Role of Innovation and Idea Generation in Enterprise Success and Failure

Innovation and Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Nature of Innovation and idea generation...................................................................................1
The common factors between idea generation and innovation that lead to innovative success
or failure within an organisation. ...............................................................................................2
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Ideas are the key tool for innovation. Innovation is a way to transform your business into
a new form, this is because innovation is a process which require change. A solo idea cannot
transfer innovation in a business but idea generation with a systematic approach for managing
those ideas can help a business to shake its daily routine of work and spark out new thoughts.
Idea generation is defined as process of cognitive process of creating, developing idea and
communicating the abstract of idea and visualise them. This essay suggests the role of innovation
and idea generation in an enterprise for its success and failure. Innocent Drinks is a beverage
company that sells smoothies and juices in supermarkets, coffee shops and various other outlet.
The main credit for Innocent Drinks market expansion is thoughtful innovation.
MAIN BODY
Nature of Innovation and idea generation
Business innovation or creativity is an instrument that improves the ability of firm to
retain its competitive advantage as well as put its competitor under its neck. According to the
view point of Rexhepi (2020), it has been proposed that generation of idea are the key factor for
driving innovation. It has been criticised that without an idea, there may not be enough to
execute. Execution of ideas are the key for learning and new ideas are important for an enterprise
for making any kind of change. Innovation is defined as the process of introducing something
new. In contrast to business, innovation has associated with changes made into existing business
model, technology or in operation process. Idea generation is the key for innovation, this is
because idea generation technique is a great way to introduced change in daily operations and
draw out new thoughts. Innocent Drinks is a beverage company successful in capturing major
share of UK market just because its thoughtful innovation.
It has been found that mostly innovation process includes identification of an
opportunity, generation of raw idea feed the process of innovation. Thus, idea generation plays a
critical role in innovation. Effectiveness of idea generation in innovation often relay upon the
quality of identified best opportunity. Idea generation is process of identification of problem,
creating or developing idea and communication of abstract of idea and execution of idea. Hence,
communication and planning skills are required for adopting generated idea into innovation
practices.
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