Disadvantages Of Bioclear

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

This research intends to explore innovation at an individual level, but in a context, where the roles and functions of an organization appear eminent either as a promoter or an inhibitor of innovation.

Within this business there advantages which can help the business to succeed in the business sector are that it is shared responsibility and more people are also contributing which allows for more flexibility in running the business. Also there is less time pressure on individual partners.

This century has been full of innovation. New technologies, new products, new services, whole new industries have emerged. Yet the call for innovation in business has never been more intense. Why? Here is my list of the top ten reasons for why we need innovation. 10. For economic growth This is the most often cited reason for needing innovation. Innovation is the route to economic growth. Industries are maturing. Products are maturing. Innovation is the creation and transformation of new knowledge into new products, processes, or services that meet market needs. As such, innovation creates new businesses and is the fundamental source of growth in business and industry. 9. For

General Motors applies the IEEE Spectrum Patents Scorecard to measure its patent prowess in the automotive and parts industry where GM was ranked third in the 2010 patent power rankings. This was a decline from the number one position it held in the 2008 patent power rankings. (7) Correspondingly, GM Engage is another tool that is exercised to measure innovation. It is a crowd sourcing instrument designed to harness the knowledge and creativity of every GM employee for product innovation. In other words, how receptive the culture is to open innovation. (8) On a whole the importance of innovation cannot be overestimated because it leads to prosperity and a higher quality of life for everyone.

Strengths- Better flexibility with handling customers. More branch offices and more agents. Gains a better head-start in expanding their market growth.

1. Frank is director of technology in an MNE in which most of the R&D activities are performed in the parent company’s home country, but then, foreign subsidiaries are responsible for introducing the resulting innovations to their local customers. The innovation process adopted by Frank’s MNE is:

Exploratory innovation compared to pioneering orientation and market pioneering should be seen as a balanced approach of both concepts. It tries to explain the internal as well as the external environment by focussing on a radical innovation of its product but at the same time also respecting the market demand and emerging customer

These R&D labs usually concentrated on bringing out new technologies for self-commercialisation. This process can be viewed in the form of a funnel, where a large number of varied ideas and concepts can be trimmed down to few of those concepts and ideas that best meet the requirements of the company. (OECD, 2008) In recent times, companies have become more open with their innovation process, leading to revolution described as “Open Innovation” by Chesbrough (2003). This ‘open innovation’ model is a more dynamic model when compared the traditional model as there is much more interaction between knowledge assets outside the company as well as inside. Henry Chesbrough (2003) in his book “Open Innovation: New Imperative for creating and profiting from technology” defines open innovation as a concept in which companies must use ideas from inside as well as outside sources and find internal and external ways to reach the market in order to advance their technological capabilities. Open innovation combines these 3

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”.

Bessant and Tidd (2007) are of the opinion that innovation is the translation of conceptualised ideas into commercially profitable

Pros: Ability to quickly respond to changes in the market, clear division of labour, and specialized expertise.

2) Chesbrough, H., W., (2003). The era of open innovation. MIT Sloan Management Review 44 (3): 35–41.

Companies live and breathe innovation; or, at the terribly least, notice it basic to their success. Such companies are those that others ought to emulate for they recognize that to do business, as Peter Drucker prompt in an exceedingly recent Harvard Business review article, “Every firm—not simply businesses—needs one core competence: innovation.”