Innovation & Regional Development Essay

This essay assignment requires students to explore the interconnectedness of innovation, entrepreneurship, and regional development. It prompts an examination of theoretical frameworks that explain this relationship, along with key factors impacting innovative growth in specific regions. Students should delve into diverse perspectives on how business models, infrastructure, cultural values, and investment strategies contribute to fostering innovation and economic progress at a regional level.

Corporate Innovation and
Entrepreneurship

Table of Contents
Table of Contents.............................................................................................................................2
EXECUTIVE SUMMARY.............................................................................................................3
INTRODUCTION...........................................................................................................................4
ANALYSIS......................................................................................................................................4
Individual blocks to creative thinking....................................................................................4
Design thinking......................................................................................................................6
Critical analysis and evaluation of MBA...............................................................................7
CONCLUSION..............................................................................................................................10
RECOMMENDATION.................................................................................................................11
REFERENCES..............................................................................................................................12

EXECUTIVE SUMMARY
Corporate innovation is basically termed as profitable implementation of creative ideas
within an organisation. It means that once any idea is adopted by the company can must be
creating certain value to them. Entrepreneurship is one of the activity that is used for setting up
or any business with the aim of earning maximum profit. This project summarises specific
research plan regarding critical thinking with view of increasing innovation among employees to
attain overall aims and objectives of an organisation. The study is made through covering
relevant facts through conducting in-depth critical analysis and evaluation of individual creative
thinking skills within Matchbox Architect Ltd. The research is well covered by various
approaches that are helpful for analysing capability and employees thinking within an
organisation. Further, this research is entirely depending on overall analysis that is done by using
various models in accordance with creative thinking. On the basis of completed discussion
certain valuable suggestion is also being provided to the company. By using all the
recommendation, they can easily be able to attain better growth can be groping effectively under
this report. Overall analysis or outcomes are based valuable for the company to organise their
plan accordingly.
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INTRODUCTION
In the corporate term, innovation can be said as an effective implementation of creative
ideas and thought that a company used during the time of production of any product or services.
In accordance with profitable impact, it means that the ideas once executed by the company have
to deliver certain value for their business. Entrepreneurs are the one who have the ability to
undertake to create innovative items as per the changing demands of the market (Bogers and
West, 2012). This project research is providing necessary information about the “Matchbox
Architects Ltd”. It is a growing design lead architectural practices i.e. specialising in creation,
extension and alteration of present environment. Apart from this, critical analysis about the
theoretical perspective in accordance with the creative thinking is being discussed under this
project. On the basis of overall analysis, specific recommendation is being done accordingly.
The primary aim of this particular research is to be enhancing innovative practices among
the employees to get maximum growth and sustainability in near future. There are various main
objectives that is needed to be followed within an organisation. Some of them are: To develop an
effective plan for Matchbox Architects Ltd in accordance with the creative thinking. To evaluate
individual creative thinking skills those are working within an organisation through supported
ideas. It will assist an organisation in increasing overall productivity of the company. At the
same time, encouraging the employees to think external of the box and provide them time as well
as resources to explore innovative ideas in effective manner.
ANALYSIS
Individual blocks to creative thinking
There are various stumbling blocks that hold company back from getting in touch with
their innate creativity. Some of them are:
Following the rules too strictly: It is basically related with the aspect that even MBA
company make too many ground of rules to a brainstorming session that’s sole aims it to come
up with latest creative ideas and innovation that can end up limiting the quantity of idea
generation (Bierman and Smidt, 2012).
Being too serious: In case of creativity always comes enjoyment, laughter. Few persons
come up with wildest innovation that make MBA curiosity among the staffs.
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Creative problem-solving models
Figure 1: CPS Model
Discuss: Under this phase, the concern manager organizes an effective meeting of various
team member to discuss on certain creative issues those are affecting the business operations of
the departments (Edgerton, 2012).
Reviews: It is the primary part that is essential for examine the major issues MBA is facing
in their daily business operations. It is categories into various parts such as:
 Client: The manager of the company must analyze that the need of creative ideas which
will be associated with the customer’s point of view.
 Third party: The ideas must be taken from outside people. It can be effective enough for
increase the moral of the employees in attaining organization aims in more quick time.
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 Formalize: Under this segment, all the ideas are given a definite shape before
implementing into the organization. MBA company has implemented culture of
formalized regular improvement in an organization.
 Drawing or other outputs: To improve communication within the company they have
design review meeting but found this cannot facilitate knowledge sharing in free flowing
manner that can increase learning among the employees.
 QA (Quality assurance): They have realized that almost £40,000 spends on site visits.
The main objective is to provide client about the future services they are going to provide
them.
 Actions: After making entire discussion about the creative issues, the concern manager
of department must take certain steps or action to overcome them (Mutti and et. al.,
2012).
Design thinking
(Source: Rikke Dam and Teo Siang, 2018)
 Empathise: Under this stage, company gain an empathic knowledge of issues they are
trying to resolve.
 Define: There are certain issues they are facing which is related with providing prices
they charge for the building.
 Ideate: In the third stage, designer is ready to begin with generating ideas. MBA
company grown to understand their users’ needs in empathise stage.
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 Prototype: The design team will currently produce a wide number of inexpensive, scaled
down version of the items or specific features that has been found so that they can
investigate the issues more effectively (Breznik and Hisrich, 2014).
 Test: Most of the designer test the complete process by using the best solution that
examine during the prototyping stage.
Critical analysis and evaluation of MBA
During the last couple of years, innovation has become one of the key component for
considering the overall growth and development processes in economics and community. It is
basically arranged that innovative events are positively connected with results that are helpful in
overall growth and efficiency of an organisation.
According to the Goodale, 2011, corporate entrepreneurship is basically related with
providing creative thinking among individual to perform their role more effectively within
Matchbox Architect Ltd. like wide growing evidences used to recommend that effective
operations analysis is more common quality of better future for an organisation. In the opinion of
Kuratko, Covin and Hornsby, 2014, while corporate innovation is more similar touted as viable
planning for sustaining reliable performance in present corporations. By the effective
implementation of corporate innovation company can easily be able to gain competitive
advantage over the other in near future. Like for example, a recent Accenture research of more
than 500 executive used to revealed that over 50% reported that they are using inappropriate
innovation process. While some of them are having their own innovation strategy that used to
provide a competitive benefit for Matchbox Architect Ltd. Managers used to employ such kind
of employees or staffs that is having creativity ability to attain all the set objectives those are
planned by “Matchbox Architect Ltd”. The industrial innovation would lead to effective
economic innovation at the same time. Once “Matchbox Architect Ltd” innovate new products
and services, it will be able to gain more reliable growth and sustainability in near future time
(Carayannis, Samara and Bakouros, 2015).
In the view point of Trimi and Berbegal-Mirabent, 2012, innovation in the social
development would mainly come from the innovative thinking and creative ability. Thus,
innovation that will be taken into account through delivering valuable opportunity for the
employees to increase more effective outcomes in near future time. Start-ups are basically
considered as one of the positive aspects of the team that drive company to focus on specific
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areas in order to generate more reliable outcomes in near future time. Operational leaderships
and management is one of the valuable aspects for the Matchbox Architect Ltd that are
responsible for arranging necessary resources for the company. this can only be followed by
using creating thinking and innovative ideas.
Architects as qualified professionals versus effective and contemporary leadership:
As per Jacobs, 2013, it has been analysed that in order to lead a well collaborative
groups, architects will need to do well to downplay specialised knowledge. Contemporary
leaderships are basically related with leader member exchange theory (Czop and Leszczynska,
2011).
Top-down and bottom-up:
(Source: Top down approach and bottom up approach, 2018)
It is basically depending on orders that are instructed by the executive to the employees.
Bottom-up approach is more specific approaches that a skilled employee involves in overall
optimisation of creative thinking that are carried by the staffs (Drucker, 2014).
Creative thinking skills: According to Breznik and Hisrich, 2014, it is a way for looking at
particular issues or situation that are arises from fresh perspective that are recommended to
particular solution. Having new and innovative ideas with company bring them ahead than their
rivals therefore an organisation must require to attain human resource which are performing their
roles and responsibilities in new and innovative ways (Gambatese and Hallowell, 2011)
For Matchbox Architects, creative thinking is a procedure that amalgamates creativity,
rationality and empathy to meet consumer’s requirements and to ultimately drive success for
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business. In context to architect industry, design is the most significant element and a precursor
to quality deliverables. By adopting innovative technique likes CAD management, Building
Information Modelling process and other smart and innovative tools and techniques firm ensures
that its designers are well versed with digital aspects if design and constructions (Mitra, 2013).
Building innovative and better projects: Creative thinking that underlines the concept of
innovation proves to be of higher importance for Match Box Architects. By making use of
various innovative techniques firm has been able to not only able to build distinctive projects that
contributes in sustainable and economic development but also helps in making projects that are
eco-friendly (Parker, 2012).
Climate for creativity and innovation
For Match Box Architect innovation and creative thinking, this is considered as factor
for core competence which firm aims to adhere by in its various functional areas. Thus, by
recognizing the importance of innovation in the realm of its field of operations, MBA strives to
develop and provide a collaborative and supportive climate in its business operations for
innovation and creative thinking. Mentioned below are the areas wherein firm promotes
innovation:
Organizational culture for innovation: Organizational culture is one of the major
determinants of innovation that have major facilitating and constraining effect on successful
implementation and maintenance of innovation. Thus, Match Box Architect follows a perceptive
organizational culture wherein designers and employees are encouraged to give their opinion,
innovative ideas and suggestions for a particular project design and development (Roig-Tierno,
Alcazar and Ribeiro-Navarrete, 2015).
Team Climate: Manager of Match Box Architecture plays important role in determining
creative thinking and innovation in firm by inducing employees to be creative through
developing, intellectual stimulating and inspiring them.
Ways of encouraging and support creativity and innovation across all functions and level:
Stress the importance of creativity: The top authority of Matchbox Architect is required
to communicate with their staff regarding introducing innovative ideas if they have which help
company in competing with their rivals.
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Provide time for brainstorming: Conducting regular workshops and allow time for
employees to do brainstorming which help in bringing new ideas through communicating with
different skilled employees and functions.
Train staff in innovation techniques: Conducting training sessions through using an
effective technique such as brainstorming, lateral thinking and mind-mapping become more
helpful in developing new ideas and innovation.
Challenge the way staff work: Engaged employees in different typical situations which
are new for them encourages employees to re-think their existing working procedures and
develop their thoughts to solve such situations in more effective and efficient manner.
Be supportive: It is important for management to come first and ask employees about
their new and innovative ideas so that profitable ideas will be aired for the betterment of an
organisation.
Reward creativity: Giving appreciation to employees on the basis of their performance
motivate them to work hard and bring out new more ideas to complete allotted task more
effectively (Turró, Urbano and Peris-Ortiz, 2014).
CONCLUSION
It has been concluded from the above research report that critical thinking and innovation
drives an organisation to achieve competitive advantage and sustain in competitive market for
longer period of time. Innovation is a process where the learning experience and technology
adopted life cycle contribute to the creative thinking behind underlying motivational forces. For
this, the management of an organisation are required to implement an effective plans and policies
that will encourage employees to develop new and innovative ideas which brings company ahead
than their rivals. Research is associated with definition, research aims and objectives, functions
and modelling of innovation which has been conducted by different authors and writers. These
are properly analysed the situations how an innovation and critical thinking brings huge impact
on the overall performance of an organisation in positive manner.
The importance of critical thinking and innovation in the context of an organisation are
clearly understood under this report. For this, the role of employees as well as top authority of an
organisation in order to create and develop new and innovative ideas to drive an organisation to
achieve success are mentioned under this report. In this research, Architects as qualified
professionals versus effective and contemporary leadership are briefly described which supports
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an organisation to take corrective actions and plans in order to achieve growth and success in
competitive market. Innovation can be done through conducting research, observing ideas of
successful businessmen etc. which brings gives an idea to an organisation to implement within
an organisation.
RECOMMENDATION
Innovation is a very crucial aspect of business and in today's competitive era it is of
paramount importance that right kind of innovative tools and techniques used by the company in
order to survive in the business and compete effectively with the competitors in the longer run.
There is a need that management of the organization focuses on Research and Development
department so that effective products and services can be launched which will help company in
achieving success through higher market reach as well as customer satisfaction in the longer run.
An Entrepreneur has to be an observer, he shall observe the various things that takes place within
his environment and there is a need to innovate in a manner that will result in higher level of
growth as well as productivity for the company. There is a continuous change that is taking place
in the working environment and an entrepreneur shall walk hand in hand in order to achieve
excellence in the field of business and also to establish a better reputation at the market place.
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REFERENCES
Books and Journals
Bogers, M. and West, J., 2012. Managing distributed innovation: Strategic utilization of open
and user innovation. Creativity and innovation management. 21(1). pp.61-75.
Breznik, L. and D. Hisrich, R., 2014. Dynamic capabilities vs. innovation capability: are they
related? Journal of small business and enterprise development. 21(3). pp.368-384.
Carayannis, E. G., Samara, E. T. and Bakouros, Y. L., 2015. Innovation and entrepreneurship:
theory, policy and practice. Springer.
Czop, K. and Leszczynska, A., 2011. Entrepreneurship and innovativeness: in search of the
interrelationships. International Journal of Innovation and Learning. 10(2). pp.156-175.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Gambatese, J.A. and Hallowell, M., 2011. Enabling and measuring innovation in the
construction industry. Construction Management and Economics. 29(6). pp.553-567.
Mitra, J., 2013. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Parker, S.C., 2012. Theories of entrepreneurship, innovation and the business cycle. Journal of
Economic Surveys. 26(3). pp.377-394.
Roig-Tierno, N., Alcazar, J. and Ribeiro-Navarrete, S., 2015. Use of infrastructures to support
innovative entrepreneurship and business growth. Journal of Business Research. 68(11).
pp.2290-2294.
Turró, A., Urbano, D. and Peris-Ortiz, M., 2014. Culture and innovation: The moderating effect
of cultural values on corporate entrepreneurship. Technological Forecasting and Social
Change. 88. pp.360-369.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in
entrepreneurship. International Entrepreneurship and Management Journal, 8(4),
pp.449-465.
Bierman Jr, H. and Smidt, S., 2012. The capital budgeting decision: economic analysis of
investment projects. Routledge.
Edgerton, J., 2012. Investment, accounting, and the salience of the corporate income tax (No.
w18472). National Bureau of Economic Research.
Mutti, D. and et. al., 2012. Corporate social responsibility in the mining industry: Perspectives
from stakeholder groups in Argentina. Resources Policy. 37(2). pp.212-222.
Online
Kuratko, Covin and Hornsby, 2014. [Online]. Available through:
<https://www.sciencedirect.com/science/article/pii/S000768131400086X>.
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Goodale, 2011. [Online]. Available through:
<https://www.sciencedirect.com/science/article/pii/S000768131400086X>.
Jacobs, M. 2013. [Online]. Available through: <https://www.theguardian.com/social-enterprise-
network/2013/may/14/social-innovation-singapore-south-korea-taiwan>.
Top down approach and bottom up approach, 2018. [Online]. Available through:
http://interviewquestionanswer.com/c-programming/what-is-the-difference-between
Rikke Dam and Teo Siang, 2018.[Online]. Available through: <https://www.interaction-
design.org/literature/article/5-stages-in-the-design-thinking-process>.
top-down-approach-and-bottom-up-approach-in-programming>.
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