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Creating Incentives for Innovation

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Added on  2021-02-21

Creating Incentives for Innovation

   Added on 2021-02-21

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CREATING INCENTIVEFOR INNOVATION
Creating Incentives for Innovation_1
Table of ContentINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTIONCreating incentive for innovationis a newer concept within the business environment. Itis because of the reason that in this fast changing and dynamic environment there are manyadvancement and innovation which the company needs to follow for being successful (Boudreauand Lakhani, 2015). The assignment will cover a review of an article relating to creatingincentive for innovation which will highlight the review of the whole article.MAIN BODYArticleThe present article is about creating incentive for innovation. Since the businessenvironment is very dynamic and changing so it is very crucial to have innovation within thebusiness. So for promoting innovation some incentives and rewards for long term are attached toit. Entrepreneur is a person who starts a business where all the risk of business is borne byentrepreneur only (Cimoli, Carlos Ferraz and Primi, 2016). Entrepreneurship is the process ofdeveloping the business venture and leading it to profits. Innovation refers to as producing ormaking of completely new product or service or bringing in any new change within the existingproduct.Area under discussionThe article will discuss the importance of innovating to have a sustainable business andgrowth. With the increase in the technology like mobile networks, artificial intelligence, datamining etc. it is very necessary for the business to take proper measure to innovate so that theyare in the race of competition (Cockburn, Henderson and Stern, 2018). The article focused on theimportance of innovation within the business context. It is important to provide for incentives forinnovating because of the reason that incentives will encourage entrepreneurs and other businessto innovate. Also it discussed the fact that motivation for innovation can be done by probabilitytheory and using experimental evidence.Main findingsThe main findings from the article was that innovation is important within the businessbecause it helps in gaining a competitive advantage over the other (Renwick, Brogan andMossialos, 2016). The article investigated that providing for incentives to the employeesincreases their productivity as they are motivated to do innovation and they will be provided withincentives. The article also found that probability theory called the bandit problem is used for1
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