10 Reasons for Innovation

Innovations form the main sources of competitive advantages and are always of significance for the growth of a company. Companies or organizations put their greater efforts in improving their performance by finding new ideas and knowledge on the best way of beating their competitors and therefore give satisfaction to their customers. There are various factors involved in the innovation design system which can be either internal or external.

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

[Oil production has jumped from 5.0 million barrels per day in 2008 to 7.4 million last year and is expected to average 8.5 million this year and 9.3 million next year, according to the EIA, the analytical arm of the Department of Energy.” (Koch par. 2)]

Invention is the result of a long study, research, and experimentation (Innovation, n.d.); Innovation is “the discovery and the execution of pioneering ideas that create value” (Greco, 2011), in other words, new application of known concepts. A practical example of invention is the alkaline battery that provided a light-weight, small, and portable power source; innovation applied this concept to anything possible from communication devises, mecanich and construction tools, and even toys. Technical workstream leaders understand that innovators are today’s competitors reducing times, and maximazing profits with new techniques; but inventors have the potential to reshape the landscape of today’s markets leaving dominant companies out of bussiness. Who remembers door-to-door salesmen or “dear John”

Speedup time to market. Because there are more people involved the process of innovation is faster

The U.S. was supposed to be the world’s new swing oil producer, able to nimbly open and close the taps in response to market forces, thanks to its bounty of shale fields.” In the past a barrel of oil has been one hundred dollars, recently it has dropped to thirty dollars. Though some wells can be profitable at low prices it puts a serious strain on the oil industry as explained in this article.

“There is no escaping change- except for death! Thus it makes good and prudent sense to learn as much as on can about the nature of change, including how to embrace it and how to maximize positive changes”(Porter_ O’Grady & Malloch,2016.p.4). It is important for a leader to understand her own philosophy of innovation and leadership to be effective in the workplace. In this course, I learned how to develop my philosophy of innovation and leadership, and how to create my own personal mission based on my ethics and core values to be effective DNP leader in the future.

Innovation will be the solution to many problems including who has the issue, the number of organizations who have it, and what is the value to them.

Being innovative does not only mean inventing. Innovation can mean changing the business model and adapting to changes in the environment to deliver better products or services. Successful innovation should be an in-built part of a business’s strategy to create a culture of innovation and lead the

Innovation is a term that is so widely used and thought of as simple inventions, but it is truly so much more. Innovation is a complex thought process of new ideas that can be implemented for the betterment of many. Change and adaption within any environment is the foundation of innovation and identifying its sources make it easier to implement innovation. The easier it is to foster an innovative environment and inject innovation; a positive impact on a business is instantly seen

Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new

Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.

Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.

Innovation, Inc. is currently trailing all other companies in the industry in both financial performance and market share. Innovation is targeting two markets with lower demand – Traveler and Innovator. They have built their manufacturing operations in the US and have placed sales offices in the US and Europe. Innovation is trailing the other companies in the industry due to the lower demand segments they are targeting, increased production costs, and lower sales force productivity. They do have strong ratings for investment in the future, indicating that they are positioning themselves to be more competitive in future years.