MANAGEMENT OF INNOVATION Vol. 2

in #tutorial6 years ago

Hi there Steemians! I bring to you the continuation of my tutorial titled Management of innovation which i began a few days ago.

IMPORTANCE OF INNOVATION

The importance of innovation cannot be overemphasized to the entrepreneur in terms of creation of new products, processes, methods, markets and new organization as well as knowing the various elements of innovation. (Okpara 2005) identified the following elements of innovation.

  1. Challenge : what are we trying to change or accomplish-the pull

  2. Creativity : generating and sharing the idea(s)-the brain

  3. Customer focus : creating value for your customers-the push

  4. Communication : The flow of information and ideas- the 'life blood'

  5. Collaboration : people coming together to work together on the idea(s)-the heart

  6. Completion : implementing the new idea-the muscle

  7. Contemplation :learning and sharing lesson lead to higher competency-the ladder

  8. Culture : the playing field of innovation includes:

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• Leadership (sees the possibilities and position of the team for action-the role model)

• People (diverse groups of radically empowered people innovate-the source of innovation)

• Basic values (trust and respect defines and distinguishes innovation organization-the backbone)

• Innovation values (certaim values stoke the fire that makes the "impossible" possible-the spark)

• Context : Innovation is shaped by interactions with the world

As we can see from the above, Innovation can be understood to mean a strategic tool that as imperative for organizational survival. It is also important to observe that innovation begins with creativity. This simply means that organizations intend to gain and sustain competitive advantage through innovation. Innovation can take several forms.

  1. Innovation in process, including changes and improvement to methods, These contribute to increase in productivity which lowers costs and help to increase demand.

  2. Innovation in product services, While progressive innovation is predominant, radical innovation opens up new markets. These lead to increase in effective demand which encourages increases in investment and employment.

  3. Innovation in management and work organization, And the exploitation of human resources, together with the capacity to anticipate techniques.

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It is also imperative to note that from the extant entrepreneurship literature, threr basic types of innovation can be categorized. These are breakthrough imnovation, technological innovation, and ordinary innovation.

i) Breakthrough Innovation : A breakthrough innovation is an extremely unique innovation which in most cases determines the basis for further innovatiom in that area or field.

ii) Technological Innovation : In contrast to breakthrough innovation, the technological innovation occurs more frequently than breakthrough innovation and in general is not at the same level of scientific discovery and advancement.

iii) Ordinary Innovation : Unlike the breakthrough and technological innovations, the ordinary innovation is the one that occurs most frequently. This kind of innovation extends the technological innovation into a better product or service.

That is all for today's tutorial. Till i come your way next time. Do have a blessed week. And thanks for reading my blog.

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