Role of Creativity and innovation

Added on 2021-04-19

12 Pages2835 Words87 Views

Running Head: Innovation 1Innovation

Innovation 2ContentsSection 1: Innovation.......................................................................................................................3Role of creativity and innovation.................................................................................................3Innovation policy and integration................................................................................................3Innovation categories...................................................................................................................3Environment Scanning.................................................................................................................3Business Model Innovation..........................................................................................................4Value Innovation..........................................................................................................................5Types of innovation.....................................................................................................................6Section 2: Innovation process..........................................................................................................6Pattern of management behavior..................................................................................................6Innovation process management..................................................................................................6Organizational structure...............................................................................................................7Finding innovation opportunities.................................................................................................7Technical innovation....................................................................................................................8Social innovation..........................................................................................................................8IPR strategies...............................................................................................................................8Section 3: Involvement in innovation..............................................................................................8Economist perspective.................................................................................................................8Impact of National Accumulated Resources and Capabilities.....................................................9National infrastructure and culture..............................................................................................9Key players in Innovation............................................................................................................9Section 4: Economic perspective.....................................................................................................9National System of Innovation....................................................................................................9Government Support..................................................................................................................10New Technology........................................................................................................................10Science parks, technology centers and cluster effects...............................................................10References......................................................................................................................................11

Innovation 3Section 1: Innovation Role of creativity and innovationInnovation is the crucial part of any growing economy. Entrepreneurship is the key forinnovations at the business level as well as inspiring overall business sector growth. Within theorganizations (private and public), innovation is the implementation of ideas that comes from thecreative process. So, creativity is the crucial part of innovations. Along with this, innovation alsodrives economic growth by helping the businesses to produce more and rising productivity. Asthe business and employees become more productive then the prices and products fall andemployees’ salaries rise and improve the standard of living (Verworn & Herstatt, 2002). Innovation policy and integrationFor the discussion, most innovative company Tesla Motors is selected. The innovationpolicy of Tesla in overall strategy is as follows:Provides new products and services open new areas for the industry, and provideextraordinary way for the existing products and services,Having good performance, unique competitive advantage reflected in the cost andprofitability, andSetting number of elements in the business model that are different from others for theinnovationAccurate customers and capital orientation along with the asset management (Berkhout,Hartmann & Trott, 2010)Innovation categoriesIn case of Tesla Motors, the company has adopted disruptive and integrative innovation.With the innovation, company was focused on high performance and environmental stewardship.Further, the company has ‘high end’ technology disruptions that includes producing innovationand enhance the performance over the time. Further, the innovations done by Tesla can bemeasured by some ways i.e. number of new offerings to launch, number of successful handoffs,increase in value of ideas, and number of ideas implemented (Shane, 2014).

Innovation 4Environment ScanningPolitical Distinctive political patterns affectingbusiness,Environmental protection lawsEnergy loan programsEconomic GDP and inflation rates,Rise in fuel prices,Economic growth of the countries Social Increasing environmental concerns,Losing trust of consumers in gasolinefuel,Electric cars enhance social status Technological Impact of globalization,Electric cars and computerization B2B platforms provide innovationopportunities Environmental Challenge of producing eco-friendlyvehicles,Awareness of climate change,Produce zero emission to attract thecustomers Legal Various laws and regulations originatedfrom green movements,Energy loan program Franchise law in US StatesBusiness Model InnovationKey PartnersChangingnetworkpartners Suppliers Regulators Panasonic Key ActivitiesSetting newstandards forautomobileindustry,Innovate ValuePropositionPerformanceConnectivityConvenienceAccessibilityRecognition CustomerRelationshipsAutomatedservices Personalassistance CommunitiCustomer SegmentsNiche market- Highend niche market Mass-Market-Implemented fordomestic batteries

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