Innovation and Enterprise

Innovation and Enterprise

Essay
Innovation is considered as an essential activity in every organisation because growth and
survival of business depend on how they use innovative ideas for overcoming problems. Idea
generation is considered as a process of creating, developing and communicating ideas. There
are two ends of idea management funnel and it idea generation is front end; all the possible
solutions enter from here to address problem or exploit opportunity (What is Idea
Generation? – Definition, Techniques and Success Factors, 2020). This essay will discuss above
statement by exploring different literatures and other evaluations.
Reason behind every innovation is either to grab opportunities or solve business
problems. The process of idea management funnel starts with generation and collection ideas;
next step is exploring all the ideas by considering decided criteria. Here, work related to
evaluation and refining is done. Testing is third step of this procedure where effective of
selection solutions get tested. The other end, final step, is introduction of product/service in
external environment so organisation can proceed towards their goal (Innovation Funnel Factors,
2020). Implementation is significant because it produces results. Innovations are of various types
and every time it does not require an out of the box idea to find solutions. Simply copying others
business model will also be known as innovation if it is new to the people who are going to be
the part of ecosystem.
Success and failure depends on various factors; an entrepreneur may have new ideas in
his/her mind but that does not mean that it will be successful in market (Cardoso, Gonçalves and
Badke-Schaub, 2012). One of the most important parts of idea management funnel is criteria; it
can include millions of factors like timing of introducing product or right market for service etc.
Definition by (Julia Kylliäinen, 2019) is generic and covers various aspects. The best thing about
statement is that it does not leave much scope for criticism. But, same thing can be considered as
a major flaw in the definition as it does not provide any specific about generation of idea. Second
part of statement is much better than previous one (Puccio and Cabra, 2012).
The prime reason behind idea generation is difficult challenges. It is considered as a
creative process where organisation get ideas, build it and then grow business by taking its