Innovation and Enterprise

This essay discusses the significance of innovation and idea generation in resolving issues and driving business growth. It explores the idea management funnel and its steps, along with the factors that contribute to the success of innovation.

Innovation and Enterprise

Essay
Innovation is defined as an important activity in every company as growth as well as
survival of a business entity depends on how they develop and adopt innovative ideas in order to
resolve issues. Idea generation is basically a procedure of developing, making & communicating
ideas in an effective manner (Bremner, Crawford and Godsman, 2020). There are mainly two
ends associated with idea management funnel and herein idea generation is considered as frond
end; all the effective solutions enter from this pint in order to address issue and gain opportunity.
The essay will describe the above statement by making use of various articles and other sources
as well.
One of the main reason that is associated with every innovation is to grasp the
opportunity and resolve problems effectively. The procedure of idea management funnel is start
with collection and generation of ideas and exploring such ideas as per the set criteria is the
second step. The third step is testing of the process so that an appropriate and effective solutions
get tested. The last and final step is launching of new products as well as services with the
external environment so company can attain their objectives. One of the main factor here is
execution of set activities as it develop positive outcomes. It is analysed that innovation is of
different types and every time it is not needed to think out of the box for finding solutions. There
are various business models that will also consider as innovation if it is unique and new to
individuals and are going to be major part of ecosystem.
Success & failure vary on different factors, a business entity or an entrepreneur have new
and innovative ideas or suggestion in their mind which does not mean it will lead to success at
marketplace. One of the significant part of idea management funnel is set criteria that consist of
million of factors such as right time of proposing product in market, choosing right market for
service and many more (Mazzarol and Reboud, 2020). The definition given by (Julia Kylliäinen,
2019) is broad and involves different aspects. One of the effective thing about given statement is
it does left any scope for criticism. At the same time, things can be undertaken as big flaw in
given definition as it did not give any particular about idea generation. It is analysed that second
part is better as compare to the previous one.

One of the main reason associated with idea generation is high challenges. It is
undertaken as a creative procedure where a business entity get an idea, develop it & then grow
business by taking its support. Some of the investigator consider such procedure as resource
available to organisation while other connect maturity period with each step of the process. The
step agreed by by Julia Kylliäinen, 2019 is appropriate as it talks about basic concept of idea
generation. The given statement involve lots of view point, it ask company to remain stable by
developing positive changes. Innovation is a broad concept and consist of systematic process of
bringing new product and service within the market. There are various factors that can influence
innovative success as well as failure but generation of idea is first and most important step. It is
determine that organisations does not directly introduce or brings innovative goods and service at
marketplace for dealing with challenges (O’Leary, 2020). They first think about various
solutions and then test effectiveness if idea in a proper manner. It is true that many companies
have no quality ideas but have effective tools as well as techniques which can assist in attaining
better results.
In addition to this, discover, define, develop & define are mainly four steps to develop an
effective solution for the challenges. Along with this, there are many techniques such as
SCAMPER which can give right direction to company for developing quality and effective ideas
and then test it. Conducting activities such as brainstorming is very common and allow a
business entity to gain many ideas and suggestions on table (Xie, 2018). It is analysed that when
more number of brains are working to resolve the particular situation them it is more effective
than the idea of an individual that leads to better solution of challenges.
Communication, creation as well as development of ideas are significant for gaining
better solutions. It is analysed that ideas can be concrete, abstract and visual but are one set
towards finding of relevant solution. Lacking of this step makes innovation process scattered and
does not leads to achievement of desired results (Wang and Xu, 2018). In the last, it has been
concluded that there is not any main flaw in the statement given by Julia Kylliäinen as she has
only enclosed basic but effective opinions in her statement.

References
Books and Journals
Bremner, P., Crawford, I. and Godsman, F., 2020. Developing students' innovation and
enterprise skills through external collaboration.
Mazzarol, T. and Reboud, S., 2020. Work Book: Social Innovation and Enterprise. In Workbook
for Entrepreneurship and Innovation (pp. 159-169). Springer, Singapore.
O’Leary, D. E., 2020. Driving innovation using enterprise crowdsourcing. Journal of
Information Technology Teaching Cases, 10(1), pp.2-10.
Wang, X. and Xu, M., 2018. Examining the linkage among open innovation, customer
knowledge management and radical innovation. Baltic Journal of Management.
Xie, Y., and et. al., 2018. Leadership style and innovation atmosphere in enterprises: An
empirical study. Technological Forecasting and Social Change, 135, pp.257-265.
Online
Innovation Funnel Factors. 2020. [Online]. Available through
https://www.toolshero.com/innovation/innovation-funnel/>.
What is Idea Generation? – Definition, Techniques and Success Factors. 2020. [Online].
Available through< https://www.viima.com/blog/idea-generation>.