Examples of innovation in the following topics:
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- In business and economics, innovation is the catalyst to growth.
- The more radical and revolutionary innovations tend to emerge from R&D, while more incremental innovations may emerge from practice—but there are many exceptions to each of these trends.
- Conversely, failure can develop in programs of innovations.
- Once innovation occurs, innovations may be spread from the innovator to other individuals and groups.
- Innovative companies will typically be working on new innovations that will eventually replace older ones.
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- We define "innovation" as an idea or product that is new to the sponsoring organization.
- A good example of this type of innovation is the smart phone.
- In brief, where do innovative ideas come from?
- Non-technical development is another path to product innovation.
- Serendipity plays a role in product innovation.
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- However, technological innovations like these must be able to be protected, or they will not last.
- Certain types of innovation are especially advantageous for start-ups.
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- be able to discuss the related topics of failed innovation and product deletion
- In this chapter, we discuss the following topics: (a) Where do innovations come from?
- (b) product categories; (c) Innovation through business models; (d) Evaluating innovations; (e) When innovation fails: deleting products; and (f) chapter summary.
- In the next two sections, we briefly discuss innovations and their origins.
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- In this section, we review some emerging models in the music industry, in order to illustrate how such models can serve as a source of innovation.
- In this section of the chapter, we present an alternative source of innovation—the innovation that results from successfully introducing new business models.
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- Diversity brings substantial potential benefits such as better decision making and problem solving, and greater creativity and innovation.
- Diversity brings substantial potential benefits such as better decision making and improved problem solving; greater creativity and innovation, which leads to enhanced product development; and more successful marketing to different types of customers.
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- A healthy and robust organizational culture may provide various benefits, including the following: (1) Competitive edge derived from innovation and customer service; (2) Consistent, efficient employee performance; (3) Team cohesiveness; (4) High employee morale; and (5) Strong company alignment towards goal achievement.
- This is done through cultural innovation followed by cultural maintenance.
- Cultural innovation includes:
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- Then they came up with an innovative idea for Toshiba to provide better service to its customers.
- The result of this operations innovation is better service to Toshiba customers and a strong and profitable strategic partnership between and its customer, Toshiba.
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- Ironically, the reason why the worst-case scenarios of the top-down theorists never materialized is because making waste more expensive resulted in the power companies becoming more efficient, more competitive and more innovative.
- Pielke reiterated the principle behind this belief when he stated in an article for the New York Times that pioneering inventions and innovations are not enough to guarantee economic progress.
- These technological standards not only promoted innovation, they also helped protect national industries from falling behind those of another.
- Companies that cannot compete risk losing overseas markets while innovative goods from other countries flood their domestic markets.
- This approach is taken by Japan's Top Runner program, which sets energy-efficiency standards by identifying technological leaders in a particular industry and mandating that the rest of the industry keep up with its innovations.
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- In this case the innovation, the car, was transformational but did not require the development of a new technology, merely the application of existing technologies in a novel manner.
- The characteristics of an entrepreneurial economy are high levels of innovation combined with high level of entrepreneurship which result in the creation of new ventures as well as new sectors and industries.
- To Schumpeter, an entrepreneur is a person willing and able to convert a new idea or invention into a successful innovation.
- An alternate description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the construction of a drinking straw.
- In this case the innovation, the car, was transformational but did not require the development of a new technology, merely the application of existing technologies in a novel manner.