Innovation and Entrepreneurship Essay

Added on - 29 Nov 2019

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Running head:INNOVATION AND ENTREPRENEURSHIPInnovation and EntrepreneurshipName of StudentName of UniversityAuthor Note
1INNOVATION AND ENTREPRENEURSHIPThe essay focuses on the importance of innovation and entrepreneurship of acompany. These two factors are essential in order to maintain a competitive advantage in abusiness and ensure that the products sold by the company are unique and different. Theessay focuses on the ways by which a company can use it to make it more competitive in themarket. In order to understand the effectiveness in a proper manner, the essay takes intoconsideration the example of Planet Innovation. The company is a biomedical unit thatfocuses on developing new products. The effectiveness and application of innovativeness andthe application of entrepreneurship in the organisation are the focuses in this essay.Planet Innovation is a biomedical company formed in 2009 in Melbourne, Australia.Biomedical executives with a vision to develop products in a better and innovative mannerformed the company. The aim of the company is to focus on commercial outcomes and meetthe technical needs of the people. Currently, the company have about 160 brilliant andinnovative product developers, which includes engineers, scientists and other experts thathelp in the building of the products. The company also set up branches in Chicago and clientsare located all around the world. Top biotech companies around the world constitute theclient list of the company. Planet Innovation has also been named as the most innovativecompany in Australia for the past three years (Planetinnovation.com.au, 2017).According toDrucker, (2014), innovation is the application of solutions that meet therequirements of customers in a unique manner. This can be achieved by effective analysis ofthe market and the feedback from the customers. Most of the times, the concept is confusedwith the invention as it also involves making new things for the market. However, on abroader sense innovation is the ability to provide uniqueness to a product. It has the ability tobecome a trend in the market and ensure that the ability of products to satisfy customers doesnot remain monotonous. The fact that innovation only involves change or new idea inproducts had been countered several times. Bain & Kleinknecht, (2016) countered this by
2INNOVATION AND ENTREPRENEURSHIPsaying that innovation can also result in other fields such as management science andeconomics as long as new ideas are created. In the industrial context, innovation is created inorder to meet the growing demands of the customers. In this context, certain characteristics ofinnovation can be defined that help in understanding the concept.One of the characteristic includes the relative advantage it provides to companies.Improvement can be made in terms of service, equipment, the longevity of a product, impactof environment and much more. Hence, relative advantage can be taken companies that focuson innovation of products. The back dated products or materials are phased out in order toprovide a place for innovative products (West & Bogers, 2014). Compatibility of theinnovation method is also important in order to understand innovation. This is because thetactics used for innovating products needs to be compatible with the ways by whichcustomers can use it. The compatibility needs to be maintained depending upon the lifestyleof the customers and the effort to embrace the tactics. In a company like Planet Innovation,these things need to be kept in mind in order to understand the tactics used for innovation. Asstated byTidd & Bessant, (2015) Product Innovation can manufacture products that arecompatible with the everyday lives of individuals. This makes their products unique andpropels them to be the leading business in the innovative world. However, the innovationapplied in the products need to be simple so that customers can use it in a friendly and easymanner. User-friendly products prove to have an excellent level of satisfaction among thecustomers. Galindo & Méndez, (2014) stated that innovation has to based on the instinctivenature of the experts. It is, for this reason, the success rate of innovation is high for acompany like Product Innovation.One of the major characteristics of Planet Innovation is the fact that it creates and developsown products. Hence, the company can apply innovative tactics to each of its products so thatit is not monotonous in the market. The application of such tactics makes the company the
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