2.1The Innovation Process: An Overview
The innovation process is the process of evolution as it is vitally a dynamic method of enhancement, and adjustments which reinforce an organization facility to carry on and succeed. For an innovation process to be successful it has to be proactive and have key elements (Martin, 2009, p.134). Innovation involves purposeful submission of imagination, information and initiatives in deriving different standards from the resources.
2.2 Innovation categories
There are two categories of Innovations thus: Evolutionary /dynamic innovations and revolutionary/discontinuous innovation. The dynamic innovations are created by many additional advances in technologies while discontinuous innovations are new and disruptive. In the conversation website technology is vital to create new market.
2.3 Key element of the innovation process
The innovative process recognizes problem, the challenges an organization has or any opportunity to be apprehended, in relation to the stipulation of civilized aid. Innovation brings together variety novel ideas bringing an impact on society (Martin, 2009, p. 134). Innovation creates practical guidelines and implements to produce vital examples of changed practice comparing it with the previous existing solutions to a problem. Successful innovations are diffused and lead into wider settings. This chapter focuses on entrepreneurship, innovation, their Impact and determinants of innovation, and the significance of the policy and institutional environment for fostering innovation (Martin, 2009, p.134).
Stage 4: Develop a Business-Effectiveness Strategy
In this stage, the team re-thinks about how the future innovation process shall look like. The team list down their basic hypothesis about the way to overcome innovations.Then they'll suggest, discuss, and document each and every idea that is rising about a potential future procedure. The team will finish off by writing a complete paragraph that illustrates the innovation and representing it on a flowchart. This provides the team with a glance at the total "future process". Fundamentally the team will detail on how, to possibly go about the process without distress for typical procedure.
Stage 5: Apply Business Improvement
When the innovations are applied the team is advised to look at any possible changes to the product, service and the process. This includes on how much to be spent and how many people to be involved. This process begins by categorizing the business process gaps between what is happening currently and what is being done on innovation (Berger,2009, p.12). The team should classify the barriers and obstacles that will stop them from advancing the innovations.
The team should approximate the cost, difficulty, benefits, support required, and risks as crucial before the team can improve the innovation process. The team will be ready to apply the improvements identified.
Stage 6: Decline
The previous innovations in the above stages have been enacted and, completed and at this stage, the team let go the old innovations and start on new innovation ideas.
2.5 Technology causes excess work.
In the conversation site inventing on technology brings forth excess work to the company. For instance, New Zealand workers in the conversation website feel overworked, with people complaining they are increasingly needed to avail themselves even after working hours. Few have detrimental effect on their lived. This applies in technology since there are new ideas to create an object or anything. In this case technology advancements and smart phones are causes of advancing as well as the computers. The efficiency and flexibility obtainable by technology counters the negative effects of increased work.
2.6 Innovation and Entrepreneurship
Entrepreneurs contribute to financial development by facilitating the reallocation of income from less to more productive uses and thus, by filling gaps, input completion and performing cost discovery functions in the economy as well as supporting the structural change. This consists of the formation, identification, and operation of optimistic opportunities within existing firms in such a way that involves innovation and provision of new combination.
Entrepreneur contributes to economic development through innovation, which involves the improvement of new processes and not only new products and new sources of supply, but also the utilization of new markets, and the expansion of new ways to organize business. A better understanding of the determinants and impacts of innovation in developing countries and also the
Policies and institutions that hinder or sustain innovation is the central Contribution of the chapters of this essay (Smitn, 2010, p. 132). The impact of innovation is essential across various organizations and Institutional contexts. However, the role and nature of innovation differs at different levels of economic development. Entrepreneurs in low-income emerging organization give innovations that are vital for the firm and country’s growth, even if they are incremental in nature. Innovation in developing countries involves firms mastering and implementing the production and design of goods and services that are new to them. Improvements made in product design and quality, changes in the way production is created, organized, in marketing and modifications in production processes and techniques reducing costs, increasing efficiency and flexibility responding to changes in competition conditions and enhancing productivity and employment growth. In emerging economies, innovation involves shifting and upgrading to higher levels of technological superiority.
Innovation plays a significant role in catching-up and growing a globalized economy. This occurs due to the varied innovations recognized by the local entrepreneurs in developing organizations (Smitn, 2010, p. 132)
However, it also depends on the activities of entrepreneurs in advanced economies, where innovations are produced subsequently and spread to developing countries, to be applied in their particular local perspective (Chesbrough, 2002, p. 143).
The circumstances under which entrepreneurs innovate in upcoming countries are very different. This essay outlines a wide range of countries, exploiting a diversity of qualitative and quantitative analysis, and focusing on different types of firms, varying from SMEs and informal sector firms to large multinationals. Small and large firms can both be innovative in various ways.
Entrepreneurs contribute to economic growth, though not fully since they face meticulous constraints to innovation. Entrepreneurs respond to these challenges depending on their characteristics. For instance age, education, managerial experience, and access to networks.
The policies and institutional environment are vital determinant of entrepreneurs’ innovative activities. Some entrepreneurs with similar features and characteristics may differ in their innovative performance. Spurring of innovation requires an effective system of innovation and a supportive institutional environment. The government should support innovations directly and indirectly to enhance a country’s economic growth. This can happen in many ways, such as: improving business environment, subsiding R&D, providing with risk and venture capital, tapping into the potential of diasporas and emigrant people, expanding managerial and technical education, improving infrastructure, and activate public or private partnerships.
Entrepreneurs are not only determined by their environments, but an adverse environment spurs innovative performance, and they become the drivers of institutional and policy change,
Entrepreneur’s innovation will be of increasing significance particularly on the future and current challenges facing the comprehensive development. Persistent global inequalities include natural disasters, growing vulnerability of countries to external shocks, including financial crises, and threats in climate change. Meeting these challenges are opportunities innovative and entrepreneurship is indispensible (Fredrick, 2012, p. 12).
In particular, we predict growing roles for non-state sovereign entrepreneurship, civic entrepreneurship, institutional entrepreneurship, and even public entrepreneurship.
It is crucial; to understand the different types of entrepreneurship and the innovative contributions of different types of firms in the different country settings.
Different types of entrepreneurship dominate in different settings and at different stages of development (Liedtka, 2011, p. 1).
There is a crucial relation-ship between entrepreneurs and institutions in the process of innovation. In upcoming economies such as India, China and Turkey the fundamentals for the rise of innovative firms have been laid. Firms can develop and grow despite a variety of institutional shortcomings because there is satisfactory business encouragement and opportunities. In a low income setting, the institutional limitations maybe very devastating as entrepreneurs are not only reactive victims of obstacle but can actively shape institutions (Fredrick, 2012).
2.7Conclusion
Finally, the appropriate design of organizations, institutions and policies to support both innovation and entrepreneurship are still a difficult challenge, problematical not only by a lack of thorough, evidence based research but also by the lack of enough government capacity and resources in developing countries. For an organization to innovate, the ideas brought up must satisfy a need and be replicable at an economical cost. These ideas are converted into a useful product in an organization and meet the customer demands and expectations. Technology advancement benefits Individuals, the economical growth in the country. . In a social perspective, innovation helps to create new methods for association creation, joint business enterprise, creating the buyers purchasing power creating flexible working hours for the team. Organizations’ that have new technologies enjoy good services and faster way of achieving goals. Technology can be classified with digitalization, where an innovated business idea is put into action to advance a company. Organizations that advance in technologies revolutionary take risks to create new markets. Most countries are trying to be digitalized and to advance into new technologies. Innovation and technology goes hand in hand to bring efficiency and flexibility in a country.
References
Berger, W. (2009). Glimmer: How Design can Transform your life and maybe even the world. New york: Penguin Press , pp. 10-14.
Chesbrough, H. (2002). Organizing for Innivation:When is virtual virteous? , pp. 120-145.
Fredrick, H. O. (2012). Enterpreneurship:Theory, procee,practice. South Melbourne: Cengage Learning, pp. 12-15.
Liedtka, J. O. (2011). Why design? New york: Columbia University press, pp. 1.
Martin, R. (2009). The Design of Business:Why Design Thinking is next competitive advantage. Boston: Harvard Business Press, pp. 120-140.
Smitn, D. (2010). Intellectual property (chapter 7)Exploring innovatiom. London: McGrawHill pp, 120-160.
