Innovation and Technology Management
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Added on 2020-05-08
Innovation and Technology Management
Added on 2020-05-08
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Running Head: Innovation and technology managementInnovation and technologymanagement
Innovation and technology management 1ContentsIntroduction......................................................................................................................................2Literature review..............................................................................................................................3Critical review.................................................................................................................................6Dimensions of innovation............................................................................................................6Where innovation takes place..................................................................................................6Industry context.......................................................................................................................6Innovation domains to focus on...............................................................................................7The sources of ideas.................................................................................................................7Stage of organizational growth................................................................................................8Size and complexity of organization.......................................................................................9Organizational innovation maturity.........................................................................................9Innovation drivers........................................................................................................................9Conclusion.....................................................................................................................................12References......................................................................................................................................13
Innovation and technology management 2Introduction Entrepreneurship is the process of launching, designing and running a new business. The people who create the business are entrepreneurs. In today’s world for starting a new business is needs innovation so that company can survive in the market (Drucker, 2014). Innovation helps the entrepreneurs to bring the growth in the small start-up and it also helps in sustaining the businessin the marketplace. Basically, an innovation is ideas that add-on to the products and services of the business. Our economy is surviving in the competitive world because the leaders or the entrepreneurs are making the changes in the way of designing the business. It is said that the entrepreneurs are innovators of the economy (Kuratko, 2016). Many companies and the entrepreneurs keep the innovation as crucial part of their organization because they know that this is the key to the success of the company. The report talks about the various dimensions of the innovation that contributed to the growth of the small start-up entrepreneurs. These dimensions of the innovation are related to the product, process, capabilities and change, material and many others. The innovation in the entrepreneurship of small business is must to face the competition from the large industry. Innovation helps in understanding the fact that the small business plays a vital role in the economy, they directly contribute to the financial growth of the economy of the country. The report shows the literature review and the critical evaluation in regards to the role of the innovation and the entrepreneurship in small business which leads to the growth of the economy.The paper discusses the positive as the negative aspects.
Innovation and technology management 3Literature review The role of innovation and entrepreneurship in economic growth is increasing with the changing world. According to Shane, 2012, said that innovation is must for the entrepreneurship for identifying the opportunities of the profit. It includes the involvement of the business ideas with the combination of the resources to achieve those opportunities. The author talked about the entrepreneurial opportunities in which the goods, raw material, services and the organizing methods can be presented and sold at the higher price than the cost of production. As per author, the idea behind the entrepreneurial is a set process depends on the individual and the opportunities. The link between the innovation and the entrepreneurship creates the opportunity to bring the growth in the economy of the country (Shane, 2012). This combination of the innovation in the small enterprise will help the enterprise to face the competition with the medium and large enterprise. Considering the different research papers the author Goedhuys and Srholec, 2010, shared details about the benefits of the innovation by entrepreneurship depends on the embedded system of the innovation. The better innovation system will lead to a circulation of technology across the domestic economy. Innovation will accelerate the development of the country and increase the opportunity to tap into the global technology. The small enterprises will be able to make the use of the technology with innovation in their business which enhances the growth of the economy. According to the author, the weaker system of the innovation will not be able to bring the growthin the economic system because the entrepreneurs will put fewer efforts with weak innovation. Entrepreneurship is contributing to the growth of the economic development (Goedhuys and Srholec, 2010). The growth of the small start-up entrepreneurs is possible because of the innovation.
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