The Importance Of Technological Innovation Essay

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

A ____________ externality exists when third parties are benefited by a transaction that they did not directly undertake.

In addition, I will review how certain processes and systems could hinder innovation. Lastly, I will explain what organizational structures or processes could foster a culture of innovation at my present employer. [Good work suggesting the scope and purpose for the assignment. I’ll look to see how you make your points including your research and support for your analysis.]

Innovation is the actual use of nontrivial change and improvement in a process, product or system that is novel to the institution developing the change.

If you are searching for a definition for innovation you can find a number of different ones. Basically they all include the idea of creating something new. Referring this idea to business, the definition of Westland seems to be appropriate. It says an ‘innovation is a product or service with a bundle of features that is – as a whole – new in the market, or that is commercialised in some new way it opens up new users and consumer groups for it’ (Westland 2008, p. 6). According to that, innovations can occur for products, services, processes and business models (Stamm 2008). Beside these categories, there are three different levels of innovations, depending on the degree of novelty involved: incremental innovations are minor changes. When implementing these changes, something is done in a better way than it has been already done before, so there’s nothing significantly new. Substantial innovations are mid-level in significance both to customers and to the company (Tucker 2008). Radical innovations, also known as breakthrough innovations, transform the way you think and have a big impact on the company and the customers in a whole (Tucker 2008; Bessant & Tidd 2008).

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

Externalities…what are they, and why should I even care? According to Charlie Whelan at Dartmouth College, an externality is “any private behavior that has a spillover effect on somebody else who is not involved in the transaction. This behavior can be either positive or negative.” Positive externalities benefit those who are not involved while the opposite is true for negative externalities.

The knowledge and understanding of technology is very high in this industry as technological innovation is necessary for the success of the firm in an

Innovation includes making and marketing of novel. These challenges in various combinations make innovation output an extremely uncertain process. Therefore, a useful and significant way to deliberate the innovation process is the management exercise. “Innovation” is not invention or creation. Innovation is making an effective product that is recognized by the audience in the market. “Linear models of innovation” are an explanation of the process of innovation. It is an incremental and unidirectional procedure from applied and vital sciences. This essay will revolve around strengths and weaknesses of linear model and its suitability in current business setting. For “linear models”, flow of knowledge is essential in the

A 2011 article from MIT Technology Review, "Four Principles for Crafting Your Innovation Strategy” (by Paul B. Carroll and Chunka Mui),

Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.

Innovation is the process by which ideas are created, selected and implemented to bring about profitable change to organisations. Innovations come as a result of an identified need for organisations to change their current processes, activities or operations. Andriopoulos and Dawson (2009) explain that organisational change is ‘new ways of organizing and working’. They explain that change occur in two dimensions – movement of state and scope of change.

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.

Technological - how the rapid pace of change in production processes and product innovation affect a business.