Innovation Applied

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Business Finance

Description

Innovation Applied" Please respond to the following:

  1. Analyze the different approaches to innovation discussed in this chapter to determine which approach you think would be the greatest value to the greatest number of organizations. Explain your rationale.
  2. Create one innovative approach that is not discussed in the textbook for increasing the amount of innovation within a large company. Describe this approach in detail and explain how companies could benefit from it.

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Explanation & Answer

Attached.

Running head: INNOVATION APPLIED

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Innovation Applied
Student Name
Course/Number
Due Date
Faculty Name

INNOVATION APPLIED

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Innovation

Innovation alludes to changing procedures or making more powerful systems, items and
thoughts. For organizations, this could mean executing new ideas, making dynamic goods or
enhancing the current — the way toward converting a thought or invention into a valuable
commodity or service or for which clients will pay (Lendel, Hittmár & Latka, 2015). For it to be
an innovation, thought must be replicable at a reasonable cost and should fulfill an explicit need.
Innovation calls for conscious utilization of information, creative ability, and activity in inferring
more prominent or distinctive qualities from resources, and incorporates all procedures by which
new thoughts are created and changed over into profitable products.
Approaches to Innovati...


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