Innovation

What is Innovation?

• Short term goals in the business

• How many times a business has changed their product.

• A "new idea, creative thoughts, new imaginations in form of device or method".

• the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.

What is the importance of Innovation?

• Management research confirms that organisations that

  meet the innovation challenge out perform their

  competitors in terms of market share, profitability, growth

  and market capitalisation (Tidd, Bessant, & Pavitt, 2005).

• innovative organisations are better able to mobilize the knowledge, skills and experiences of people and successfully create new products, services and ways of getting things done faster, better and cheaper.

• Although creativity is innovations's precursor, both are key issues for organisational survival growth.

• All of the Above

What are examples of strategies for sustained innovation?

• Reduce Bureaucracy

• Closed Communcation

• Instill a Sense of Ownership

• People Processes

What Companies are known to have workplaces which encourage innovation?

• Google

• McDonalds

• Farmers

• Facebook

Innovative companies require their employees to:

• Be selfish

• Seek new opportunities

• Reluctant to take risks

• Isolated work environment

Why do you need to instill a sense of ownership?

• It sets the stage for an atmosphere of trust. But if managers want to establish a more trusting culture, they can't expect employees to take the first step.

• It creates a powerful incentive for inventive thinking. When people are clearly aware of how their interests are aligned with those of the company, they have a strong reason to "go the extra mile" to further your mission.

• Demonstrate understanding of how internal factors interact within a business that operates in a global context

How does establishing a clear sense of direction encourage innovation?

• A clear sense of direction helps to organise and direct people's creativity.

• A well-defined mission encourages everyone to focus on innovations that deliver the greatest value.

• As ideas surface, employees can immediately act on the ones that further a business's objectives.

• All of the above