Nature of Innovation and Factors Leading to Innovative Success and Failure

ESSAY

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Nature of innovation and factors leads to innovative success and failure...................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation refers to a process that lead to the evolution of new perspective so that both
the company and the associated customer can have an approach to new product or service. Along
with passage of time the nature and the process of innovation changes. This essay will discuss
the concept of innovation and its nature with the involvement of diffusion theory. Various factors
that are related with the success and failure of innovation are also being highlighted in this essay.
MAIN BODY
Nature of innovation and factors leads to innovative success and failure
Innovation refers to a process that make the emergence of new idea or the product. It
means it is the process wherein the ideas are converted into real product or the services (Kahn,
2018). This process works in the direction of creating value for its customers. It is an important
concept and act as a base for the entrepreneurs or the start-ups along with for the running
enterprises too. Since market is highly competitive so in order to sustain in such high
competition it is important that the company must be innovative and focus over the production of
new product so that it can meet the needs of its customers (Meissner, Polt and Vonortas, 2017).
Likewise, in order to have establishment of new business it is essential that the idea of the
business is innovative and creative so that it can attract the customers towards it.
Along with the passage of time the process and nature of innovation also changed. This
means that in the initial time innovation is highly focussed towards technology or the
technological change. This means that the focus is being lied over the up-gradation and
introduction of the new technology. But along with the changing trends the nature and the
process of innovation also got evolved. This includes broadening the scope of innovation. Now
the innovation is not only limited up-to the technological change but its nature has changed
(Edwards-Schachter, 2018). This includes the inculcation of the concept of change and
invention. This means that now the innovation is having more focus towards the invention of
new products or the services. It is acting as a linking and key pin in assisting the companies to
meet the changing environment and the raising competition.
This can also be understood with the concept of diffusion theory. This theory explains
that how with the period of time the idea or the change get momentum and finally it is being