Based on Research Papers
Innovation is the core business competency of the 21st century. In order to not only compete and grow but to survive in a global economy, businesses must innovate. To date innovation has been approached in a piecemeal fashion often linked solely to the New Product Development (NPD) process. But, now organizations follow a new comprehensive approach to managing innovation within business and introduces the Integrated Innovation Framework – an all encompassing approach to innovation management ‘beyond new product development’. This is relevant to all businesses irrespective of size or sector. The sources of innovation are many and varied but they need to be collated, coordinated and managed as a source of valuable information and are core to the future of an innovative business. A successful innovation culture embraces all aspects of a business and should be managed as effectively and efficiently as any other core business process. To that end, successful innovation companies operate an ‘Innovation Hub’ where all ideas and innovations are collated and coordinated. Creative processes and analysis can be used to stimulate new ideas in four basic areas: Business Innovation – new business or supply chain models, for example Product or service Innovation – new or modified products or ways of providing a service Market Innovation – opening a new market or creating a new customer base Process Innovation – improving or changing internal processes
Research has indicated that one of the most important factors in installing an innovation culture within any company is having leaders and teams with ability and commitment. Senior managers need to understand the strategic direction and how innovation can help. They also need to be able to motivate others. The decision to pursue innovation inevitably leads to managerial choices in support of the policy, not only in terms of finance but also in organizational and personnel terms. The extent of the change effort needed depends on the starting position of the organization and the particular emphasis will vary because of the diversity in values, norms, attitudes and responsiveness to change in organizations. For companies to innovate more effectively, cultural capabilities are critical with leadership effectiveness to engender confidence in employee minds and hearts. Employees need to know they can take risks to be creative, experiment, think outside the box, and be rewarded for demonstrating innovation thinking. They need to believe they are encouraged to be life-long learners, and enabled to continually learn and improve work products or services. Through this research, we aim to study and interpret how various organizations are managing innovation and how it has benefited them. We will analyze the pros and cons of adopting innovation practices and the various ways in which they are implemented.
APPLE – “Think Different”
One cannot talk about innovation without mentioning Apple Inc. Apple Computer was formed in April 1976 by 25-year-old Steve Wozniak and 21-yearold Steve Jobs—both college dropouts. After selling a van for some extra start-up cash, the two set up shop in the Jobs’ family garage at 2066 Crist Drive in Los Altos, California, to start building computers. The ideas and early innovation techniques that emerged from this location would set the foundation for building one of the most important and globally effective technology companies the world has ever seen. In fact, some diehard Apple fans come from all over the globe just to pose for pictures in front of this now-famous garage. Apple Computer stands out from similar companies with their unconventional business ideas that constantly redefine the standards for product, marketing, and industry innovation techniques. The company has become well-known through their commitment to challenge the so-called...
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