Corporate Innovation and Creativity for Sustainable Business Practice

Running head: CORPORATE INNOVATION AND CREATIVITY
Corporate innovation and creativity
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Executive summary
The main aim of this report is to study the concepts of corporate innovation and creativity and its
role in creating a sustainable business practice. The ultimate aim of every business organization
is the fulfillment of long term and short term goals and an enhanced revenue outcome. It must be
remembered that no organization would succeed without innovative practices to support it.
Innovation and creativity is essential for the economic, technological and social growth of an
organization. For traditional organizations and for entrepreneurs, the ability to come up with
innovative new concepts and novel ideas is one of the most sought after qualities. Such
innovative capabilities would provide a company with a competitive edge in the market as well.
The following report consists of a review of literature of the related concepts which have then
been applied to MatchBox Architect. In the field of architecture, the concepts of innovation and
corporate creativity form the foundational principles. Based on the discussion, recommendations
about change management, employee engagement, training programs and strong leadership have
been made for the concerned organization.

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Table of Contents
Introduction:....................................................................................................................................3
An overview of the organization.................................................................................................3
Literature review..............................................................................................................................4
Concepts of innovative entrepreneurship and corporate creativity.............................................4
Innovation and creativity and its importance in business............................................................5
Schumpeter’s theory of innovation..............................................................................................7
Practices to promote sustainable innovation and creativity.........................................................8
Application of the concepts of creativity and innovative entrepreneurship to MatchBox Architect
.........................................................................................................................................................9
Importance of creativity and innovation for MatchBox Architect............................................10
Recommendations for MatchBox Architect..............................................................................13
Conclusion.....................................................................................................................................15
References:....................................................................................................................................16

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Introduction:
Traditionally, the success of individual organizations and corporations has been
dependent on one single product or service. However, in order to create a sustainable business
practice, a corporation would have to incorporate new innovative products or elements of
creativity into their operations. Innovative entrepreneurship would also provide companies with a
competitive edge in the market. As a matter of fact, the customers’ perception of an organization
would depend on the innovative strategies and creativity that the company is able to demonstrate.
It must be asserted that entrepreneurship is absolutely essential for the economic growth of a
nation. Start ups or organizations that are innovative by nature would offer serious competition
to traditional and existing organizations. The business sector is highly dynamic and volatile in
nature. As such, business owners would have to adopt measures for innovative entrepreneurship
to achieve the long term and short term goals of the organization. In the following paper, a
detailed review of literature pertaining to innovative entrepreneurship, importance of creativity
and innovation will be examined with respect to the organization, Matchbox Architect.
An overview of the organization
In the field of corporate innovation and creativity, MatchBox Architect is one of the most
well known organizations. It has garnered an international reputation for creating exemplary and
beautifully crafted and engineered buildings which would revolutionize the future of architecture
around the globe. The organization recognizes that architecture is the hub of creativity and
innovation and attempts to create inspiring and revolutionary designs which would set an
example for architects in the future. The company is empowered by a vision to leave a lasting

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legacy for having changed the field of architecture for the better. The company is known for
taking up challenging projects, which would alter the face of architecture around the world.
Literature review
Factors affecting climate for innovative entrepreneurship and corporate creativity
In the business sector, a new trend of innovative entrepreneurship is on the rise. In a
highly unpredictable business environment where policy makers and business owners are trying
to overcome global economic crises and restore economic growth, innovative entrepreneurship
may be termed as the ultimate option for most businesses (Archibugi, Filipetti and Frenz, 2013).
Amore, Schneider and Zaldokas (2013) argue that innovation is not simply about novel ideas and
concepts. It also stresses on successful methods of commercialization and must take into
consideration the needs of the market. It must also be understood that innovative
entrepreneurship is an ongoing process (Autio et al. 2014). It continuously attempts to renew and
grow a business, by equipping it with enhanced business systems, more effective processes and
better and improved products (Audretsch, Coad and Segarra, 2014).
Chen et al. (2014) argues that in a majority of entrepreneurs, innovation or the ability to
conceive novel ideas is not an innate quality. On the contrary, the innovative instincts of an
individual are refined and shaped through experience and knowledge. The advent of technology
has been a major source of support for entrepreneurs who seek innovative business strategies.
Technology has been immensely helpful in displacement of incumbents and replacement of such
outdated, traditional business models with ones that are better and faster. Dentchev et al. (2016),
on the other hand, stresses on the importance of corporate creativity in an organization.
Corporate creativity may be defined as the ability of enthusiastic entrepreneurs to convert

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novel and original business ideas into reality. A creative entrepreneur would be able to perceive
the situation around him in newer ways, discover hidden patterns and be able to make
connections and links between unrelated phenomena and accordingly generate solutions.
Creativity in entrepreneurship would involve the two processes of critical thinking and
producing. It would also require commitment and passion on part of the individuals. There are
five aspects of corporate creativity which must be discussed:
 Corporate creativity should be able to provide valuable new insight into the needs of the
customers and prevalent market trends.
 Persistence is instrumental in ensuring long term innovation and creativity in an
organization. Devising new innovative concepts would be insufficient if the organization
is unable to sustain it on a long term basis.
 The business model of the organization should be agile and versatile enough to
accommodate new changes and innovative practices.
Innovation and creativity and its importance in business
The term, “innovation” may be defined as something that is new or previously not
thought of. It would be very easy to classify innovation as simply something “new”. However,
innovation also refers to new ways or new methods of doing things. It also comprises
modifications in existing business models and practices to render them more versatile and
flexible. Innovation, thus, forms the very essence of human existence. In fact, innovation must be
differentiated from creativity. Kuratko, Hornsby and Covin (2014) emphasizes on this difference.
Creativity may be explained as the ability to unleash the infinite potential of one’s mind and
conceive new and innovative ideas. In the world of business, an innovative or creative idea