There are values and downfalls in being both the leader and followership for innovation. According to Tidd, J., & Bessant, J. (2016). firms aim at being first to market, based on technological leadership. Whereas the definition of followership is where firms aim at being late to market, based on learning from the experience of technical leaders. Firms with leadership innovators typically have a vital company mission, strategy, and organization that prides itself on innovation through creativity and risk-taking. For example, Mastercard is known worldwide for its innovative credit card processing for various industries. A unique sector that comes to my mind is Mastercard. This industry created a security measure for riders who use public transportation such as taxis and are not comfortable carrying cash around. Mastercard's innovative design solution for this problem involved creating a product that allows taxi riders to pay their transportation fees via a pin pad rather than manually exchanging money with the driver. This helps cut down on the driver's and rider's security. Another innovation Master has created an encryption platform that makes a secure payment method for credit card transactions.
In conclusion, leadership and follower ship innovation have a unique opportunity to provide businesses with alternative methods for their risks. Innovation helps the company develop the building blocks required to expand its growth without the risk of failure. However, follower ship can help businesses revamp their existing products, which can benefit development.
References
Parekh, K. (2010). Innovation Leadership. Driving Innovation, 48.
Tidd, J., & Bessant, J. (2016). Managing Innovation Integrating Technologies, Market and Organizational Change. Chi Chester, West Sussex: Wiley.
Trinity Spencer:
Contrast the values of leadership and followership for innovation
Leadership and followership for innovation play hand and hand with each other because they have common beliefs. Whether that be in an organization or innovation; the values of leadership is to provide commitment and credibility. Followers, or followership, in innovation see the “vision” and agree upon an appropriate leader; needing direction to pursue a common goal. The values of leadership in innovation are to provide answers or resolutions that pursue “the common goal”. Having clear communication, dedication, and credibility set leaders up for success. Followers tend to like hearing the easy answers, but being collaborative/ creative within a guideline will not only help the leader but the organization succeed.
Choose a unique industry and describe two dynamic examples of innovation
A unique industry that I have chosen is patagonia; taking a huge commitment to sustainability, finally selling the company to donate the money to “environmental causes” (times 2022). The competitive and national positions this industry has taken is appropriately adapting by selling the industry to two companies, whose credibility is relying on keeping practices sustainable. The company already has an amazing customer base with upstream relations; having strong environmental mission statements that appeal to the environmental and “out-doorsy” community. Making huge decisions based on intuition, making more of an effort in climate change and selling the industry to do so, increases following with suppliers and consumers. Taking strategic alternatives to make their products not only attractive but promote expansion is not relying on fast fashion and relying on versatility. Using cost effective, natural sourced resources on clothing, gear, and camping sources to create credible products that appeal to diverse communities.
Resources:
Davila, T., Epstein, M. J., & Shelton, R. (2010).
Making innovation work: How to manage it, measure it, and profit from it
. Wharton School Publ.
Gardiner, L. (n.d.).
Patagonia and corporate responsibility
. Santa Clara University . Retrieved October 28, 2022, fromhttps://www.scu.edu/mcae/publications/iie/v8n1/synchilla.html
Gook, M. (2012, April 18).
Followership is underated & misunderstood
. YouTube. Retrieved October 28, 2022, fromhttps://www.youtube.com/watch?v=KM2XM7kRKgQ
Kohli, A. (2022, September 15).
Why Patagonia's billionaire founder just gave away his company
. Time. Retrieved October 28, 2022, fromhttps://time.com/6213780/patagonia-founder-chouinard-climate/