Wednesday 2 March 2016
Tuesday 1 March 2016
Corporate Innovation in Business growth and sustainability
Whole
world is talking about Innovations as Hot cakes and making it sure to bring it
on one of their kinds on the surface time to time. Innovation also hits the
business world far more years ago and termed itself as Corporate Innovation.
Now it is obvious to hit the conscious with questions like; what’s Corporate
Innovation? How it relates to business in breaking the stagnation stage often
faces by business after its maturity? What importance Corporate Innovation possesses?
To feed such curiosity, innovation strategy in corporate business world needs
to be elaborated.
Innovation is any new idea or process which can be
converted into such efficient implementation that brings about better solutions
by meeting new requirements and needs. Similarly Corporate Innovation defines
as Innovation strategy inside an organization which provides a direction of
creating new ideas and processes putting in a specific place for bringing a
business to the new level of growth and sustainability. Business world is
changing rapidly and it is utmost need of organization to be adaptable to these
changes for generating greater rewards and revenues and it can only be possible
by making innovative strategies a driver for developing new technologies,
innovations and differentiated products. Numerous Multinational companies are
now termed themselves as Innovation companies like IBM; every individual who is
connected to IBM is considered to be an innovator for the company believing in
providing such innovations which actually proves to be something revolutionary
for making world a better place.
Corporate Innovation possesses greater importance in
strengthening innovations throughout organization. This Innovation strategy is
actually a pivot point for directing innovation processes, unique product
knowledge and a technological platform for enhancing organization’s innovative
performances. To implement an effective and efficient Corporate innovation in
an organization , numerous modules like Corporate R&D, Corporate scouting,
Public funding, Innovation marketing and strategy have to be followed in an
authentic manner for leading towards successful innovation through certain
algorithm of process.
“Innovation distinguishes
between a leader and a follower “
-Steve Jobs -
Large number of organization is moving towards creation
of more innovations for taking a competitive lead in business environment.
Almost 93% of business executives are looking to innovation to drive growth in
their organization. Moreover according to Aileen Lee cowboy ventures, over the
last ten years 40 different billion-dollar startup was founded due to the
rising corporate innovation around the world. In short Corporate Innovation is
the approach towards the path which leads ahead of time by establishing talents
for innovations and also environment which opens the door for new ideas and
welcome change giving an Organization a tremendous growth with re-imagination
of itself to stand out among other competitors.
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