The Innovation Is Not Just About New Ideas Essay

Innovation brings changes, and for bringing desirable and appropriate changes, a clear understanding of innovation is vital. A plethora of discourses indicates what innovation is, but it remains fuzzy because of contextual biases and disparity (Crossan, M. M., and Apaydin, M., 2010). The literature of innovation, on the other hand, refers to innovation as a category covering a wide spectrum of issues that include a source of change (cause), a changing process, and a changed state (effect), which appears ambiguous because the cause, effect and the process in-between cannot be the same.

IDEO’s innovation process is unique when compared to traditional companies and is constantly evolving. Brainstorming and prototyping are tools that are central for the development of innovation. Effective brainstorming, allows the group to stay focused on the topic, generates many ideas early, defers judgment to avoid interrupting the flow of ideas, builds on the ideas of others, and can be visual.

I want to explore this area further. I was exposed to experiential teaching here at Murray State University (MSU) and have been implementing this method through the exploration of building

Equally important to the innovation process are the factors related to the innovation systems design. Factors that are analyzed include the creative phase, execution phase, and creation stage. In the creative stage, ideas come together for everyone to discuss. Next the innovation systems design will lead to the execution stage. During this stage, management will discuss and decide which idea will be the best to benefit and support the mission and principles of the company. Once a decision has been accomplished, the company moves to the creation stage. At this point, every detail will become compiled into the functions of daily business.

Tom Scott and Tom First founded Nantucket Nectars in 1990 as a small side-business on Nantucket’s Straight Wharf. A peach fruit juice drink that Tom First discovered while visiting Spain inspired him and his partner to embark upon the journey of building their juice company. After only six years, the two entrepreneurs built a business that was generating $29,493,000 per year in revenue and $969,000 in EBITDA. With remarkable success came exciting opportunities, as well as challenging decisions. Specifically, Tom and Tom were faced with the dilemma of taking the company down one of three roads including: taking the company public via IPO, selling the business,

“There are myths surrounding creativity. The intangible nature of creativity does not lend itself to easy definition”.

Small and medium-sized enterprises (SME’s) have proved to be the dynamo for the many economies of the world. SME helps in creating jobs, driving innovation, growth and economic diversification.

The ever-changing marketplace in the business world imposes greatchallenges for the company to maintain stability, productivity andprofitability in the industry. In order to keep track on the competitiveenvironment, every company should develop innovation to acquirecompetitive advantage. However, acquiring just a competitive advantage willonly be for the meantime due to the fast development of technology, totalmodernization of the market and rapid changes of customer preferences.Innovators shall foresee these factors to combat with its competitors for it tobe successful, making innovation an essential factor for company growth.Innovations do vary in many

A simple definition of innovation is the application of new forms or ideas to elaborate different process, products, services or in a broader level changing an entire organization, aiming to increase as well to attribute value to the business. In a competitive industry this value can represent a large contribution to earn market share and competitive advantage, using the capacity to encounter opportunities and detect connections. Competitive advantage can be accomplished by innovation, approaching it in an ample concept, that includes new forms of doing things and technology (Porter, 1990). In other words, as per O’Sullivan and Dooley (2009), innovation is responsible for the company’s growth, which can be dimensioned by profit and turnover. For them, innovation consists in proposing changes for things already established and in this way creates something distinct. They highlight as well that although this is an important topic for various disciplines, the term is vaguely comprehended and often times confused with other topics, for example: creativity, design, invention and change. As already aforementioned in the definition, although there is a misunderstood relating innovation just to technology, the idea is more embracing them that, whereas include not just to develop novel technologies, but also enclose improvement of process, non-technological products and services as well the knowledge for whole Organization. The types of innovation are generally presented as

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 patent is people with everything taken into account presentation of the progression and the ideal system for honing the creation, as a result of the rights to that data for a set time traverse. A patent empowers its proprietor to expel individuals from people generally speaking from making, utilizing, or offering the confirmed change.

Entrepreneurs establish Small and Medium-sized Enterprises (SMEs), which are playing an increasingly significant role in the global economy. According to the recent statistics of UK, of all private sector businesses, SMEs accounted for 99.3% at the start of 2015; 60% employment at 15.6 million; and 47% annual turnover at £1.8 trillion (FSB.org, 2015). Thus, it is of vital importance to understand how to formulate and operate an SME.

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).

Legal implications or regulations that may impact the business such as GST, Resource consents, etc.

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.