...Push for Innovation Sergio Saucedo Western Governor’s University Abstract As organizations look for more ways to find success, they are unleashing some of the entrepreneurial personalities in their companies. As you will see there are many reasons for this type of strategy to encourage other companies to do the same. Companies such as, Hewlett-Packard and Rubbermaid that have had great success, and their history has shown that innovation is a key to long-term success. Push for Innovation To begin with one of the reasons why companies encourage an entrepreneurial culture to seek opportunities for innovation throughout the company is because it can unleash creativity. By unleashing creativity it opens doors to develop new products and helps to differentiate ones company from all others. With the ideas to develop new products though comes failure. But as mentioned by Thomas Bateman and Scott Snell (2011, 606),”Failure is the essence of learning, growing, and succeeding. Innovative companies have many balls in the air at all times, with many people trying many new ideas. A majority of the ideas will fail, but it is only through this process that the few big “hits” will emerge that make company an innovative star.” This will show that though ideas at times fail, it’s still a benefit to the company because they learn what will work and what will not work. By pushing new products, it gives the company a significant advantage if they can be the leader of that product...
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...Innovation is discovering new ways of creating value and successfully introducing and commercializing new products, processes and new ways of adding customer value through innovative business models and management systems. Invention is the first occurrence of an idea for a new product or process, while innovation is the first attempt to carry it out into practice. Innovation can be incremental or radical. Radical innovations are major changes in the products and processes and management systems. Incremental modifications involve minor changes to products and processes. Under management innovation, established management practices undergo changes including human resource development, marketing, managerial processes, skill and attitudes of managers. Today, knowledge in all forms plays an important role in progress of economy. Organizations with great knowledge systematically outperform those with less. In the knowledge based economy , innovation plays a vital role. It was believed that an enterprise can maintain competitive advantage through quality and price, but the research at the Ernst Young Centre for Business Innovation (CBI) has revealed that innovation is one of the most valuable differentiator for sustainable competitive advantage. Firms innovate to defend their competitive position as well as to seek competitive advantage. Innovation broadly involves following types: 1. Technological Innovation: Traditionally, Innovation is associated with...
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...There are many entrepreneurs who come together as an organization and build an entrepreneurial culture to seek opportunities for innovations. An entrepreneurial culture is an environment where entrepreneurs are inspired to create new innovations. Innovation is basically to have a new idea, to change something from the old and make it new. The way people interact with one another and recognize their environment is all a part of a culture. In a business industry setting, entrepreneurial cultures are defined as the business owners getting together to inspire each other to brainstorm new ideas/ products, innovations. There are many companies out there that exemplify innovation. One that comes to mind and I believe everyone can agree is Apple Inc. Apple is known for their cell phones, however they are always improving. How many new phones have they come out with in just the last 2 years? They have phones with different data storage, different sizes, and they are always adding new ways to appease the consumer. But why is innovation important? I have listed a few examples stating why entrepreneurial organizations seek out probabilities for new innovation. One reason these entrepreneurial organizations seek opportunities for innovation is to offer their consumers new products/services. Their development of new products and approaches sharpens the industry which is in the long run is valuable to the consumer. New products and services are the essence of all businesses. This is crucial...
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...Four Reasons for Innovation Organizational leaders are always looking for a way to grow their business. Successful leaders understand the business world is changing quickly and often. In this competitive business world, leaders need to get moving on their innovation strategy. The following will list a few reasons why organizations look to innovate. 1. To Survive Organizations need to stay ahead of the competition in order to survive or they will go out of business. It is important for a business to stay at the top of their industry and be the “go-to” innovator for clients. A willingness to think big and think differently is vital to stay afloat. In order to survive, changes are needed. Subtle changes would be best to reap the rewards. Drastic changes can scare clients into the competitions lap. Transforming how an organization thinks is the key to surviving. 2. To Make a Profit The top reason most organizations are in business is to make money. It is a competitive market and if you want your clients to open their wallets, they need a reason to buy from you. What does your product offer that your competition does not? Does it add value to your client’s vision and what they are trying to achieve? Whatever your product is, make sure it is different and your company can do it well. Where there is distinction, there are profits. 3. Culture and Core Values Changing the culture within an organization gives everyone responsibility for innovation. Employees will thrive in an environment...
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...Organizational Transformation Q&A I would identify and characterize the roles of incentives, training, and education in promoting innovation in my organization according to the level of achievements within the organization. In my organization, everyone has to be accountable for their own actions and responsible for their own success and failures. However, because the leadership is so strong and thought of every aspect of the organization, following the simple steps to running a successful organization is a proven system that anyone can do. With that being said, if you are great at playing follow the leader, there will be no reason for a great deal of innovation because all that needs to be done, has been done. The one innovation that is promoted is the way to build confidence and posture. Something leaders teach but each individual has to find it in them what it takes to motivate them to implement the changes that need to be made. The leaders, which are the founder, the vice president of sales and the master distributor do more focusing on the creation of the innovation in my organization. The leaders that have been in the trenches and made a substantial amount of success within the organization focus more on managing and sustaining the innovation in my organization. According to the structure of the organization, not much innovation is needed to be successful. The structure is designed to be simple and easy to duplicate throughout the entire organization, making it...
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...Phone Technology in Urban Pakistan: A Diffusion of Innovation Approach Muhammad Ashraf Khan Chairman, Department of Mass Communication, Bahauddin Zakariya University, Multan, Pakistan Email : ashraf_1963@yahoo.com Aqsa Iram Shahzadi Khan Lecturer, Department of Mass Communication, Bahauddin Zakariya University, Multan, Pakistan Email : mrsaqsairam@yahoo.com Abstract This paper focuses on the theory of adoption of cellular phone as an innovation and its diffusion and penetration in the Pakistani society and to confirm Roger’s theory of diffusion of innovation. More specifically, the study aims to test if five categories of adopters and five stages of adoption [as suggested by Roger (1976)] adequately explain the behavior of cellular phone users in Pakistan. The study also aims to evaluate the role played by advertising in the process of diffusion of innovation. An attempt is also made to study relationships among other variables of interest. To achieve its objectives, this study formulates the diffusion of innovation theory using survey research method from population of Pakistan(a sample of200 respondents are approached) and various statistical techniques are applied on the information gathered before drawing any conclusions. Our results support the theory of diffusion of innovation. We do not find an evidence to believe that advertising plays a statistically significant direct role in the process of diffusion of innovation, although we have not explored the extent of its...
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...discussion, Team C will find how Riordan can benefit from a new focus on creativity and innovation. As a team of consultants we wanting to help Riordan become a more innovative organization. The proposal will identify the internal and external drivers of innovation for the organization. The proposal will describe how innovation, design, and creative thinking might benefit the organization in terms of meeting its organization objectives. Riordan is a manufacturing company that customizes designs and is also in the leading industry of plastic injection molding. The company also distributes different types of fans and precision medical devices. Riordan is a Fortune 1000 Company that employs 550 people. Innovation, design, and creative thinking are methods used by companies in order to help increase their production, increase their revenue, and establish a strong foundation for the future of the company. Innovation has an advantage over the other methods, because innovation is how companies can maintain their competitive advantage over other businesses and it has become the most important source in the competitive market. Innovation is essentially the process of creating an idea of out scratch, thinking of a way to improve upon current product or services, or to modify the physical appearance if the product is getting maximum performance out of the thorough testing. The purpose of innovation at Riordan Manufacturing is to stay ahead of the market, to spearhead competition, and to...
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...FOUR REASONS WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION Innovation is about creating something or doing something in a new way. The goal of innovation is to take an idea and improve the way a business performs. In an effort to gain a competitive advantage in both operations and human resources, several large companies are changing their attitudes in their workplace environments. They are following the examples of small organizations. They are making their environments more flexible, creative, and innovative. First, an organization must provide the information and tools needed to allow each individual the ability to pursue solutions and take advantage of opportunities at their level of employment on workplace standards. Secondly, the workplace atmosphere that already exists needs to encourage individual initiative and allow mistakes and failures that occur in the process of being imitative to be viewed as progress in the organizational and personal quest for excellence. Businesses that pursue innovation are more likely to generate more growth and profits than those that don’t. THE FOUR REASONS WHY ENTREPRENEURIAL ORGANIZATIONS SEEK OPPORTUNITIES FOR INNOVATION 1. New products or services. One of the most common forms of innovation is the creation of a new product or service. A new product may exploit an already established technology or be the creation of a whole new idea. Products are not just a physical tool. They can also play a role in satisfying...
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...Merck (in 2009): Open for Innovation? The pharmaceutical company undergoes new drug advances, conflicting regulatory laws, and tough economic situations. With all these pressures evolving, Merck & Company felt the need to pursue open innovation strategy because the biotech company is too complicated to navigate on its own. There is so much useful information within and outside of company that would be great advantage to the company. Creating new partnerships, discovering new technological trends and classifying new business opportunities are the leading strategic reasons to take part in open innovation. An open innovation strategy allows companies to contribute ideas from external sources quicker than ideas created contained by its own company. Merck’s sole purpose behind using open innovation is keep his pharmaceutical company is to stay competitive. An open innovation strategy would allow the company to source new ideas externally and at a faster rate. While Merck had been moving toward an open innovation strategy, he has to convince his company and their leaders to embrace research and development from other research organization and universities. It is obvious that Merck should pursue an open innovation strategy for the company to overcome challenges. Open innovation lets many people from dissimilar disciplines to challenge the same problem at the same time and not consecutively. In collaborative technology, it can save lots of time. It takes a lot of time to come up...
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...MMWHTI Assignment 15 Design thinking and Innovation at Apple A Write-Up Abhiroop Mankin(1311072) Why has Apple been so successful? What do you attribute it to? What are the key reasons for Apple's success? Are Apple product so successful because of the brand status and premium pricing? Many believe that Apple is so successful because of their marketing and brand status. Is it really true or there is something else? Do Apple products really stand out amongst all its competitors? I'm no expert in Apple products nor am I what is called an "Apple fan-boy" but I will highlight the reasons why I think Apple is successful: 1. Simplicity One of the things that fascinated me about Apple products was its sheer simplicity. A device which is an audio/video player, and has several additional features can be operated with the help of two buttons. An inner round button coupled with the outer "click" wheel could in essence operate the whole device. Apple has exported this outlook to all their other products, and tries to make them as simple as possible; products which the Average Joe could operate with ease. Apple is a classic example of simplicity and ease of use over everything else. 2. Beauty Aesthetic value is of prime importance when it comes to Apple. When was the last time you looked at an Apple product and thought it was ugly? The built, design and form factor of their products along with the choice of material used is usually spot on. More than a Samsung Galaxy S5...
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...email, scan, fax, and wire. All of these communication ways are cheap and it is China, not the United States that knows how to take advantage of this though low labor costs. This is why we do business in China these days. Globalization is the reason why we can outsource to China with great success. China operates better than the United States. A main reason of this is that they have a clear-cut division between ownership and management. In some United States companies, there is confusion that exists right here. Management and ownership also share the same goals in China. Management and ownership are both doing their own individual job to create a marginal profit, we definitely could learn from the Chinese on how to do this. Another man reason is that Chinese companies have not been outer-performing in the world markets as much in recent years. This is occurring because China’s marketplace has been changing. The government in China is very powerful. Many people see this as a bad thing in the United States, but in business perspective it is a good thing. The Chinese government can take control of an economic problem with its high intelligent individuals to offset something like a market crash. Globalization is the reason there are so many opportunities in China. Knowledge, technology, mobile factors of production, and the ability to move all of these around interchangeable and efficiently has changed the marketplace and the world infinitely. For instance, it’s now...
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...Throughout history companies that survived crisis and maintained sustainability where the ones that could innovate quickly. Opportunities created from innovation have allowed companies to not only sustain market shares but to also expand on them and even enter into new markets. In order for these accomplishments or opportunities to occur, Innovation Concepts are used as a tool within a company. For an entrepreneurial company, it is of utmost importance that these Innovation Concepts be instilled into the culture of the corporation. The most important of all innovation concepts is technology. The main reason behind technology innovation is to provide a company with the ability to stay ahead of completion and thus maintain its sustainability into the future. Technology can be developed from newly discovered ideas or from rethinking how a particular product is used and improving on it. Another reason for Innovation is that it allows for products to be made cheaper while maintaining high quality by continuously upgrade manufacturing equipment to new more efficient and reliable ones. Innovation Concepts associated with product innovation gives companies the ability to offer current customer base with upgraded products to purchase as well allows the company to expand its customer base. Product innovation also allows companies to develop and introduce products offerings outside of its normal product line to its customer base as well as new markets which ultimately sustain...
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...Innovation is a key component of any enterprise, but failure is an intrinsic, inevitable part of the process. Most products fail, most mergers and acquisitions fail, most projects fail and most startup ventures fail. All the innovation, entrepreneurial drive and creativity won’t keep your company afloat if it lacks a structure and operating blueprint that can guide its ongoing success and conquer all changes and challenges. The laundry list of companies failing despite innovative, new business models seems almost limitless: 1.Not having a formal innovation management framework and systems 2.Not tying initiatives to overall company strategy 3.Not allocating cross-disciplinary resources 4.Not getting buy-in and ownership from cross-functional teams 5.Not creating intelligence driven options and scenarios 6.Not deploying measurement criteria and metrics In his classic book, Innovation and Entrepreneurship, Drucker describes innovation as a delicate dance between perception and analysis. Analysis, with all its discipline, must be based on a perception of change: “This requires a willingness to say, I don’t actually know enough to analyze, but I shall find out. I’ll go out, look around, ask questions, and listen.’” In an age of unanswerable questions, asking the right question might just be the answer. Faisal Hoque is founder, chairman, and CEO at BTM Corporation and founder of research think-tank BTM Institute. His newest book is The Power of Convergence. © 2012 Faisal...
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...Is Apple’s release of the Apple Watch an example of good innovation timing? Yes, Apple’s release of the Apple watch is an example of good innovation timing. Apple Inc. is an American multinational corporation that produces consumer electronics and computer software products. It was co-founded by the iconic Steve Jobs and the other founders Steve Wozniak and Ronald Wayne. Though it faced tremendous amount of adversities in the initial, under the stewardship of Steve Jobs, the brand became a household brand. The company's reputable gadgets include Macintosh computers and laptops, the iPod and the iPhone. Apple software includes the Mac OS X operating system, the iTunes media browser and many other applications (Rouse, 2009). Being a titan in the consumer electronics industry, its latest innovation would the Apple watch. Although other smartwatches has been out in the market. I feel that Apple watch was an example of good innovation timing. The first reason to support my claim would be that, Apple has made life easier for payments. Unlike other smartwatches that does not support the payment through smart gadgets. Apple has made it easier for Apple watch users to pay using the Apple Pay function. This is a mobile payment and digital wallet that allows the users to make payments via their smartwatches at the most secured way (Apple, 2015). This function is so much notable that great companies such as Barclays (Brian, 2016)and ExxonMobil (Campbell, 2016) are backing up this feature...
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... Economics Of Knowledge Knowledge and information appear in economic models in two different contexts. The mostfundamental assumption of standard microeconomics is that the economic system is based on rational choices made by individual agents. Thus, how much and what kind of information agents have about the world in which they operate and how powerful their ability to process the information is crucial issues. The other major perspective is one in which knowledge is regarded as an asset. Here, knowledge may appear both as an input (competence) and output (innovation) in the production process. Under certain circumstances, it can be privately owned and/or bought and sold in the market as a commodity. The economics of knowledge is to a high degree about specifying the conditions for Knowledge to appear as “a normal commodity”, i.e. as something similar a producible and reproducible tangible product. One reason for the interest in this issue is that it is crucial for defining the role of government inknowledge production. If knowledge is a public good that can be accessed by anyone, there is noincentive for rational private agents to invest in its production. If it is less costly to imitate than to produce new knowledge, the social rate of return would be higher than the private rate of return and, again, private agents would invest too little. Nelson’s (1959) and Arrow’s (1962b) classical contributions demonstrated that, in such situations, there is a basis for government...
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