Answer To: Innovation review Trends Describe the current trends in the environment in which the King Edward VII...
Parul answered on Oct 06 2021
Innovation review
Trends
Innovation in entrepreneurship is important ingredient that is required to establish commercial start-up. Essentially, innovation is bringing novelty in a given market like new products, methods, services as well as news to capitalise source of supply. It brings strong significance on building commercialisation successfully. I simply loved this course especially this week’s reading since it brings a fresh prospective to approach our career and makes so many different distinctions. Well, the concept has a very unique message, that compels us to think beyond the traditional way of doing business and urges to develop skills that can make us indispensable in whatever we do by the virtue of innovation.
Primary objective of innovation is to consistently update the quality of product or service, grow to build the next better thing as well as more efficient processes that enhance the productivity (Rajendran, A., 2020). Entrepreneurship and innovation are very closely linked since one can't exist with the other. As explained in the class entrepreneurs looks for the unmet need of the customers and formulates innovative way to solve that need. In this dynamic and competitive world, entrepreneurs rely on innovative ideas to distinguish their idea from the crowd as well as develop a strong competitive advantage. Innovation covers a wide spectrum of novelty in the sense it can either mean creating something novel or improve an existing thing, change it and make it much better as well as making it one stop solution to customers. Creativity forms an integral aspect of innovation and it can be fostered by information that is gathered from new connections as well as from insights that acquired by journey into disciplines, from active as well as collegial networks with fluid and open boundaries. Thus, Innovation can be referred to a particular tool of the entrepreneurs that essentially implies a medium by the virtue of which one can easily exploit the change as an opportunity for various different service or different business.
Organisational culture
Provide an evaluation of the culture of the organisation and its ability to foster individual and collective innovative thinking and creativity. This should also include an evaluation of the current resources that are available to ensure innovation occurs.
In the golden words of Steve Jobs, “Innovation is the ability to see changes as an opportunity - not as a threat”. In this fast-paced industry if any organisation doesn’t change along with market, then it is bound to perish. Innovation is one of the critical aspects that can help organisation not only to survive the test of time but also thrive in future. By the virtue of this assignment, I have performed extensive analysis on the organisation culture of Microsoft. It is the most forward-thinking organisation that has explained in many examples and real-life business miracles that any organisation wouldn’t automatically stumble upon the innovative ideas that can disrupt the market by chance. Instead, there is requirement to establish a framework within the working teams that enable propagation of innovation and creativity. Essentially, the critical ingredients that drive innovation in Microsoft is the Culture of Innovation that actually links other important aspects like people, processes, technology and data. An organisation enhances over time since it is able gain knowledge and experience from the learnings over the period of time (Moingeon and Edmondson, 1996). It has provided the business with the immense power to communicate with its employees, associates and customers 24*7. In fact, the business can be in constant touch with all its concerned stakeholders and minimise miscommunications and eliminate gaps. Secondly with internet business can reach to wider audience with just a click of the button. For example, Amazon which was initially only an online book store competing with Barnes & Nobel. Twenty year down line Amazon has transformed itself into massive online marketplace which is extremely popular to buy anything in the world while Barnes & Nobel is on the verge of extinction. By the virtue of organisation learning it has completely changed due to manifestation of digital marketing (McHugh, Groves and Alker, 1998). Essentially, organisation learning implies intentional use of new insights that are gained from new knowledge in order to foster continuous improvement, innovative culture to develop new solutions and enhance service of organisation.
Techniques and tools
Describe at least four techniques and tools that can be used to generate new ideas and thinking and that foster both personal and team innovation and creativity.
There are many techniques and tools that are available to generate new ideas and thinking in order to foster both personal and team innovation as well as creativity.
1. Progressive Leadership - Unless the leaders support the innovation and creative thinking it will never give employees in the organisation to come out of comfort-zone and think beyond given responsibilities. Leaders needs to be passionate about the business and demonstrate outlook that can drive innovation as...