What are the sources of innovation? Why do some firms innovate more than others?
Innovation is the process, which makes the organization stay ahead of the rivals in the market. Most of the times, innovation allows the firm to gain a competitive edge, which becomes the unique selling proposition of an organization. Innovation comes through constant efforts and investment in R&D.
The major sources of innovation are the process of generating idea. Secondly, once a firm generates an idea, it conducts initial screening, after which the innovation is reviewed. Once it is successful, the organization implements it.
The primary reason confirms the fact that some organizations find it easier to sustain and introduce innovation within the organization through constant check and balance of the current technology. Once the company spends and invests upon innovation methods, it becomes more attractive and eventually becomes a sustainable firm in the industry.
The paper explores the different sources of innovation that help a firm to become an organization, which is widely considered as an innovative firm. Some firms innovate more than the rivals because they try to lead the market through actions rather than investing upon marketing efforts.
Moreover, the paper also tries to find different methods of innovation that helps firm achieve their target of becoming innovation and rather technology oriented. Some of the examples that would be discussed in the paper regarding innovation process would be of Apple Inc, Virgin Group, etc. Moreover, the paper also dicusses the advantages of innovation, the process of innovation, the cost incurred by firms to sustain themselves as innovative, technology oriented firm. The paper also discusses the future of innovation process where firms might outclass competition through tempering in the overall process of innovation.
The future of innovation process would also be discussed in the paper, where different reasons that lead to innovation would be discussed. The sources that would be used within the paper to complete the research would be mostly from the journals and research papers of management technology.
References
Based on Frankelius, P. (2009), Questioning two myths in innovation literature, Journal of High Technology Management Research, Vol. 20, No. 1, pp. 40–51
Kropsu-Vehkapera, H., Haapasalo, H. &Rusanen, J-P. (2009). "Analysis of Technology Management Functions in Finnish High Tech Companies". The Open Management Journal 2: 1–10.........................
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