Innovation and Technology Transfer for Competitive Advantage

This report analyzes the strategic importance of innovation and technology transfer in enhancing an organization's competitive position within the market. It highlights the potential benefits of innovation, such as increased productivity, improved brand value, and competitive advantage, using Tesla as an example. The report also identifies barriers to technology transfer and innovation, including lack of leadership, collaboration, and employee adoption, suggesting solutions like effective communication, training, and development programs. Furthermore, it emphasizes the importance of managing innovation through employee involvement, recognition, reward systems, and transparency. The conclusion underscores that innovation and technology transfer are crucial for long-term survival and revenue generation, recommending that companies design training programs to overcome barriers and effectively manage innovation.

IMPROVING THE
ORGANISATIONS
COMPETITIVE POSITION
WITHIN THE MARKET
UTILISING INNOVATION
AND TECHNOLOGY
TRANSFER

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
The potential benefits of innovation within the business.............................................................3
Barriers of technology transfer and innovation with some suggestions......................................3
Different way of managing and enhance innovation management..............................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
The main aim of technology transfer is mainly to improve national economic growth by
great technological innovation (Kahn, 2018). The process of making and creating services or
product solution that delivers important new customers value. The report will include benefits of
innovation within tesla. Along with this report also highlights barriers to technology and
innovation transfer.
MAIN BODY
The potential benefits of innovation within the business
Innovation means creating more effective products, ideas and processes. Innovation is very
important for surviving in the market place. Innovation is the significant positive change that is
made within an organization or the society as a whole. It is basically a result or an outcome.
Implementation of innovation within a company brings a lot of changes within the company that
support the enhancement of the company overall. Innovation in turn has a huge number of
benefits. The major benefits of innovation are discussed further in the discussion.
Firstly, innovation increases the productivity rate or levels of tesla. Because due to
innovation new and creative ideas are generated by the employees working within the company
and the employees also get more interested and inclined towards tesla, which increases the
productivity of the employees and further provides competitive advantage to the company.
Innovation also improves the brand goodwill, value and recognition of the company within the
marketplace (Yun, and et.al., 2020). It also enhances the turnover of tesla and improvizes
profitability too. By innovation and technology transfer tesla gets competitive advantages.
Innovation reduce costs and increase competitiveness, because innovation is simply new idea
which is new and innovate so it attracts new customer and also helps in cover full market. By
innovation company can easily increase profitability and turnover. Innovation enables effective
problem solving and offers creative insight that allows company to look things from different
perspective, irrespective of whether company is developing new products, strategy or even
finding different and original way to stay in the competitive market. Innovation is very essential
for tesla growth overall.
Barriers of technology transfer and innovation with some suggestions
Barriers

Lack of leadership: The innovation must be lead from top management. Chief executives,
trustees and directors are not in the agreement to strategic standing of innovation and even they
many not support innovation. Because they do not want to change and adopting new things due
to fear of failure. So for these they also think about tesla growth and success and do things
accordingly.
Lack of collaboration: If an organization is not having good collaboration between teams then it
not supports innovation and technology transfer. So it can be overcome by effective
communication so tesla must focuses on communication between employees of different team so
it creates positive impact on company profile.
Adoption problem: Employees of tesla are not ready to adopt technology transfer they not want
to change but change is very import for growth. They think that their skills and expertise will
change, they think if technology advancement not match their skills then they may loss job. For
tesla can arrange training and development secession so, employees also learn new skills and its
also beneficial for company as well to get more skilled people in their organization
(Mazurkiewicz, Poteralska, and Walaszczyk, 2019).
Different way of managing and enhance innovation management
Innovation management includes process of managing tesla innovation procedure, that is
from initial stage of idea creation to the final stage of the successful implementation (Afuah,
2020). tesla focus on making staff part of change, so it creates positive environments in the
organization. If the people of organization take part then they feel motivated and adopt change
easily. Building effective recognition and reward system is key aspects of encouraging and
maintaining innovation. Recognition and appreciation are very essential to outstanding
workplace. Therefore, developing effective tools for recognition and rewards can encourage and
also keep employees continue to share their ideas to get rewards and recognized their efforts.
Transparency help culture of innovation. It is very essential that workforce should know what
buzz is around about the ideas and challenges posed by tesla. In innovation and technology
transfer employees also important to take part.
CONCLUSION
From the above report it has been concluded that the innovation and technology transfer
is very important to take competitive advantage. If tesla innovate things then they will survive
for long period with good amount of revenues. The above reports include importance of

innovation. It also includes barriers to technology transfer and innovation for this, company can
design training and development programs etc. Moreover, report includes how to manage
innovation management.

REFERENCES
Books and Journals
Kahn, K.B., 2018. Understanding innovation. Business Horizons. 61(3). pp.453-460.
Yun, J.J., and et.al., 2020. The culture for open innovation dynamics. Sustainability. 12(12).
p.5076.
Afuah, A., 2020. Innovation management-strategies, implementation, and profits.
Mazurkiewicz, A., Poteralska, B. and Walaszczyk, L., 2019. Technology Transfer Barriers in
Strategic Research Programmes. In Fourth International Conference on Economic and
Business Management (FEBM 2019) (pp. 273-276). Atlantis Press.