In today's highly competitive business environment, it is not only the survival of the fittest, but also the success of worthiest. What makes the corporate to survive, innovate, compete and build its worth.
There are few other ways of innovation as well:
Accidental (serendipitous) and innovation by different usage (wherein the intended usage and actual usage are different)
No doubt, competition enhances innovation. Further, values and culture of a society also innovation behaviour of workforce.
Based on my research (and some colleagues) the influentuial factors on innovation results (both material and immaterial) can be ranked by descending importance:
-training staff competencies,
-proper systemic conditions,
-innovation triggers,
-proper market alignment of the inventions,
-systemic identification of opportunities.
Also, in high-tech companies, formal R&D seems to be of greater importance than in Low-tech (importance of non-formal activites and cooperation with R&D sphere).
The chain of cause and effect in organizations is complex. Several motivations can lead a company to innovate. On the one hand, the increased competition leads companies to seek to offer new products, whose margin of profitability is higher. If there is success in one or a few products, the company can go slowly, creating an innovative culture.
- Badges
- Science topic
- Similar topics
- Econ
- Business Economics
- Business