Innovation In Business Essay

534 words - 3 pages

Innovation in Business
Originating from Latin "innovare" innovation means "something new or different introduced. One of the earliest innovators was perhaps Leonardo da Vinci, whose 1300 pages of jottings of machines weren't really made use of in his time and who is still known primarily as an artist. Today however, many employers are hunting for employees with mindsets like Leonardo's. Innovation has become both a powerful tool and a valuable asset in business. Companies like Apple and Google who are praised for their innovativity have been dominating the market. There are many proposed answers to the question "What makes a company innovative?" In my essay, I will argue that the factors that make a company innovative are risk-taking and a qualified employment process. ...view middle of the document...

Now, with Kindle which has sold more than 500,000 units, Amazon is transforming the way books are distributed to and read by people. In each step of Amazon's metamorphosis, it could have failed miserably. But they were good at identifying opportunities, implementing solutions and most of all they weren't afraid to take risks.
A company is made up of the people that work in it. For a company to be innovative, it needs to have a hiring process that makes sure recruits can fit into the working environment fast and actively contribute to the collective innovation. A qualified employment process not only looks for technical knowledge, it also tests the candidates' communication and multidisciplinary capabilities. An employee with skill in different fields is more likely to come up with fresh ideas. Communication facilitates sharing of ideas which enables the company to innovate as a whole rather than each employee on their own. Google for example, has a complex hiring mechanism that has many steps. It tests the interviewees' role related knowledge, leadership skills, thinking processes as well as the "originality" of their personality. This mechanism has proven very succesful for Google. As they say on their website: "We believe that if you hire great people and involve them intensively in the hiring process, you’ll get more great people."
To sum up, there are two things which in my opinion makes a company innovative. One of them is being able to assess and take risks and the other is a well crafted hiring process. A good hiring process means hiring qualified people who will generate good ideas and being able to take risks means creating space for them to implement their ideas. A company with such environment will surely flourish.


Other Papers Like Innovation in Business

Innovation Essay

727 words - 3 pages and price. However, the research at the Ernst Young Centre for Business Innovation (CBI) has revealed that innovation isone of the most valuable differentiator for sustainable competitive advantage. Firms innovate to defend their competitive position as well as to seek competitive advantage. Innovation is at the heart of economic change. In Schumpeter’s words, “radical” innovations shape big changes in the world, whereas “incremental” innovations

Innovation Essay

633 words - 3 pages DESCRIPTION SESSION 1 Innovation as a process Discussion: IDEO Innovation Process for Products & Services Experimentation, Learning & Prototyping Discussion: 1) Bank of America: Experimentation in Services 2) BMW: Experimentation Technologies/Prototyping Managing Development Processes Under Uncertainty Discussion: 1) The flying car (Vol De Nuit) 2) Medtronic the Cardiac Pacemaker Business Panos Kouvelis Emerson Distinguished Professor of


1171 words - 5 pages and achievement of your business, and offer you some assistance with adapting and develop in the marketplace. Being innovative does not mean designing; innovation can mean changing your plan of action and adjusting to changes in your surroundings to convey better items or services. Effective innovation ought to be an in-manufactured some portion of your business procedure, where you make a society of advancement and lead the route in inventive

Innovation - 1677 words

1677 words - 7 pages ideas coming from outside the company. Instead of sustaining innovation in old products and transformational innovation to create new products they created intermediate categories know as transformation-sustainability innovation. Other innovation was in their business strategy wherein they formed large business group for each product types and resources and management are kept separate from the core business, they decided to launch product by

Innovation - 751 words

751 words - 4 pages 2.0 “Organisations must innovate to survive and thrive…?” Innovation is a process of finding novel solutions to important problems (Satell, 2013). Innovation is an important topic because it is one of the major ways to differentiate your product with others competitors. Innovation happens to make the product noticeable in the market. I agree with the statement “Organisations must innovate to survive and thrive”. Any companies who has a lot of

Innovation - 3734 words

3734 words - 15 pages compulsory donations will enter. Disruptive Theory Clayton Christensen developed a model that ‘sought to explain common aspects of business success and failure in terms of ‘disruptive innovation’’ (Lindsay, Perkins & Karanjikar. 2009, p.221). In order for an innovation to be disruptive, ‘the innovation is generally introduced in a way that motivates the incumbents in the area to avoid direct competition’, (Lindsay, Perkins &amp

Innovation - 1066 words

1066 words - 5 pages playing. Consequently, players can then share those moments with others. Essentially, the business potential of an innovation of this type is enormous. Including third party applications such as Hulu, Netlix, ESPN, and Univision Deportes for example, will effectively provide the consumer with the option of choosing what they want to pay for, instead of getting a variety of channels they would never see in cable or satellite TV. All of these services

Innovation - 1424 words

1424 words - 6 pages Assignment 2 (Innovation Fundamentals) “ If you want peace, prepare for war” The purpose of this report is to spread the message across all ranks to gear up for the future.Yes , we currently enjoy a good position in the market. Yes, we have a group of customers who still choose to buy our products. Yes , our company has had a steady growth in the last couple of years. But what have we really conquered? Will I be able to say the same thing about

Innovation - 1378 words

1378 words - 6 pages Introduction The organization that was chosen for this project was Proctor and Gamble. This paper will touch on the global outlooks and strategies in which the CEO A.G. Lafley used. Lafley used these processes in conjunction with the five skills of discovery to promote growth within the company and to increase sales. This paper will discuss the different models that could be used to encourage innovation within Proctor and Gamble that will help

Innovation - 2201 words

2201 words - 9 pages value for employees. In order to create this greater value, companies and employees have to innovate! Innovation results in: New product ideas Greater efficiencies Reduced need for working capital Higher profits Improved customer service Increased shareholder value, and on and on. Companies can accelerate their innovative capacity by fostering creativity and risk taking in their employees and creating an organisational culture that allows for it

Innovation - 1365 words

1365 words - 6 pages &G Fabric Care has had innovation at its heart for more than 60 years, and today is no different,” said Shailesh Jejurikar, President, P&G Fabric Care North America and Corporate New Business Development. “In fact, it’s more important than ever. In a world of new and ever-developing fabrics and heightened consumer expectation, we are taking action. We are not just cleaning clothes, we are protecting and enhancing them.” “Born out of the

Related Essays

Creativity And Innovation In Business Management

1004 words - 5 pages interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies (Hofstede, 1980). Another important thing required is that there is a managerial transition as well as a

Business Group Networks And Group Innovation In Emerging Markets

1203 words - 5 pages Business Group Networks and Group Innovation in Emerging Markets Business groups, a constellation of legally independent firms operating under common administrative and financial management and connected by various types of ties, have been recognized as an important innovation powerhouse in emerging markets such as Korea and Taiwan(Chang, Chung, & Mahmood, 2006; Mahmood & Mitchell, 2004; Mahmood & Singh, 2003). Given the pervasive networks

Estimate Which Competitive Strategies Riordan Could Use To Improve Innovation And Sustainability Of Business Operations Both In The United States And In The Global Market.

1142 words - 5 pages Explain why you chose these competitive strategies and estimate how they might affect sustainability of long-term organizational performance Estimate which competitive strategies Riordan could use to improve innovation and sustainability of business operations both in the United States and in the global market. Explain why you chose these competitive strategies and estimate how they might affect sustainability of long-term

Discuss The Relationship Between Entrepreneurship, Innovation And Economic Development. What Roles If Any Do Creativity And Problem Solving Play In This Relationship? Refer To Both Theory And Examples...

916 words - 4 pages In this essay, it would be found out that the relationship between entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions