Innovation

Innovation is the exploration, production, adoption, assimilation, and exploitation of value-added novelty in business.

Innovation is the light every forward-looking organization is pursuing. Innovation becomes simply ”creating value by solving simple or complex problems. Organizational Innovation is about changes in how an organization operates or delivers services that can significantly promote efficiency and productivity. 

Beyond traditional innovation, several alternative approaches have emerged, including organizational changes, open-source principles, and radical sustainability perspectives.

Characteristics of organizations successful at innovation:

-Top management support and leadership

-Rewards for individuals who push for innovation

-Dedicated resources for innovation

-A diverse workforce that welcomes outside ideas

-Well-connected organizational ecosystem for easy communication and implementation

-Willingness to experiment with different approaches

Open Source Movement: The open-source movement, originating from computer programming, rejects secrecy and centralized control, favoring decentralization, transparency, and unrestricted sharing of information. Key aspects of open source:

Transparency: Publishing all source code on the Internet under licenses that allow free redistribution

Peer Review: Minimizing computer bugs and security risks through extensive peer review

Applications: Used to create free online databases and by commercial Internet vendors to populate reviews of items for sale

Radical Sustainability: Radical takes on sustainability suggest true sustainability is only possible in small-scale communities where humans live in close contact with natural processes. This view suggests a shift away from industrial civilization towards a mode of living where humans harmonize their activities with natural cycles. Some radical environmentalists may accept a high-tech postindustrial civilization, but emphasize the need for a clear break with existing economic practices and power structures.

Innovation is the exploration, production, adoption, assimilation, and exploitation of value-added novelty in business. A disciplined innovation approach focuses on commercially relevant compounds innovation management, which is driven by clear strategic goals, risk management, and integral and interdisciplinary process management.

Posted in: Innovation