Innovation Is The Most Successful Application Of Creative Ideas
Innovation can be referred as “a series of activity steps, characterised by creativity and undertaken for the purpose of successfully commercialising ideas and inventions.”
In business, when a product (whether tangible or not)’s life cycle comes to an end, it is necessary renovate or replace the outdated ideas. Creativity is no doubt the essential foundation for any organisation despite their trait or history; however, innovation is the most successful application of creative ideas.
Nowadays, due to the incredible speed of technology explosion, business more or less introduces improved results or simply mimes. Therefore, innovation seems more like a “should” than a “must”. In general, a creation whether becoming an innovation or not depends on the business’s judicious strategy and their intended market.
To have a more profound understanding of innovation, we can categorize the output into disruptive or incremental. Bank on the firm’s objective, the process for launching the new idea will be defined and hence the outcome belongs to specific characteristics of each category. (See Table 3.5 in appendix)
To have a more specific view on innovations occurred in business, we analyse a firm on these two major aspects: age and size.
While small to medium size organizations share similar approach for innovation, larger organization seems to hold a more composed relationship between product and process innovations. Larger companies have…