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Give some tips to encourage successful innovation with explanation
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- The second phase, idea generation, serves the identification of potential business model innovations and the systematic generation of ideas. Select one: a. True b. FalseGive some things to encourage successful innovation with explanationA. Innovation can be represented in new ideas, products and processes. identify whether the statement it is True or False
- “Idea generation is the creative process of generating new methods to solve problems and improve the product’s conditions or the company itself. It is undoubtedly based on factors like idea development, group discussions, choosing the best alternative, and finally, implementing the idea in real-world scenarios. The idea doesn’t need to be practical, and it can also be a mere thought.” (Hitesh Bhasin, 2021). Analyse the above statement and explain why innovation and enterprise are both fundamental in business, and in start-up and established organisations as they operate in competitive business markets. Using your knowledge and theories researched on innovative practice and idea generation and relate it to the above statement. Discuss why innovation and enterprise are so fundamental and important in business. Explore through real business examples your ideas of the common factors that lead to innovation success or failure. (LO1).List at least two methods for coming up with original, innovative ideas. give a quick explanationExplain the 1st and 2nd picture. 1st pic: purpose of DISRUPTIVE INNOVATION how it works netflix's disruptive innovation 2nd pic: strengths limitations role of management accountant Please explain in essay form and in easy way like explaining to students. Thank you.
- Innovation is the engine that drives progress and propels organizations forward in today's dynamic and competitive landscape. It involves the creation and implementation of novel ideas, processes, products, or services that offer unique value to customers and stakeholders, Embracing a culture of innovation encourages employees to think creatively, challenge the status quo, and explore new possibilities. This requires fostering an environment where experimentation is encouraged, failure is seen as a learning opportunity, and collaboration across departments and disciplines is facilitated. Moreover, effective innovation management involves systematically identifying opportunities, gathering insights from market research and customer feedback, and prioritizing initiatives based on potential impact and feasibility. Organizations that prioritize innovation not only stay ahead of the curve but also drive sustainable growth and differentiation in the marketplace. How do you foster a culture…Compare and contrast the following past and current theories of innovation in the context of the size of companies and the use of technology and feedback. a. Disruptive innovation b. Dual innovation c. Open innovation d. Design thinkingAs firms expand and post increasing information about their business activities on their websites, website data is a valuable source for investigating innovation. In your own words, What are the Web's significant challenges for effective knowledge discovery. Mention only three. There is no need to provide details. Only list the challenges.
- When mobile phone manufactures added a camera to the phone, they engaged in . Use your knowledge of innovation to select the term that best fits each scenario or description. When smart phones first came out, companies tried to identify what apps they could create to combine with them to enable new things like compasses, maps, and mobile ticket purchasing. What type of innovation do these apps represent? A. A radical innovation B. A systems innovation C. An incremental innovationBriefly discuss any five (5) of the typical challenges and barriers to innovation within an organisation, and suggest at least one measure for overcoming the barriers you have identified in your response. Your response should be in no more than 400 words.Suppose you are starting up a company and inventing a product of 'Smart Robotic Vaccum Cleaner' that can detect and captures insects. It is can also be activated through the phone. What are the human resources and skills needed for putting forward your business ideas? Describe the capabilities of yourself and/or your team and explain how your team will acquire or develop the skills necessary for successfully launching the idea