The Luxury of ‎Open ‎Innovation: a ‎Case Study of ‎Whirlpool

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

Innovation is a cornerstone for any organization aspiring to set their visions high. The accentuation of an enterprise that needs to develop technology expeditiously would be: advertisement insights, analysing major trends and the need of a flair for professionalism which often brings us to crowdsourcing alternatives. "Innovation is: production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and establishment of new management systems. It is both a process and an outcome." (Edison & Torkar, 2013)

Open innovation can lead to many conflicts on what to include in innovated products and what to exclude

The purpose of this paper is to show how to evaluate the impact on innovation through strategies, processes, products and services through three different organizations. The organizations evaluated are Wal-Mart, Barnes & Noble’s and the University of Phoenix. As a manager of the in original and companies, it is important that several companies find a system to pursue accordingly and maintain the focus on remaining competitive. Consumers of all three businesses will profit from innovated options such as keeping the cost of products and services at a lower cost and by offering better options for a price which will enhance savings.

General Motors applies the IEEE Spectrum Patents Scorecard to measure its patent prowess in the automotive and parts industry where GM was ranked third in the 2010 patent power rankings. This was a decline from the number one position it held in the 2008 patent power rankings. (7) Correspondingly, GM Engage is another tool that is exercised to measure innovation. It is a crowd sourcing instrument designed to harness the knowledge and creativity of every GM employee for product innovation. In other words, how receptive the culture is to open innovation. (8) On a whole the importance of innovation cannot be overestimated because it leads to prosperity and a higher quality of life for everyone.

Being innovative does not only mean inventing. Innovation can mean changing the business model and adapting to changes in the environment to deliver better products or services. Successful innovation should be an in-built part of a business’s strategy to create a culture of innovation and lead the

Exploratory innovation compared to pioneering orientation and market pioneering should be seen as a balanced approach of both concepts. It tries to explain the internal as well as the external environment by focussing on a radical innovation of its product but at the same time also respecting the market demand and emerging customer

Q1. How has 3M’s innovation process evolved since the company was founded? Why, if at all, does 3M, known as the “hothouse” of innovation, need to regain historic closeness to the customer?

CoolBurst is a conservative company which undermines creativity in an effort to maximize production and control. The company values its traditional culture, has a “if it’s not broken, don’t fix it” philosophy, and does not view innovation as a normal part of business. By not capitalizing on the ingenious creations by Sam Jenkins and Carol Velez, CoolBurst missed the mark of the changing needs of its current and potential customers, and lost some of its market share to competitors. Its’ structure, culture, policies and practices, reward

Abstract: This report explores P&G's "Connect and Develop" open innovation initiative. Its focus is to analyse this innovation strategy in the context of the formal academic theory, other P&G's programmes and the company situation. Its objective is to understand the impacts, challenges and problems of implementing a large open innovation initiative inside a corporate giant such as P&G. Keywords: Procter & Gamble, P&G, Open Innovation, Connect and Develop, Innovation Networks

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

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.

Everything is fair in love and war; and competition in a business environment is like a cold war. Innovation has always been the major strategy used by businesses around the world to stay competitive. The traditional paradigm of innovation was to improve the performance of the existing technology, thereby steeping up the performance trajectory. However, value creation for customers may be much simpler than high performing technology. There is

Companies live and breathe innovation; or, at the terribly least, notice it basic to their success. Such companies are those that others ought to emulate for they recognize that to do business, as Peter Drucker prompt in an exceedingly recent Harvard Business review article, “Every firm—not simply businesses—needs one core competence: innovation.”