...Question Innovation is an important component of economic policy. Discuss Answer 1.0 Introduction “Today, more than ever, INNOVATION is central of survival” (Peter Drucker). Innovation has been an important component for economic growth, national economic competitiveness and economic policy for many country. It can occur in any sector of the economy, including government services such as health or education. Supporting nowadays with the rapid growth of technology industries, many policymakers in many nations have increasingly come to see technological innovations as a key driver of economic growth. This is why so many nations have made the promotion of innovation and new technologies a central part of their economic policy. Before discussing further about innovation and see why innovation play an important role for economic policies, it is important first to define innovations and its policies. Some people don’t really know what’s exactly an innovation. They are confused between invention, progress, innovation and updates. So it’s relevant to point out wrong ideas that peoples usually have over it and its creation to be able to erase it. Many people think of innovations as only technological in nature, resulting in shiny new products like Samsung’s Smartphones, Apple’s iPad, Sony’s PlayStation or in enhance machines or devices, such as lasers, autonomous robotics machines etc. Others might be thinking that innovation pertains only to research and development (R&D) activity...
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...group of Level Three business students on the usefulness of innovation management and new product development in an essay format. The topic of the essay is “what skills should a business graduate acquire about innovation management in order to advance their career development and employability”. "We live in a society where technology is a very important force in business, in our daily lives. And all technology starts as a spark in someone's brain. An idea of something that didn't exist before, that once they have invented it —brought it into existence — could change everything. And that activity is generally one that's not very well supported." - Nathan Myhrvold, CEO, Intellectual Ventures From a 2010 interview with Harvard Business Review Introduction In the development of new businesses today, initiatives that spur knowledge-based competitions amplify the importance of boundary spanning activities and tactical coalitions, which cause organizations to focus more on institutional knowledge, system improvement and knowledge management (Quah, 2001). This essay will help the level 3 business school students to understand the required skills about innovation management to to advance their career development and employability. An innovation is something that is new. You are required to write a piece of advice to a group of Level Three business students on the usefulness of innovation management and new product development in an essay format...
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...Matter WGU, BMA1 Task 304.4.4-01 INNOVATION AND CHANGE The highly competitive marketplace of today forces most companies to innovate if they want to keep a competitive advantage. Innovation is the driving force that is shaping the majority of successful corporations. A company that builds a culture of innovation will find itself on the offensive and the corporation will continue to grow. Innovation can generally be regarded as innovations concerning process and innovations concerning product. Most companies are trying to innovate in both parameters. Large corporations are endeavoring to develop an entrepreneurial spirit as found in smaller companies, start-ups, and sole proprietorships. This gives them greater flexibility and greater creativity, allowing them to develop and market new products or services more quickly. Companies who can achieve this are generally rewarded with four main advantages. 1. First Mover Advantage By being the first to enter a new market, bring a new product to market, or radically improving an existing product the company can gain an advantage over the existing market or potential market. While contrary to popular thought Apple did not invent the smart phone. However, they did radically improve it with many innovative features. In its initial launch in 2007 they sold 270,000 iphones in the first 30 hours. The iphone set the benchmark for the industry. Through continuous innovation it has been a leader in the industry...
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...Innovation is basically of two types: 1. Sustaining Innovation – This type of innovation provides demanding customers with better performance than what was previously available. It means to make better product that can be sold at a higher price to attractive customers. With this kind of innovation, incumbents prevail. E.g.: Surf Surf Excel Surf Excel-matic Evolution. Innovative changes accompanied by corresponding rise in Prices. 2. Disruptive Innovations – This type is to commercialize a simpler, more convenient product that sells for less money to new and unattractive consumers. New entrants beat incumbents in this type. E.g.: Tata Nano, iPod, Mobile phones. The different types of disruptions are: a) New Market Disruptions: These include simple and very cheap products. They attract new customers. E.g.: iPod. b) Low End Disruption: Simple, low-cost business models pick off the least attractive of the established firm’s market and progress upwards. This type usually occurs when there is a vacuum. E.g.: Ghee Biscuits in West Bengal that filled vacuum left by Brittannia. 3 major ideas in healthcare as gathered from video: Solution shop Value added service Facilitated network. Disruptive innovation includes: • Emphasis on differential product / service attributes • It means that you must start out as small and low-margin business – unattractive until they grow big • Grow to capture large share of established market – Good enough in old attributes...
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...Pauling who said “the best way to have a good idea is to have lots of ideas”. Generating ‘outside the box’ ideas is often not the problem in an ideation workshop with 10 people or more. No. It is the moment when you go from the divergence into the convergence phase, which is critical for your innovation success. Imagine you have a wall of 500+ ideas in front of you: and now what? How do you pick the right idea? That’s the question. In my innovation practice I have experimented a lot the last 10 years to deal with this essential question. It’s not an easy one to answer. Unfortunately I have not found the ‘holy grail’. But the great advantage of continuous experimenting in converging, selecting and improving ideas is that you learn a lot. And I like to share five of my important learnings on how to pick the right idea. 1. Take you time. One of the most frequent mistakes is spending a lot of timing generating ideas, leaving hardly any time in the ideation workshop to converge, select and improve them. You should spent at least 2/3 of your process on picking the right idea and 1/3 on getting a lot of ideas, instead of the other way around. Promising ideas at the front end of innovation are like rough diamonds, which look like other regular stones but will shine...
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...Innovation Process Paper: Comcast Name University of Phoenix OI/361 Date Instructor Name Innovation Process Paper: Comcast Introducing new and innovative ideas and strategies to a company is a process. This process must not be taken lightly to ensure that these ideas and strategies are successfully implemented in the organization. Comcast can ensure success by making certain that they observe each of the four phases in the innovative process and using tools and techniques to their full advantage. One thing that must not be ignored is how to measure these implemented innovations and make certain there is continual improvement toward success. Comcast has what it takes to be successful if they can successfully implement the innovative process in their future ideas and strategies. Four Basic Phases of the Innovative Process There are four basic phases in the innovative process; utilizing these phases will ensure success for Comcast in their future endeavors. Von Stamm (p. 39, 2003) asserts that, “While structured processes for the development and management of new products are no guarantee forimproving innovativeness, they are nevertheless an important part in an organization’s armory to improve newproduct introduction rate and maximize the benefits from a company’s product portfolio.” Observing the process alone will not prove success but certainly will increase the odds of having a successful introduction of innovative strategies and...
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...------------------------------------------------- Innovation From Wikipedia, the free encyclopedia For other uses, see Innovation (disambiguation). Innovation is a new idea, device or process.[1] Innovation can be viewed as the application of better solutions that meet new requirements, inarticulated needs, or existing market needs.[2] This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. The term innovation can be defined as something original and, as a consequence, new, that "breaks into" the market or society.[3] While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis innovation is generally considered to be a process that brings together various novel ideas in a way that they have an impact on society. Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better. Contents [hide] * 1 Inter-disciplinary views * 1.1 Business and economics * 1.2 Organizations * 1.3 Sources of innovation * 1.4 Goals/failures * 1.5 Diffusion of innovation * 2 Measures * 2.1 Organizational...
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...Innovation Entrepreneurship Is the persist of lucrative opportunities by enterprising individuals. Thus organization often try to develop an entrepreneurial culture through a strong organization towards entrepreneurship. Entrepreneurship is therefore innately about innovation which is creating a new venture where one didn't exit before. There are a number of reasons why entrepreneurial organization opportunities for innovation. Within the enterprise sector and they include. For competitive advantage, innovation is a key to competitiveness and is therefore vital for a firms competitive advantage. Products and services are the demands of today's customer, so to remain competitive innovative products and or services. Rapid innovation are critical For success. An example of a competitive advantage that is derived from innovation is technology. Technology is the systematic application of scientific knowledge to a new product, service or process. Therefore there is an ongoing quest for a better product, process or procedure to satisfy a task which is define as an innovation. It is a change, it is a positive, useful alternative from previous ways of doing things. It starts with being the first to create the product the first to improve and perfect the product and then to effectiveness and cost competitiveness. Another example of technology innovation is Apple Cell Phone, we see a continuous improvement over its predecessor which was given Apple its competitive advantage in the mobile...
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...Futures and Innovation | April 1 2011 | Shivani Patel, BAMA 3.3 | Gemma McGrath | Table of Contents Introduction3 Technological Issues3 Globalisation4 Current Environmental and Ethical Solution4 Objectives5 Design of Programme5 Innovative Solution6 Demographic6 Innovation Funnel7 Innovation Space7 Disruptive Theory8 Diffusion Theory9 Limitations to Future Success9 Appendices and Figures11 References15 Futures and Innovation Introduction Children are often made to aid their families and friends at all ages, however these small jobs are not harmful to the children and they are not exploited in any way to do this work, for example daily chores. This is ethically and morally wrong, but nevertheless a continuing problem. United Nations International Children’s Emergency Fund (UNICEF) has found that one in six children is involved harmful and exploitative work; this is defined as child labour. These children are ‘engaged in economic activity or in household chores for more than 28 hours in a week’ (UNICEF. 2011). Child labour is a major global issue, with ‘an estimated 158 million children aged 5-14 engaging in child labour’ (UNICEF. 2011). Organisations employ children to work in unfit environments and hazardous conditions, for example working in mines and many children are employed to work in agriculture where they are surrounded by dangerous chemicals used in pesticides and forced to operate the dangerous agricultural machinery. One of the...
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...Introduction When people hear the word innovation they usually think of invention and creativity. While this way of thinking is not incorrect, it is more accurate to look at it from the perspective that innovation is in fact being creative and inventive and taking the outcomes of the creativity process and turning these ideas into useful products or work models. In this essay I will be looking at how innovation is often regarded as the lifeblood of an organisation. 87% of people that were surveyed from the Boston Consulting Group believe that innovation is essential to the success of an organisation. The question now is, ‘how can managers stimulate innovation within an organisation?’ I will be addressing this by looking at three variables within an organisation that a manger can manipulate – Structural, human resource and cultural variables. There are many different definitions of innovation, where Kuczmarski (1996, p.7) states a simple definition of innovation being “A new idea, method or device; a novelty.” However, this simplistic and broad definition does not help managers and employees understand the characteristics of innovation and how they can manipulate the variables to stimulate innovation. If we look at an organisation that is culture orientated, we can define innovation as a social process, as Goffin and Mitchell (2010, p.8) state that innovation in a cultural context is “the intentional introduction and application within a role, group or organisation of ideas...
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...------------------------------------------------- Innovation A Multi-Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature Emilie neven 5/11/2015 Intoduction After reading the article ‘A multi-Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature’, it is clear to say that there is not one specific definition to the word ‘Innovation’. According to Schumpeter the term contained the novelty aspect, which makes every new ‘thing’ an innovation. With this in mind, I agree more with the definition stated in this article, because it includes different aspects all in one. Aside from the definition, a great number of papers have been written so far, regarding Innovation. Taking into account this previous research, we can say that there are different dimensions of innovation. However few papers discuss different dimensions across different areas at once, this article provides us with various dimensions of organizational innovation. As written in this paper, we can make several divisions when it comes to innovation. First of all there are two dimensions, namely; innovation as a process and innovation as an outcome. These two can be further divided. We have to remember that innovation as a process explains the why question and innovation as an outcome the what question. The latter is the most important dimension, due to its necessity and sufficiency. Furthermore can we divide three determinants of organizational innovation, namely; innovation...
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...Evaluation of General Motor’s Innovation Strategy STR/581 March 5, 2012 Evaluation of General Motor’s Innovation Strategy Introduction An innovation strategy is an action plan used to advance the technology and service offerings for a product or company. An organization’s innovation strategy is integral to the longevity of the company and integral to creating and maintaining competitive advantage (Goktan & Miles, 2005). General Motors Company is an American based multinational automotive company, headquartered in Detroit, Michigan. General Motors Company is one of the world’s largest automakers and employs over 200,000 people in over 150 countries (General Motors, 2012). The following will describe and examine the innovation strategy of General Motors Company. Design and Technology Chris Borroni-Bird from General Motors is one of the world's leading experts on fuel cells directs GM's Design and Technology Fusion group. “His group's mission and name-Design and Technology Fusion-communicates the importance we attach to thinking about technology through the lens of design. When executed correctly, the two have a symbiotic relationship in that good design promotes technology and vice versa” (Vaz, 2004). GM’s engineers are focused on driving safety, efficiency, and independence through forward thinking of visions that they can share with the world. The company continues to develop an improve technology that allows its vehicles to alert the drivers of potential...
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...Innovation The pace of changing technology can be overwhelming. New products and services are constantly being introduced that impact our lives on a daily basis. These new changes and developments in technology make yesterday’s technology forgotten while making life easier for people all over the world. One such innovation is the navigation tools that we have today such as Google Maps. Personally, if I am in a new city, without the help of these navigation tools, I would be completely lost. These handy online navigation tools show you not only directions to a certain place, but also where major changes have occurred in your area on updates miles of roads and points of interest. These navigation systems are not only built-in in our cars, but are also available for download on our smartphones. A lot of people prefer the ones on their phones because they seem to be much more accurate. Along with the directions, these tools will also tell the person the amount of traffic and real time to get to the destination. It also has options to choose from and consider which one of those is the least driving time. Navigation tools also update information on their systems, which majorly helps someone who is constantly travelling and need these tools to be as accurate as possible. These updates represent everything from highways and byways, to country roads and city streets. This updates road or street could be the expressway you take to work or where your favorite restaurant used to be...
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...The Role of Leaders in Innovation Bradley Lewis MBA6006 Capella University Table of Contents Introduction 1 Leadership practices that support innovation in organizations 1 Innovator’s DNA- Discovery skills 3 Innovator’s DNA- Delivery skills 4 Personal strengths and weaknesses in discovery and delivery skills 4 References 5 Introduction This paper will have four sections in which will explain how leadership practices support innovation in organizations, a section that analyzes the role of discovery skills for their support of innovation in organizations, a section that analyzes the role of delivery skills for their support of innovation in organizations, and finally a section that will analyze my own strengths and weaknesses in the discovery and delivery skills, and how they help or hinder your ability to support innovation in organizations. Leadership Practices that Support Innovation in Organizations An innovative leader is an individual that is capable of adapting to and combining different leadership styles in order to influence employees to produce creative ideas, services and products. Companies are in high demand for innovative leaders who can work effectively and responsibly within an organization as well as be capable of presenting new ideas (Lyons, 2011). It is the main goal of an innovative leader which involves the progress and success of a company or organization. According to Dyer, Gregersen and...
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