Finance Discussion And Response
“Innovation Applied” Please respond to the following:
- 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.
- 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.
Conduct additional research and CITE YOUR SOURCE.
HI Classmates –
Based on the text, there are several ways to create innovation opportunities within an organization through internal or external sources. Internally, corporations can build environments that are open to invention – like having hackathon days, or supporting employee side projects. This can also be done through structure in the form of cross-functional workgroups. Externally, companies can either create cooperative relationships with other companies, or acquire companies to incorporate their innovative ideas into the larger business structure. Though it would be ideal to have an internal well of invention and innovation, the reality is that creativity can be stifled in large corporate environments. For that reason, the acquisition approach may lead to the greatest value for most organizations. Allowing creatives to start businesses based on innovation, and then having those innovations acquired for broader use is a win-win situation for many companies and entrepreneurs.
One additional approach not listed in the text would be to work with Universities and researchers to develop new innovative products and techniques. For example, companies wanting to build upon the Internet of Things have partnered with MIT’s Media Labs to create new ways of connecting technology with communities, leading to Smart City development in Boston and Sacramento, refugee relocation in Hamburg, Germany, and even improving food safety using environmental monitors. By working with research teams and universities, companies have the ability to partner with creative thinkers, and harness those inventions into industry innovations.
Looking forward to your thoughts.