Innovation Location Matters Summary

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

America was founded upon key attributes that allowed its citizens to prosper which in turn created a progressive society. These same factors–an individual’s freedom of choice, the right to own property, free trade and competition, minimal government, and national security–are still relevant in today’s world.

The places that innovative ideas come from can vary. The innovation process involves creativity of the mind. The ideas that surround innovation come from employees, customers, competitors and even your suppliers. Anything that deals with innovation is challenging. The purpose of this report is to identify the sources of innovation, how it affects industries and to evaluate disruptive innovation.

Innovation is an important tool in all companies and organizations. It helps them to create new products or change their current products in a way that brings them huge competitive advantage. It changes how the products are created and delivered and the risks that are undertaken to deliver the products. Regular and focused innovation is thus extremely important in the survival of organizations as is evidenced in the history of many of the successful organizations(Shane & Ulrich, 2004). In the IT sector, innovation is extremely important and is even known to be a priority. Various government agencies as well as private sector companies have stated that lack of innovation is a huge risk to the future of the organization and should be avoided at all costs. These sentiments are shared across the governments of Australia, UK, Canada, US, India and South Africa. This is to show that the importance of innovation cuts across all continents and countries(Bessant & Tidd, 2011).

Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new

Innovation is the driving force of America: advancing knowledge, generating products and processes that all contribute to the nation’s standard of living, health and safety (Committee on Research Universities, Board on Higher Education and Workforce, Policy & Global Affairs, and National Research Council. (2012). It took nearly 300 years after the first American University was established before research was proposed, today, research serves an essential role in the university system. Research is performed in a variety of methods and exists across all educational fields across the university and the benefits of research abound not only for students, but for university faculty and the nation as a whole. Although undergraduate research is viewed as a relatively new initiative in the university, students have been researching at this level longer than we think: since around the early 1900s.

National systems of innovation has been a helpful tool used by all countries. Innovation by itself has proven to be successful in modern day business with increasing profit margins but also in organisations and the world. University’s governments and companies all work together in building new innovative products and service that can benefit everyone as a whole. The National innovation system is a success as it allows you to see where innovations are thriving and where they are lacking. National Innovation systems is an effective way on where you sitting with the world in innovation and innovators. . . . . . . . . . . . . . . . . . . . . . . . .

Being in the right location is a key ingredient in a business 's success. If a company selects the wrong location, it may have adequate access to customers, workers, transportation, materials, and so on. Consequently, location often plays a significant role in a company 's profit and overall success. A location strategy is a plan for obtaining the optimal location for a company by identifying company needs and objectives, and searching for locations with offerings that are compatible with these needs and objectives. Generally, this means the firm will attempt to maximize opportunity while minimizing costs and risks.

According to Zahra, Oviatt and McDougall overlooked a critical aspect that confers competitive advantage. He posits that the institutional environment and economic geography can not only build, but can sustain competitive advantage for an INV. He identified the subtleties such as culture, history and geography which can have a profound effect when you are dealing with opportunities in a new country or territory. They also go a

1. Core competencies are the skills, characteristics, and assets that set your company apart from competitors. They are the fuel for innovation and the roots of competitive advantage, or in other words; Core competencies are the skills, characteristics, and assets that set your company apart from competitors. They are the fuel for innovation and the roots of competitive advantage.

Innovation is a derivative that has allowed many businesses to flourish and continue to gain a competitive edge within its particular industry and the market. Many transportation and logistic companies don’t compete on the

Considerable research has established the importance of spreading innovative ideas to bring about change. While Damanpour, Walker, and Avellaneda (2009) write that “the study of innovation hardly needs justification as scholars, policy makers, business executives, and public administrators maintain that innovation is a primary source of economic growth, industrial change, competitive advantage, and public service” (p. 650), it is misleading to suggest that there is a consensus in scholarly research on the use of the diffusion of innovations framework. In essence, diffusion is the process where adopters (individuals or organizations) make choices on whether to embrace an innovation by examining the uncertain benefits and risks of this new

The current business climate is a constantly changing and evolving beyond predictability; adaptation and cohesion are now the bare minimum that businesses must do to survive. Innovation is now a requirement for any successful corporation to not only sustain but to thrive. The manifestation of innovation often is viewed as the newest technology that enables consumers to use a product more efficiently. However, the true use and definition of innovation is commonly found in a business model in partnership with new technologies. (Teece, 2010) Recognizing the value in both halves of this equation is a characteristic found in all top competitors in the modern economy. It is required for current functionality as well as the longevity of the

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.

R&D and technological capabilities, among other things, determine a company’s ability to innovate and compete.