innovation

Examples of innovation in the following topics:

• Types of Innovation

  • In business and economics, innovation is the catalyst to growth.
  • Technological innovation has been a hot topic in recent years, particularly when coupled with the concept of disruptive innovation.
  • The strategic-reflexive mode of innovation is the most effective mode for change and innovation.
  • While technological innovation is clear and easy to define, strategic innovation is inherently intangible and organizational in nature.
  • Remixing music is a direct example of cumulative innovation.

• Social Innovation

  • The term "social innovation" has overlapping meanings.
  • The concept can also be related to social entrepreneurship (entrepreneurship is not necessarily innovative, but it can be a means of innovation).
  • On occasion, it also overlaps with innovation in public policy and governance.
  • The social innovation theory of "connected difference" emphasizes three key dimensions of social innovation:
  • Social innovation is currently gaining visibility within academia.

• Technology as a Driver and Enabler of Innovation

  • Technology is a powerful driver of both the evolution and proliferation of innovation.
  • Technology in particular is a powerful driving force in innovative capacity, particularly as it pertains to both the evolution of innovations and the way they proliferate.
  • The proliferation of innovation pertains to two important factors of technology driving innovation: the creation of geographic hubs for technology and empowerment of knowledge exchange through communication and transportation.
  • This chart demonstrates the pattern of innovation over time.
  • Examine the role of technology as a driver of competitive advantage and innovation in the business framework

• Introduction to Entrepreneurship

  • Schumpeter's idea encompasses more than single innovations, as he further explains how innovative thinking allows for a sustainable and long-term economic growth for societies that enable it.
  • Innovative thinking allows for so-called disruptive innovations—innovations which make leaps and bounds over existing products.
  • The idea of incremental innovation is simple: large change is a byproduct of small innovations compounded with others.
  • An example of this kind of innovation is Toyota's just-in-time inventory management.
  • Incremental innovations are often process-based, while disruptive innovations are usually new goods or processes themselves.

• Sustainability Innovation

  • Sustainability innovation combines sustainability (endurance through renewal, maintenance, and sustenance) with innovation.
  • Sustainopreneurship is entrepreneurship and innovation for sustainability.
  • Entrepreneurship consciously sets out to find or create innovations to solve sustainability-related problems.
  • The company created a sustainable business strategy through innovative thinking.
  • Describe how organizational culture adds value by generating an innovative approach to sustainability issues

• Benefits of Innovation

  • From an organizational perspective, managers encourage innovation because of the value it can capture.
  • Innovative employees increase productivity through by creating and executing new processes, which in turn may increase competitive advantage and provide meaningful differentiation.
  • Innovative organizations are inherently more adaptable to the external environment; this allows them to react faster and more effectively to avoid risk and capture opportunities.
  • From a managerial perspective, innovative employees tend to be more motivated and involved in the organization.
  • Empowering employees to innovate and improve their work processes provides a sense of autonomy that boosts job satisfaction.

• Characteristics of Innovative Organizations

  • But how can innovation be facilitated within the organizational framework?
  • The following are some examples of characteristics that lead to successful innovation.
  • However, the new adhesive was later used on Post-it notes—a great innovation and business success for the company.
  • Possibilities for innovation exist everywhere.
  • Outline the critical success factors and characteristics of an adaptable and innovative organizational culture

• Speed of Innovation

  • Companies compete to adapt their products and services to incorporate new innovations first.
  • Today, profits come from speed of innovation and the ability to attract and keep customers.
  • To keep the lead, however, these companies have to keep innovating lest they fall behind the competition.
  • Speed of innovation poses a major challenge for organizations responding to external change.
  • A high rate of change can be seen in the shortening of product life cycles, increased technological change, increased speed of innovation, and increased speed of diffusion of innovations.

• Fostering Innovation

  • Offering employees challenges, freedom, resources, encouragement, and support can help them to innovate.
  • Strategies capable of producing innovation require resources and energy; it is therefore necessary to discuss in your business plan the organizational structures and practices you will put in place to encourage and support innovation.
  • Make it clear that compensation and promotions are tied to innovative thinking.
  • You may have an innovative culture in your organization, but you also need to familiarize staff with some of the hallmarks of continuing innovation.
  • Cartoon shows the challenge of translating innovation (designers) to economic success.

• Defining Intrapreneurship

  • Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches.
  • The intrapreneur acts as an "inside entrepreneur" who focuses on innovation and creativity while operating within the goals and environment of an organization.
  • Incorporating entrepreneurial concepts into traditional corporate environments is easy to promote in theory: capturing the innovative attitudes of small start-ups within the larger organizational context (i.e., with more resources) seems intuitive.
  • When innovation and intrepreneurship enters this equation they are often seen as costs without tangible and definite benefits, and as lacking consistency and applicability to the current model.
  • Define intrapreneurship as a means of enabling organizational change and the pursuit of an innovative culture