Discussion: What is Innovation?

timer Asked: Jan 4th, 2018
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Discussion: What is Innovation?

Many businesses are involved in conceptualizing, crystallizing, concretizing, creating, and cultivating innovations. How individuals and organizations communicate about technological innovation is often a key factor in the success or failure of innovation management. It is common for an organization to be lacking a clear description of innovation and how innovation contributes to its strategy and performance.

To prepare for this Discussion, review the Learning Resources for this week and conduct further research of innovation models. Select a context for you to consider the nature of innovation, such as startups, small businesses, medium businesses, or large, international businesses. Also consider the role of technology to provide more depth to your chosen context. For example, is technology creation essential, or is it sufficient to apply existing technology? You may wish to consider a real organization or to describe a fictional organization to provide your context more clarity.

By Day 3

Post an evaluation of the nature of innovation within your chosen context. In your evaluation, do the following:

  • Describe your chosen context and define innovation. This should not be a generic definition but one tailored to the context. In your definition, also consider these questions and support your responses with sufficient detail and logic:
    • What is the role of innovation?
    • Is innovation market-driven, technology-driven, or a combination approach?
    • What opportunities exist for business model innovation?
  • Evaluate at least three foundational theories that are applicable to your context. You can begin with resources provided this week, but your theories should extend beyond these resources and involve your own research in the Walden Library using recent peer-reviewed sources. For each theory, provide a summary using these section headings:
    • The name of the theory
    • The year the theory was introduced
    • The theorist/author
    • Key components of the theory
    • A statement of how the theory does or does not apply to the organizational context you chose.

Be sure to support your work with a minimum of two specific citations from this week’s Learning Resources and at least one additional scholarly source.

Tutor Answer

School: New York University

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Innovation in startup business ventures
The world business environment is increasingly becoming highly competitive. The
competition has become so fierce that organizations that are just starting up are finding it
difficult to have a share in the market. In the face of these strict competitions, firms are under
obligations to have an innovative approach to their business operations. Innovation, as used in
business practices refer to the practice where organizations adopt new creative ways of doing
their business. It involves the creation of new ways of doing the old things differently to achieve
their objectives. In startup enterprises, it is incredibly important for the proprietors to adopt
innovation as a way of pushing through an industry that is already crowded.
The roles of innovation in startup businesses
As indicated in the introduction of the paper, innovation entails the processes of coming
up with new and unique ways of doing things to allow an organization to meet its objectives.
Without the inclusion of innovative practices in the execution of the programs of an
organization, it is difficult for these small enterprises to leap to the next level. Innovation plays a
critical role in the develop...

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