StudentShare solutions
Triangle menu

Innovation and Partnership - Essay Example

Not dowloaded yet

Extract of sample
Innovation and Partnership

Innovation is the process involved in the making of improvements by introducing new ideas, or the act of introducing something new (The American Heritage Dictionary). It is "the process of translating new ideas into tangible actions with societal impact." (Krisztina Holly, Vice Provost, University of Southern California, and Executive Director of USC Stevens Institute for Innovation), or a creative idea that is realized. (Frans Johansson. Harvard Business School Press, 2004).
Innovation can also be seen as any new element introduced in a network, which has the ability to create a change, even if the change is momentary, and involves the costs of transactions between two or more actors, elements or nodes, in that network.
In business, economics, or government policy, innovation must be substantially different, and must have a significant amount of change. In economics, such innovation or change must increase producer value or customer value. Innovations are aimed at improvement, and the whole economy grows as a result of a succession of innovations. The term innovation may also refer to both incremental and radical changes to existing processes, products or services, and the goal of any innovative process is to find solutions to problems. Innovation is a vital topic in the area of economics, business, sociology, engineering and technology. Innovation is also considered to be a major driver of any economy, and so the factors, which lead to innovation to be implemented, are also considered to be crucial to policy making.

In an organizational context, innovation can be linked to growth and performance through improvements in, productivity, quality, efficiency, market share, and competitive positioning. Every organization has the capacity to be innovative, including organizations like universities, hospitals, and even local governments.
Although innovation adds value, it can also have negative or destructive effects on the economy, due to the fact that new developments might change or dispose of older or previous organisational practices. Organisations that fail to implement innovation in an effective manner may end up being destroyed by those that have better innovative tendencies.
Therefore, innovation typically involves a certain amount of risk. A key challenge in the process of innovation is the ability to maintain the right degree of balance between the process and product innovations, in a situation in which process innovations are likely to involve a business model that may lead to shareholder satisfaction through improved effectiveness, while the innovation of products develop customer support, but with a risk of some costly R&D that could damage shareholder returns.
Talk of industry innovation rarely brings the tourism industry to mind. Social and economic research focuses most of its attention on such innovation industries as the Pharmaceuticals, IT, Biotechnology, Instrument, and materials industries. Thus the occurrence of innovation with wide economic impacts (Dosi, 1982: OECD, 2000). In recent years the concept of innovation has been increasingly linked to the services sectors, mostly for the hospitality and tourism industry (Metcalfe et al., 1999), with projects ...Show more


As a result of increasingly fierce competitiveness, it is now more common for firms and institutions to resort to the adopting of alliances of collaboration or partnership between them. A popular type of these collaborative partnerships is that of a supplier association, which completely co-ordinates the supply chain, with an intense effort to improve quality and reduce unnecessary waste…
Author : amonahan
Innovation and Partnership essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Innovation and Partnership"
with a personal 20% discount.
Grab the best paper

Related Essays

Collaborative Innovation. Things that motivate companies to collaborate in innovation
Collaborative Innovation. Technology is essential to any firm in today’s world. Technology enhances the business by creating efficient systems that maximise on the opportunities provided in the market. Companies should innovate different technologies that enable them to have a competitive advantage in the markets they exploit.
8 pages (2000 words) Essay
Business Innovation
Several authors who have expertise in this topic have identified innovation differently. We may also well know about the multiple definitions about this concept that seem to be much simpler while they are also vague. Simply, innovation can be any item, thought, & process, which is new to a specific area but not essentially to the whole world.
8 pages (2000 words) Essay
Bussiness Innovation
Several authors who have expertise in this topic have identified innovation differently. We may also well know about the multiple definitions about this concept that seem to be much
8 pages (2000 words) Essay
Learning Through Partnership (Education)
This reality has changed the concept of national identities and cultural belongings in the contemporary world (Suarez- Orozco & Qin- Hilliard, 2004), thereby, shattering internal and
16 pages (4000 words) Essay
Innovation Organisation
This report has aimed at analyzing the element of innovation process that has been successfully ingrained within the organisational framework of BAM Construct UK Ltd. and has also thrown light on the aspect of product and service innovation. By augmenting the
10 pages (2500 words) Essay
It is quite important to understand the concept of Agency as Partnerships are understood to be essentially relationships of agency. Agency is defined as an individual who is known as Agent, intentionally agreeing and accepting to act for or on behalf of someone else.
4 pages (1000 words) Essay
The various partners that constitute the partnership firm act ‘in common’ according to Section 24(5) of the Act which means that each partner is acting on
3 pages (750 words) Essay
This motivated the company to introduce the manufacture of the processors. The adequacy of the market demand was the motivating factor for the company to venture into the business. The leadership of the company eyed for the availability
12 pages (3000 words) Essay
Innovation management
uicker ways to change their business ways and innovate for new products so that they can catch up with the rapidly changing markets and the environment (Barney 658). The recent times have found that the industry has been hit by the digital age in both content as well as
18 pages (4500 words) Essay
Innovation and the Sustainable organisagtion
The stakeholder’s theory provides a good insight on how power relations act as a strong influence on partnership operations, managing complimentary assets, and how much can be achieved (Oxford Customer
1 pages (250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation