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Innovation Lessons

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Please assist me with these questions.

What lessons could be learned through the process of learning and failing at an innovative venture?
Can a company be competitive if they do not continue to innovate? Why or why not?
List an example of a company that has been successful due to innovation and forecast what you believe their potential for continued success may be in the next decade?

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https://brainmass.com/business/entrepreneurial-issues/innovation-lessons-614301

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Step 1
Through the process of learning and failing in an innovative venture, there can be several lessons learned. Lessons relating to the cause of failure, the environment in which failure occurred, and the requirements of success can be learned. Specifically, lessons relating to competition, commercial returns from innovation, and financial implications can be learned. Further, the requirements of capacity to implement the innovation, the risk of transfer of know-how, and issues related to quality are learned through failing ...

Solution Summary

This solution explains issues relating to innovation and learning. The sources used are also included in the solution.

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