Corporate Innovation and Entrepreneurship: Assignment

Added on - Dec 2020

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Corporate Innovation andEntrepreneurship
EXECUTIVE SUMMARYCorporate innovation refers as the profitable execution of such ideas which are creativeand delivers some value to company. Creativity and innovation assists an organisation inimproving its business activities and operations which in turn reduce cost and increaseprofitability. Entrepreneurship is a process of establishing new venture by taking up risk withaim of earning higher profits. This report summarises about research plan related with promotingcritical thinking within organisation with the view of enhancing innovation so that overallobjectives can be accomplish. The study is done by covering some facts through conducting in-depth analysis of creative thinking skills by support of contemporary contributors. Variousapproaches are covered in this research that assists in analysing thinking capability of employees.Corporate innovation is a vital way that ensures growth and success of firm in near future. Thestudy rely on overall analysis which is done by using model of creative thinking. Based onoverall discussion, some recommendations are also provided to MatchBox Architects Ltd. whichhelps them in enhancing innovation and creativity within firm that provides it competitivenessand growth in market. It will also assists in increasing productivity as well as profitability ofcompany. The overall analysis proves to be valuable for firm in terms of organising their planaccordingly.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1ANALYSIS......................................................................................................................................1CONCLUSION................................................................................................................................6RECOMMENDATION...................................................................................................................6REFERENCES................................................................................................................................8
INTRODUCTIONCorporate innovation is defined as the profitable execution of creative ideas that deliverssome value to organisation (Corporate Innovation, 2018). Implementation of creativity andinnovation in business processes helps in reducing operational cost and thus, increasesprofitability. Entrepreneurship refers to a process of setting up a new venture by taking financialrisk with the hope of earning high profits. Entrepreneurs have the ability to exploit businessopportunities from market and convert their ideas or concepts into valuable products andservices. The present assignment is based on MatchBox Architects Ltd. which providesprofessional services to clients. It is a growing design led architectural practice that specialize indevelopment, extension and alteration of built environment.This report includes a plan to promote creative thinking for the purpose of enhancinginnovation. Apart from this, it also covers critical analysis of individual critical thinking skillswithin organisation as well as evaluation of alternative contemporary perspectives. Based on theoverall analysis, meaningful conclusion and feasible recommendations are given regarding howto promote creative thinking. The main aim of this research is to promote and enhance innovativepractices within organisation so that high growth and sustainability can be attain. Some mainobjectives of this report includes: To develop a plan for promoting creative thinking withinMatchBox Architects Ltd. To analyse individual critical thinking skills by supporting ideas. Thiswill help organisation in encouraging its manpower to think out of the box as well as administerthem resources and time to explore innovative ideas effectively which in turn results in higherproductivity (Carayannis, Samara and Bakouros, 2015).ANALYSISIn current scenario, innovation is become the key element that leads firm towards growthand success. It often viewed as the implementation of better solutions that meets unarticulatedand new needs of existing market. As per the view point of Goodale, 2011, corporateentrepreneurship is concerned with promoting creative thinking among employees so that theyenable to perform their duties effectively in MatchBox Architects Ltd. Various evidences areutilized to recommend that operations analysis contributes in better future of company.Corporate innovation is identified as the process of executing new innovative opportunities in1
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