Entrepreneurship and Innovation

Innovation and innovation strategies are critical to keeping companies competitive in their chosen fields of endeavor. Consumers benefit significantly from the availability of and access to the latest in technology. This paper

Of all the aspects of MTI, innovation strategy is the most challenging. Firms can be very good at the various activities involved in MTI, such as R & D or operations, but this count for little unless it is supported by a well-grounded innovation strategy that guides firms’ choices, prioritizations, and sequences. There is little value in being highly efficient at developing or delivering new products and services if they are the wrong products and services for the firm and its markets. Well-chosen new products and services deliver value, build the technological base of the firm, develop its capabilities, improve its processes, and add to its reputation and brands. An innovation strategy helps firms decide, in a cumulative and

Innovations can create a huge opportunity for success, as they enable a company to create a competitive advantage by having differentiated products, services or business models. Hence an innovative strategy is highly recommended in order to achieve high business growth, in case you are willing to expose you to a higher degree of risk. Being successful with an innovative strategy requires a multidimensional approach and an integrative strategic management.

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

For surviving in the present complex market the need for innovating is a product or a product development plan is revolutionary. Innovation plays as a key role in sustainability and growth of a company in a long run. Innovation is evolution, development, and

Encouraging innovation and entrepreneurial behavior many different measures need to be inspected. As a medium size medical equipment company there are both financial and non-financial measures that will be used to assess and evaluate innovations. The financial measures that will be examined will help to determine the profitability of the firm. Well the non-financial measures aid in the determination of the possible long term success. There are many different aspects that must be considered when evaluating and assessing recent innovations.

Innovation is the key factor to defeat path dependency and stay competitive in today 's economy. Yet, Innovation is not necessarily about new technology, excessive research and development or about creating completely new ideas. Most of the time innovation is learning from others and re-inventing. Most of the successful firms adapt, refine or combine the innovations. They also apply creative imitation.

Ultimately innovation is very important it is a strategy that needs to be implemented with a lot of thought and analysis.

Today’s world calls for a pressing need to utilize the I.T services and resources whilst reducing the cost in order to improve organizational wide productivity. There are many CEO’s of the business world today that suggest the top priority of an any organization is to possess the ability to develop a sense of new ideas and innovations. (Porter, Stern & Council on Competitiveness, 1999). The term “innovation” used by organization’s simply illustrates the invention of a new product, processes and systems that which are simply created to adapt to the constant change in markets, technologies as well as modes of competition. (D’Aveni, 1994; Dougherty & Hardy, 1996; Utterback, 1994). Porras & Silvers (1991) also analyses the

Innovation is identified as commencement of a new idea generally refers to transforming or producing more advantageous processes, services, products that can increase the probability of a business to be successful. “Innovation refers to doing something different” in businesses generate more efficient work procedures and have enhanced performances and productions. It turns up that innovation is a resource of at least numerous things to different people any new found invention of services or products, significant creation or a unique “culture of innovation.” The conception of originality is important to understand as a manager and for association overall. The major operation that is projected for innovation is commonly the

A brief review of the literature studied in depth concerning product innovation in given below.

Over the years the corporate world has realized the fact that in order to remain in the business in an aggressively competitively environment, organizations must ensure that they remain in the process of constant innovation. While this innovation is immensely important for the organization's individual success, it also has great impact on macro environment as well.

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.

The tendency of companies in recent years, as a result of globalization processes, has been to look for business strategies in order to achieve improvement and competitiveness processes that become "fundamental for the growth of both production and productivity "(Oslo Handbook, 2005), where innovation is the necessary tool for generating value and a source of competitive advantage. Explaining the relationships with the product, the process and the management of the company and the innovation models, which in most cases are adapted to the needs of each company.

Banbury and Mitchell (1995) state that innovating in terms of product development and rapid product introduction were crucial to reach high performance. Moreover, Johnson (2001) concludes that surviving in an increasingly competitive marketplace required large businesses to take a proactive attitude towards innovation. Small and medium enterprises must also innovate in order to improve their performance (Rosenbusch, Brinckmann and Bausch , 2011).