Corporate Innovation

Running head: CORPORATE INNOVATION
Corporate innovation
Name of student
Name of University
Author note

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CORPORATE INNOVATION
The assignment demonstrates the innovation management based on the seven basic
rules of innovation required to maintain a good competitive profile and at the same time,
facilitate both open vs. closed innovation to improve the business performance and
efficiency. The business organisation selected here is the Sky City, which has achieved pillars
of success with the management of corporate innovation and by implementing innovation
theories and concepts for enhancing the effectiveness of business practices, furthermore
ensure attainment of good decision making skills along with sustaining within the
competitive business environment with much ease and efficiency (Amore, Schneider &
Žaldokas, 2013). The essay will also represent the various findings associated with the Blue
Oceans strategy required to be implemented by following various stages and integrate the
business strategies with the corporate goals and objectives of innovation.
Sky City is a centre of casino and events located in Auckland, New Zealand and is
present at the Sky Tower base and has been the most well-known casino in Auckland, NZ.
The various functions managed at the centre include casino, hotels and even managing a
convention centre for arranging events, parties, workshops, etc (Skycityauckland.co.nz,
2019). The owner of the centre is Sky city Entertainment Group and some of the major
innovations include the Sky Tower and a theatre comprising of 700 seats along with 12 bars
and restaurants, two hotels and even a convention centre and casino that are consistently
innovated for undertaking special initiatives and cater the needs and preferences of people all
over New Zealand with ease and efficiency.
Importance of innovation and understanding the impact of open vs. closed innovation
application
There are demands for management of innovation, which have constantly changed
from time to time and it is found that the research and development activities are critical to

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CORPORATE INNOVATION
the management of innovation. The innovation is managed to meet the increase in demands
for changes and the two major approaches include open innovation and closed innovation.
According to Weiblen & Chesbrough (2015), the corporate innovation, both open and closed
can manage transformation of business with the management of business operations and
processes for the achievement of sustainable growth and development along with aiming to
achieve sustainable competitive advantage and gain higher level of profit too in business
(Weiblen & Chesbrough, 2015). The innovation concept not only facilitates generation of
new business ideas and concepts, but also enables considering the major components
including the management of good leadership along with implementation of new strategies,
managing processes, allocating the resources properly along with management of
performance metrics and measuring the performance of the organisation too (Felin & Zenger,
2014). As stated in the case study, the innovation is based on seven major rules including the
exertion of strong leadership, integrating the concept of innovation with the business ideas,
matching the innovation aspects with the business strategies, which can facilitate critical
thinking as well as manage the natural tension between capturing value and managing
creativity as well. The neutralisation of organisational antibodies, i.e., those affecting the
business performance negatively, managing a good network for innovation and maintenance
of reward systems for innovation perspective are also considered as major rules to facilitate
innovation at Sky City (Skycityauckland.co.nz, 2019).
Seven rules
The exertion of leadership is possible with the formation of a new ICT leadership
team to manage operations in both Australia and New Zealand. It has been aimed at
managing better communication with the implementation of information technology,
furthermore ensure spreading positive messages and information about the Sky City services