that assist to accomplish more effective
functioning in the business unit. Further, the company also develop their operations through
create culture innovations, the selected business able to make successful operations in systematic
manner. Without leadership activities, the chosen business unable to get more effective
functions. Hence, it is important to create innovations to develop the chance of attain business
goals and objectives (Zou, Dong and Xie, 2017). In addition to this, it is very important to
employee to develop their understanding and ideas with new activities and operations. Therefore,
aims and objectives will be accomplish in desire manner. Furthermore, it also increase opinion
and ideas generating activities that helps to Madgex to implement new things in it. Moreover,
each person in the chosen business share their ideas and participation towards the aims and
objectives of the company.
P2 Vision, leadership, culture and teamwork which shape to the innovation and
commercialisation
In the UK, there are several elements in which organisation develop their performance in
the UK market. With this regard, Madgex Ltd. has opportunities to ascertain more effective
elements at workplace. In addition to this, manager of the selected business concentrate on the
different areas where they can enhance their operations and functions in systematic manner. In
order to focus on the increasing productivity, following elements can shape to innovation and
commercialisation:
Vision of Madgex Ltd.
Madgex Ltd. has vision to deliver best and qualitative services as Apple and Virgin
group. Therefore, the company can lead with technology that accomplish goals and objectives in
systematic manner. Further, the company also demand to provide exclusive range of solutions
towards the business activities. As results, they are able to support with effective results. In
addition to this, the selected business also allow to users to accomplish their desired results in
systematic manner. Hence, they are able to deliver brand performances to create outstanding
career. With the help of effective design, quality and experience, it assists to deliver positive
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results at workplace. Hence, the company can create shape with innovations at workplace (Auld,
Mallett and Slater, 2014).
Leadership and teamwork of Madgex Ltd.
In respect to demonstrates goals and objectives, Madgex Ltd. also need to implemented
their effective leadership quality at workplace. In this aspect, participative leadership strategy
can be adopted by the company through they are taking different persons part in the business
goals and objectives. In this way, team work will be develops in systematic aspect. Hence, roles
and responsibilities will be share with different people to accomplish desired results in the
systematic manner. It is also useful aspect to share ideas and roles with different people in the
business. Hence, the organisation ascertain their activities to create systematic work
performances (Cavallo, Ferrari and Coccia, 2014). Moreover, the company adopted same
leadership activities as the Apple so that it increases its efficiency and performance to create
innovations at workplace.
Culture of Madgex Ltd.
In this regard, Madgex Ltd. requires implement qualitative aspects that assists to
accomplish more effective functioning at workplace. Therefore, they adopted creative culture
which implemented as the working of innovations, developers, creators, etc. The organisation
has also creative aspect in respect to make themselves market leaders. This is because, customers
are very loyal that assists to accomplish desired results in systematic manner. From the
ascertaining of Apple case, the chosen organisation need to concentrate on the solution towards
the problems which create impact on their work performances (Barnett, Rosenberg and Wolford,
2014).
TASK 2
P3 4Ps of innovations
In order to create effective results, innovations and creativity assists to perform several
goals. Hence, they can make solution to manage business transaction in systematic manner.
Innovations assists to create high value of business services in front of customers. In the
innovation mix, Madgex Ltd. need to implement 4 ps such as product, price, place and
promotion. Hence, it is important areas in which activities has been promoted in systematic
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manner. IT organisations also included 4 ps such as product, process, position and paradigm.
Therefore, following description has been made at workplace in the innovation mix:
 Product: The selected enterprise need to implement innovative products and services in
systematic manner that assists to increase transaction in different areas. With this regard,
Madgex Ltd. demonstrate their plan in which several candidates take part. It improves
products and services quality to create effective results at workplace. For example, Apple
adding new features in their products so that the chosen company also developing their
effective results with transaction (El Arifeen, Christou and Peters, 2013).
 Process: In this way, Madgex Ltd. need to determine their plan that develop objectives
and goals in systematic manner. Further, there are several activities provided such as
supplying, selling and accounting. New ideas also assists to gain new workers and
increases profits at workplace (Cavallo, Ferrari and Coccia, 2014). In respect to given
scenario of Virgin group, it has been seen that the company able to established their new
products and services in different areas of the world. Hence, new functions also develops
at workplace.
 Position: Position of the selected business carry several advantages that determines
unique concept at workplace. In this way, brand image of the company has been develops
towards the products and services. Hence, it increasing profits and revenue at workplace
that make plan for business development. It is important element of Madgex Ltd. that
helps to create profitable outcomes in it. Apple also determines their brand image through
adding high quality in products and services to produce profits high.
 Paradigm: It is the systematic approach that assists to develop marketing mix and create
shape to the business goals and objectives. In this regard, Madgex Ltd. has chances to
enhance their profitability in systematic manner at workplace. Therefore, they are able to
accomplish more effective results at workplace. Benefits of the business also need to
maintain that increases products and services in different areas of the world. Apple
company also demonstrates their targets and goals to make positive outcomes. In order to
refer the case of Apple, it can be stated that positive functions and operations will be
develops in systematic way. Further, the chosen organisation able to accomplish their
aims and objectives when they are considered each activity in the business (El Arifeen,
Christou and Peters, 2013).
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P4 frugal innovation
Frugal innovations develops creative results at workplace through diminish complexity
and cost of the goods. It is mainly used to implement new and advance features at workplace that
increases profits and revenue at workplace. In order to accomplish desired results, Madgex Ltd.
also implement frugal innovation that increases its efficiency and performance in systematic
manner. It determines creative ideas that assist to accomplish desired results in the positive
aspect. There are several benefits exists in order to implement frugal innovation in the chosen
business unit. It develops ideas that assist to attract several customers in the business through
imperative and development activities. There are several customers exists who stated that they
are prefer less cost products and services. Therefore, the organisation needs to concentrate on the
creating innovations that ascertain more effective results (El Arifeen, Christou and Peters, 2013).
These innovations considered in different areas of the world so that corporate leader has
responsibility of creating the products or the services of high quality like Apple or Virgin.
Besides this, the frugal innovation creates a path for the company to make the suitable, small or
large business. In addition to this, frugal innovations are also create path through organisation
can make their functions small and large context. It is a business strategy which is been
undertaken for the value creation which will be created that increases high quality of products
and services in the business. In order to make sustainable objectives, innovations increase
resources in the constrained business environment. Therefore, frugal innovations require focuses
on the simplicity and agility in the company. It helps to leading with current and future
requirement so that products and services will be develops in different areas of the world. It also
create business plan in which the organisation obtain different aspects. In Apple frugal
innovations considered in products and services to create effective operations. Hence, the
selected business unit also taking advantages to create transaction in the effective manner (Auld,
Mallett and Slater, 2014).
In Madgex Ltd., frugal innovations ascertain the activities to attract several customers in
significant manner. Hence, it assists to set objectives and goals in systematic manner. Therefore,
customers are operating their activities with creating link with the business unit. It helps to break
the complex issues and problems that are take place and impact on the organisation. It also gives
guidance to the chosen company to make growth in fast aspect. Along with this, frugal
innovations considered innovative activities at workplace to ascertain more information with
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community’s members. When the organisation taking frugal innovations, they are able to
develop their opportunities and demonstrate business plan with effective solutions towards the
problems (Sol, Sayol and Lefebvre, 2016).
TASK 3
P5 Importance and application of the commercial funnel in development of new product.
In the Final step of adoption, the consumers take decision to create a better use of the
products or the services for daily domestic usage. In this regard, they can concentrate to create
several advantages at workplace. In this way, organisation able to increases their revenue and
profits which make effective functioning at workplace. With this regard, the company adopted
process of new product development (Cavallo, Ferrari and Coccia, 2014). With the help of this
process, several steps has been develops such as awareness, interest, evaluation, adoption, trail,
etc. It is the important steps that assist to identify consumer interest to create awareness for the
new product development. Hence, the company identify interest of the consumer in new product
development so that they seek with information for the products and services features.
Evaluation in the enterprise also important to gather relevant information that creates several
benefits as well (McKenna, Scully and Benoit, 2016).
Along with this, trail step of customers ascertain to Madgex Ltd. to try new products that
make effective functioning. It creates values and outcomes positive at workplace. In the last step
of adoption, customers are taking decisions to create full and daily use of products and services
for the business development. In the innovations, there are two types of products and services
develop that perform different functions. Funnel depicts the simplest things that are needed to
perform task with creative ideas and commercialization in the enterprise. Along with this,
external knowledge also increases at workplace that make many opportunities in the company
operations (Barnett, Rosenberg and Wolford, 2014).
P6 Ways of accessing funding
In order to interpret the innovation and planning, the chosen enterprise need to develop their
operations in systematic manner. This is because, it helps to Madgex Ltd. to create new concept
and needs that are identity to show different areas of the expansion. New concept also helps to
enhance quantity and quality of the products in systematic way. In this regard, the selected
business need to address their innovation concept for development of the company. They are
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easily know about the issue of the business which take place in it. In order to make high profits
and revenue, organisation also able to accomplish their desired results (Morillo, Dell'Era and
Verganti, 2015). Therefore, following steps can be included in order to create innovative
business operations:
 In the business enterprise, there are several activities considered which could be
determines by the tools and techniques. In the business goals and objectives, new
structure of the project information make success, offering suggestions, etc. There are
several guidelines develops to create innovations at workplace. In this way, Madgex Ltd.
need to conduct hard work through they are able to deliver effective results in the
business. However, there are several arguments taken within the business performances.
Therefore, it make successful results and better understanding in the business to create
better performances (Naor, Bernardes and Shiftan, 2015).
 The chosen business needs to create business care, preparing it with the implementation
of the cost-benefit analysis. Besides this, it clarifies the opportunities that are need to be
taken into consideration to fulfil the future objectives of the company. Plan also develops
with goals and objectives requirement so that it clearly identify opportunities and assess
stakeholders interest to clarify the uncertainty at workplace (Dundas, Demonte and Park,
2013).
 Further, Madgex Ltd. need to create group through they are able to deliver effective
results with different factors. In order to make and considered competition, market
attractiveness also develops in successful way so that several advantages also develops to
set the priorities the activities. In order to move towards the goals and objectives, it
consist important part within the enterprise (Nagy, Schuessler and Dubinsky, 2016).
Therefore, objectives are develops with important role that increases functioning at
workplace.
 In the last step, Madgex Ltd. need to concentrate on the innovative ideas and operations
that are build and break down several activities in systematic manner. In this context,
input are available that included unique selling proposition and future resources in
systematic manner. It is the best way to reduce conflicts from the business through targets
several people. It easily develops operations in different areas to make more profits. It is
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the important objective which need to be accomplish at workplace (Noppers, Keizer and
Steg, 2015).
TASK 4
P7 Various tools for knowledge development, retail and protection
The ideas and knowledge of the company are its intellectual assets that helps the company to
develop more efficient outcomes in the company. For this, different things are been considered
such as design, symbol, images, other things considered which make uniqueness in the products
and services. Furthermore, the company also develops their operations through implement
patent, copyright, etc. (Fennell and Warnecke, 2013). From the case of Apple, it is brand name of
the product. Their design, features, etc. elements considered that create effective results at
workplace. In order to create equal balance in the Madgex Ltd. and their public interest, the
company can easily work on the specific elements in the business.
Along with this, enterprise has opportunities to get several benefits in systematic manner at
workplace. In this regard, copyright is the tool that helpful to make innovations through secure
business activities. In addition to this, trademark also consist symbol which help to provide
unique features and outcomes in systematic manner. Patent define right of Madgex Ltd. that
helps to focus on the activities that are design to develop understanding and outcomes in positive
aspect. There are so many things in organisation, that are recognising as the invention and
innovations at workplace. Further, the company has main aim is to increasing the productivity
with implement creativity in it. Hence, it is easily make high performances with organise several
activities which make ahead from the competition (Zou, Dong and Xie, 2017).
Exploring the knowledge or the ideas in the company.
Various types of the knowledge and ideas that are been taken into consideration at
workplace are:
 Absorptive capacity audit: In order to considered absorptive capacity audit, Madgex Ltd.
can determines self assessment tool at workplace. As results, it assists to make creative
results and explore capabilities at workplace in systematic manner. With this regard,
operations will be develops at high level (El Arifeen, Christou and Peters, 2013).
 Managing internal knowledge connection: In addition to this, managing internal
knowledge connection also develop as the important concept that take place to increases
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knowledge system for developing ideas. Hence, connection among the members also
increasing to maintain their transition.
 Innovation ecosystem: In respect to develop positive results, ecosystem, also helps to the
chosen business to increase their performances in systematic manner (Borah and Tellis,
2014). In this regard, they need to identify areas where Madgex Ltd. can easily develop
their innovations.
 Knowledge mapping: In respect to implement knowledge mapping, Madgex Ltd. need to
share their ideas to accomplish desire results and maintain intellectual property.
Overview of the IP tools
In respect to implement effective IP tool, there are several advantages to the selected
business unit. It is the best way through goals and objectives will be accomplished at workplace.
With the help of different tools and techniques, Madgex Ltd. able to deliver goals and objectives
in systematic manner. In this way, they need to concentrate on the innovative functions that
enhances performances of the business. IP tools are also used in Apple and Virgin to enhance
their creativity and innovations in significant manner. Therefore, effective results will be
develops that ascertain more profits and revenue (James, Leiblein and Lu, 2013).
CONCLUSION
From the above report, it can be summarised that innovation is the important activity that
carry to accomplish desired results at workplace. In this way, different activities have been
promoted to undertake creative elements at workplace. In this regard, present report concluded
about the different types of innovations and invention in the business. In this way, Madgex Ltd.
Company has been selected in which innovations implemented as the Apple and Virgin group.
Furthermore, it summarized about the 4ps of the innovations such as process, paradigm, product
and position. In this way, creative elements will be ascertained that make more profits and
revenue at workplace. At last, it articulated about the funnel innovations that assists to meet with
desired goals and objectives in systematic manner.
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