Innovative Thinking and Practice: Assignment on Business Innovation

This assignment delves into the multifaceted realm of innovative thinking and practice. It begins by examining incubation as a method for generating new ideas, exploring its four key aspects: preparation, incubation, illumination, and verification. The assignment then analyzes the Delphi method, a structured communication technique used for expert-based forecasting, highlighting its suitability for complex problems and risk assessment. The organizational benefits of innovation are discussed, including increased productivity, cost reduction, enhanced product quality, and market share expansion. The role of new venture teams in fostering innovative thinking is explored, emphasizing teamwork, diverse perspectives, and critical thinking. Critical thinking skills are thoroughly examined, covering their application in various areas such as human resources and marketing. Finally, the assignment outlines strategies for building a culture of innovation within an organization, including employee empowerment, refined reward systems, advanced tools, and experimental environments. The assignment draws upon a range of academic sources to support its claims and provide a comprehensive overview of the subject matter.

RUNNING HEAD: INNOVATIVE THINKING & PRACTICE
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INNOVATION

INNOVATIVE THINKING AND PRACTICE 1
Answer-1
Incubation helps in generating new ideas it is because the approach is based on four aspects of
creation such as preparation, in this, it focuses on the core of problems and issues (Klaasa et al.,
2019). This can gain an understanding of the major other dimensions which are involved with the
problem. Individual can generate more ideas it is due to the reason that the problem is well-
understood in advance. The other aspects such as incubation lead in gaining insight about the
unconscious part of the procedure, so that individual is in the position of solving the problem by
providing innovative ideas and opinions (Fischer et al., 2019).
The third aspect of the incubation is illumination in which individual become aware and knows
about the creativity, innovation and efficient ideas as well as opinions it is because this
innovative idea is a bubble into the consciousness (Huang & Xiang, 2019). This gains the
capability of the person to think more deeply and innovative so that ideas will be related to the
issue and can allow the person to connect it with the practical examples. The verification aspect
of incubation leads to testing and evaluating the accuracy of testing so that one can understand
the reliability and efficiency of the ideas and information (Deserti & Rizzo, 2019). Therefore,
these aspects incubation also supports the individual in thinking in a more effective manner and
also increases the ability of the organization to set the problems in different phases and reduce
the workloads. So that one can focus mainly on the specific area to generate and think the more
unique design and plan for solving the situation. The estimation describes that incubation support
in creating ideas because it focuses on the conscious and unconscious part in the structure.
Answer-2
Delphi method is the structured technique and method of communication which is mainly
developed for conducting the structured forecasting which is based on the expert's panel. It is in
the form of a questionnaire in which opinions of the respondents are recorded and leads in
reducing the biases among the participants and moderators (Friesl et al., 2019). This method is
used because of understanding and researching a particular area. It is designed to get the opinions
and perception of the respondents in this respondent does not get influenced by the outside
forces. Delphi method will be suitable to use when an individual has to understand the core of
the complex and difficult problems. This method is also being appropriate when the decision will

INNOVATIVE THINKING AND PRACTICE 2
not be attained through the technical analysis, Delphi method can help in giving the judgments of
various experts. The estimation reveals that the majority of the researchers used this method to
get the whole learning and analyzing the problem (Njøs & Fosse, 2019).
Delphi method is used in identifying and analyzing the risk factors of the diseases and other
subject matter (Nair & Blomquist, 2019). This leads to providing an appropriate opinion of the
respondents regarding the particular factors. The method will also be used in describing the
barriers and problems for accessing the services, procedure, and structure. This method is
applicable because it leads in analyzing and designing the responses gets from the respondents
and increases the capability of the researchers to deal with different ethnic groups and
communities (Huang & Xiang, 2019). The technique is more useful when the face to face
interaction becomes complex because of larger respondents and statements given by the different
experts in the panel. It is used in several concerning issues and problems which are related to
politics etc.
Answer-3
The organizational benefits of innovation include that it helps in increasing the productivity and
reduce the cost and expenditure in the organization because of maintaining more flexibility and
accomplish economies of scale (Deserti & Rizzo, 2019). The organization does innovation in the
procedure and structure to gain a competitive advantage. The innovation also leads in enhancing
the quality and quantity of the products and services offered by the organization in a specific
period, through this organization does more investment in research and development so that the
organization can understand the needs and demands of the consumers. It also provides various
other advantages such as it leads to increasing the range of product lines through which the
market share of the companies will be accomplished. This results in increased profits and
decreases the shareholder's risk in the organization (Nair & Blomquist, 2019).
The organization can also deal with the legal as well as environmental factors because innovation
allows and support the companies to reduce the carbon emissions and leads in providing lower
wastage in the organization (Fischer et al., 2019). Therefore, through the innovation strategy
organization also ethically conduct their operations and adopt the changes in the rules and
regulations of conducting the business so that loyalty will be increased among the customers and

INNOVATIVE THINKING AND PRACTICE 3
results in adding more value because of establishing the selling procedure uniquely and
differently. Therefore, innovation supports the companies to differentiate them from their
competitors in the eyes of the consumers and can raise promotion and advertising the product
and services. In Australia, 80% of the revenue will be attained because of more innovation and
can also result in recruiting more competent and skilled employees in the organization so that
they can perform efficient and effective work in the organization (Arundel et al., 2019). The
innovation also leads in increasing the development of organizations because it becomes capable
of adopting advanced technologies and policies in the competitive environment. Through this
more employee retention will be achieved in the organization and organization develops different
policies for the growth of the employees, therefore, human resources will be managed efficiently.
Answer-4
The venture team can contribute to innovative thinking by focusing on the areas through which a
team can be inspired by performing unique tasks and roles. The new venture teams can seek out
the method in which teamwork will be achieved and tasks which be allocated among them it is
because this can allow and support the team member to discuss in the panel about the subject
topic by giving different ideas and opinions (Arundel et al., 2019). The new organizational team
can also increase creative thinking by combining the same opinions, ideas, products, and services
through diverse disciplines. It can support the team to identify the loop and gap in the ideas
through thinking in-depth about the problem. Therefore, this team can also increase the
intellectual skills and thinking of the individual. In Australia, the majority of the new venture
develops different programs for developing the skills of the teams so that they can think more
creatively and can help the organization to get productive results in the initial stage (Klaasa et al.,
2019).
Different approaches can be used by a team which includes that they can focus on solving
complex situations and problems which can make team members adopt the changing dynamic
environment by thinking more critically and deeply. This can support the venture to gain a
competitive advantage and can increase the market share of the new venture (Rosenbusch et al.,
2019). The author describes that thinking more deeply for a particular situation without
limitations and boundaries can support the team to think more creative and challenging. It also
creates a competitive spirit among the employees in the organization because of providing more

INNOVATIVE THINKING AND PRACTICE 4
innovative ideas about the problem faced by the new venture (Acar et al., 2019). The team can
also attend more brainstorming sessions because through this team can set achievable goals and
objective which is within the limit and skills of the team members.
Answer-5
The critical thinking is considered the major skills and abilities through which the person and
employees can move through the concrete ideas to the conceptual and practical area because of
thinking in a more critical manner about the subject matter (Njøs & Fosse, 2019). The critical
thinking can also support the person to investigate the outcomes or the results which can be
achieved through providing ideas and can compare the ideas of different experts. In this
approach, employees identify and analyze the parallel, demonstrate the events. It is because
through this they can develop complete and logical information or data about the specific area
(Njøs & Fosse, 2019). Therefore, there are different tools from which employees and person can
increase their critical thinking such as brainstorming sessions, board games, journaling, etc.
The critical thinking is applied in different areas such as human resources, marketing, etc, it is
because human resource develops the policies, structure and organize training sessions by
thinking critically (Tsinopoulos et al., 2019). This is due to the various reasons that it can lead in
developing and efficiently managing human resources. In marketing, critical thinking is applied
because of developing attractive tagline, content and promotion strategies for attracting a large
number of customers in the organization (Klaasa et al., 2019). Therefore, there are various other
areas in which critical thinking is applied it is due to the reason that it can force the individual to
think in-depth and also to focus on the other related appropriate dimensions to accomplish the
desired objective and for efficient decision making.
Answer-6
The organization can adopt the strategy of thinking beyond the old structure in which employees
can force to provide ideas about the development of the product, models of the business and
policies as well as strategies followed in the organization (Acar et al., 2019). This can overcome
the issues that employees only focus on giving ideas for growing new products rather than
having better knowledge about the demands of the customers. For maintaining a better culture of
innovation an organization can also refine the rewards and incentives method. It is because

INNOVATIVE THINKING AND PRACTICE 5
through this employees will feel that their efforts are rewarded and become motivated for
providing efficient results through using innovative ideas and strategies in the organization. This
can support the organization to offer products and services to the customers by adding new
features according to the customer's needs (Friesl et al., 2019).
The companies can also develop advanced tools and techniques in the organization because the
employees do not show their efficiency when it does not have proper tools to show their practical
knowledge (Meijer, 2019). Therefore, this organization can install advanced software that can
contribute to the employee's creative ideas and can increase the culture of innovation in the
organization. The creation of better places for experimentation supports in maintaining a better
environment in the organization. It is because through this employees can experiment with more
new techniques and methods of performing the activities because of achieving the assigned task
in an innovative manner (Rosenbusch et al., 2019).
References

INNOVATIVE THINKING AND PRACTICE 6
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Deserti, A., & Rizzo, F. (2019). Context dependency of social innovation: in search of new
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Fischer, C., Malycha, C. P., & Schafmann, E. (2019). The Influence of Intrinsic Motivation and
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INNOVATIVE THINKING AND PRACTICE 7
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