MANAGEMENT OF INNOVATION [Vol. 1]

I have a thing for tutoring business-minded Steemians like myself here on the Steemit blockchain. You can call me 'Mr entrepreneur' . Lol! My aim is to make sure someone learns one or two things from my tutorials. My focus this week is on Management of Innovation.

WHAT IS INNOVATION

Innovation is the successful development of competitive advantage. It is the presence of innovation that distinguishes the entrepreneur from others. Innovation must therefore, increase competiveness through efforts aimed at the rejuvenation, renewal and redefinition of organization, their markets or industries. If businesses are to be deemed entrepreneurial.

Innovation is very genuine in business today, without which, organizations will not be able to gain competitive success or advantage. That is, for organizations to survive, grow and maximize desired profitable outcome, they demand innovation. It is important to note that innovation begins with creativity as both terms are often used interchangeably. This article, therefore is to expose the reader and explain vividly what innovation is all about. The article will also examine the essence of managing innovation and change in the realization of organizational goals.

Image Source

More so, at the end of this discourse, this article would have established why innovation is a key outcome of individual firms or companies, as well as society that seeks for economic development with vivid illustration and examples applicable and appropriate for the subject matter.

CONCEPT, NATURE AND TYPES OF INNOVATION

A wide range of opinions have been expressed in an effort to explain what innovation means. It should be noted that the term innovation comes from the latin word Innovare meaning to make something new.

• Innovation is the process of taking new ideas effectively and profitably through to satisfy costumers.

• Innovation is the successful exploration of new ideas, it is a profitable outcome of the creative process, which involves generating and applying in a specific context product, services, procedures, and processes that are desirable and viable.

• Innovation is the process of creating a commercial product from an invention.

•Innovation is the post hoc recognition of creativity , involving a new and valuable discovery of some kind. In other words, Innovation can only be said to have taken place after the event. It is an outcome phenomenon.

• Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, and capable of being practiced.

Image Source

SOURCES OF INNOVATION

However, the sources of innovation include:

1. Unexpected occurences

2. Process needs

3. Incongruities of various kinds

4. Changes in perception

5. New knowledge

6. Demographic changes

7. Changes in an industry or market

Fellow Steemians, this is going to be all for today's tutorial. Do keep in touch with my blog to view the completing part of this article. Follow @citimillz to get enlightened.

Thanks for visiting my blog!!!! 😁