Managing Innovation

Managing Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Innovation theories.................................................................................................................3
Definitions, Principals and Processes of the theory...........................................................4
Application of innovation theory to explain historical development of product and/or services
of organisation........................................................................................................................6
Background of WeWork......................................................................................................6
Recommendations for possible future development pathways of products or services for
selected.................................................................................................................................10
organisation..........................................................................................................................10
Future Development........................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Innovation is referred as the process of translating idea into product or service that
generates some value to customers. In context of business, when an idea is implement by an
organisation to satisfy the expectations and need of consumers, then it often results in innovation.
In other words, it is the generation, development and execution of new product, service or
process with the intent of improving competitiveness, effectiveness and efficiency. An
innovation that develops new value network and market and finally disrupts the existing one,
displacing already developed market leading products, companies and alliances is termed as
disruptive innovation. Diffusion of innovation is the another theory that try to explicate why,
how and at what rate new technology and idea spreads. In this report, the selected organisation is
WeWork which is a commercial real estate firm of America that administers shared workspaces
for tech start ups. This report covers innovation theories, their principles and processes along
with their benefits and limitations. Apart from this, it includes application of theory to explicate
historical development of product or service of company. At last, recommendations for possible
development pathways for future in context of company are included in report.
MAIN BODY
Innovation theories
Innovation refers to the procedure of converting new idea or concept into product or
service that create some sort of value to user. In order to succeed in today's competitive market,
it is very necessary for organisations to bring innovation in their products and services on
constant basis. It helps a company in effectively responding to disrupters of industry and
enhancing market share. Apart from this, innovation also assist in responding to extrinsic
challenges quickly by developing technological and human resources to do things distinctly. In
present scenario, innovation theories allow the organisation to sustain within the market as
proper competition can be easily given to rivalry firms (Kim, and Mauborgne, 2005). Innovation
simply allows the business organisation to enhance their productivity which can allow the
customers to enjoy various rights and benefits due to which goals can be accomplished easily.
Below, there is the detail, description about innovation theories which is beneficial for company
at the time of accomplishing the goals.

Definitions, Principals and Processes of the theory
Diffusion of innovation: It is explained as one of the oldest innovation theory related to
social science theories. This theory emphasis about how, why and even at what rate any of the
new ideas can be introduced by the organisation for the purpose of accomplishing the goals.
With the help of this types of theory, organisation can easily introduce any of the new concept
and idea which will automatically allow them to uplift the standard of a company. In this
respective innovation theory there are different areas which is needed to be considered so that
work can be performed in a specific manner (Jaw, Chen and Chen, 2012).
The simply concept which is carried by diffusion of innovation is the that concept should
be different from other people where new idea, behaviour or new product should be introduced.
This process required continuous research through which better improvement can be brought
within the ideas and thoughts so that innovation can be done. Here, while promoting any of the
innovation, it is essential to use different strategies by the innovators and there are different types
of people who invent the product and those people are:
 Innovators – While talking about this respective area people are the one who tries to
invent something new and becomes the first candidate who has successfully conducted
something new. These are mainly done with new ideas and concept but risk is always
included for them so they must take any of the steps by knowing its positive and negative
side.
 Early Adopters – It is said that this are the people who represent themselves as a opinion
leaders. Here, people enjoys the role which is provided to them and creates the chance for
themselves. This are those people who have certain idea about the changes required
within the society (Tidd and Bessant, 2018).
 Majority: This types of innovation is done only in that respective circumstance where
people think to introduce about the idea and concept so that goals can be accomplished
easily. This types of innovation are done only after approval of majority of the members.
Disruptive Innovation: Disruptive innovation is the one in which new technology is
used by the businesses in their existing products and services, in the existing market. It is the
type of innovation with the help of which new market can be created and new values are
provided to the customers. With the help of this a value network id designed with the help of
various new technology and the improved processes. For this the existing market is disrupted due