Reference no: EM132188194

Before starting this activity, review the Week 8 LEARN (e-Activity) (there are several) and read Chapter 10 in the course text book. Doing this will give you the why to include in your response to the following:

Innovation Applied

Read Chapter 13 Strategic Entrepreneurship and review the Learn video/lecture, then respond to the following:

Analyze the different approaches to innovation discussed in this chapter to determine which approach you think would be the greatest value to the greatest number of organizations. Explain your rationale.

Create one innovative approach that is not discussed in the textbook for increasing the amount of innovation within a large company. Describe this approach in detail and explain how companies could benefit from it.

Respond to classmate:

The approach to innovation that I think would be greatest value to the greatest number of organizations would be the International Entrepreneurship approach.

This approach consists of the entrepreneur conducting business activities across national boundaries or to open up a business office in another country. Another innovative approach not discussed in the textbook for increasing the amount of innovation in a large company would be the Ideas-driven approach.

This approach collects ideas until one is selected for development. Organizations that utilize this approach are often offering products with short life-cycles, such as fast moving consumer goods and telecoms services. Nearly 80% of a company's potential lies in the ideas of regular front-line employees. From ideas to improving productivity and customer service, to ideas for new or better products or services.

Respond to classmate:

There are different innovation approaches that can be adapted to each phase and each department of an organization. Technological innovation help companies to compete effectively. Focused events or campaigns is another approach that help generate ideas and managers chose the best to work with.

Another approach that many companies use is the Collaborative idea environment, during which employees are interacting in a collaborative setting to gather ideas and make suggestions to managers. Ad-hoc innovation: employees are encouraged to work on their own projects, independently. This helps employees to create small ideas to make improvements.

The best innovative approach to me is to use an existing product, work on it and come up with innovative features that would blow customers' minds. For example, the first computers that were created, the vacuum, was the basis structure that lead to what we have today. Innovation is the attitude of constant improvement.

Technology has innovated. In terms of communication, we used to have beepers with call id, and street pay phones, so that when you receive a beep, you can call the person back immediately. At that time, we thought it was the final innovation. I believe that in the technology field, there is an innovation approach that fits well: The innovation teams. A team of people who are paid to think and invent for the future.

This approach is not discussed in the book. I think it is the best approach that have lead humanity where it is today. I have seen machines and mega machines that you cannot imagine were created by mankind. The rail road making robot for instance. This machine is beyond understanding. Innovation is the fruit of the mind. Without innovation, a company cannot compete, strive and remain in business.