Group Presentation: Innovation Strategies for MGMT20144 Assessment 2

This presentation, created for the MGMT20144 assessment, explores innovation strategies and their importance in the modern business environment. The presentation covers key concepts such as open and closed innovation, emphasizing the significance of innovation as a driving force for organizational growth and survival. It delves into the levels of innovation: resilience, renewal, and revolution, providing a comprehensive overview of how businesses can adapt and thrive in a competitive market. The content includes definitions, examples, and citations from relevant academic sources, offering a structured approach to understanding and implementing innovation. The presentation also touches upon the relationship between sustainability and innovation and highlights their importance in the business context. This presentation is designed to provide students with a thorough understanding of innovation and its practical applications.

MGMT20144 –
ASSESSMENT 2
INNOVATION
JITENDER SINGH -
MANISH KUMAR -
MAYANK SHARMA -
MOHAMMED FAIZUDDIN SAFI -
MOHAMMED SHAHJAHAN MUNNA -
VIVIAN SARTORELLO VIEIRA - 12103690
PLEASE CORRECT YOUR
NAME AND INCLUDE
YOUR NUMBER!

INTRODUCTION (MANISH)
• Here innovation has been chosen as an effective strategy because, during the past twenty years
innovation has been proved to be the driving force which has assisted several organizations to
renew their products and services and survive the increasing competition in the world market.
• Innovation may foster the overall structural change of an organization. Hence, it can be said that,
an organization either experienced or novice will be able to cope with the changing pace,
dynamic as well as the environment of the business only if, it depends on innovation. There lies
the importance of being innovative (Na ,Kang & Jeong, 2019).
• .

CLOSED X OPENED INNOVATION (AARUSH)
Closed Innovation
• Ideas for external as well as internal renovation cannot be commercialized through channels which are
outside the business.
Open Innovation
• with the help of pathways or channels outside of the business, a firm can actually commercialize its
internal and external ideas and enrich its innovative ideas to foster overall growth (Chen &
Vanhaverbeke, 2019).

REFERENCES
• Chen, Y., & Vanhaverbeke, W. (2019). Concept and connotation of open innovation. The Routledge
Companion to Innovation Management.
• Na, Y. K., Kang, S., & Jeong, H. Y. (2019). The Effect of Market Orientation on Performance of Sharing
Economy Business: Focusing on Marketing Innovation and Sustainable Competitive Advantage.
Sustainability, 11(3), 729.