Elements of the Innovative process

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The response addresses the queries posted in 1574 words with references.

//Innovation is crucial for the organization to gain success and growth in the current business scenario. For a paper like this, it is important to start up with a brief introduction like this. Further, the paper will include the elements of the innovative process and will also highlight the differences and the similarities between Incremental innovation, semi-radical innovation and radical innovation. At the end, conclusion has also been drawn to get full understanding of the topic. //

Introduction

Innovation is the key to success for the organizations to survive in the present scenario of highly competitive global market. Innovation has become crucial for the success and the growth of the business. Innovation has emerged to be a competitive advantage and the key for success to the business organizations. For example: Apple, which has established itself as a global brand and is known for its new products. The firm has acquired success and gained competitive advantage through the industry through innovation. Innovation is the demand of the consumers in the current business scenario, as people always need change. Apple has successfully realized this, and has been continuously achieving success by providing the global consumers through its innovative and distinguished products such as Apple I-phone (Hitt, Ireland & Hoskisson, 2009).

//Above, a brief introduction to the importance of innovation has been discussed. Now, the essential elements of the innovative process will be discussed.//

Elements of Innovative process

The Innovative process, which is implemented to bring change in an organization or business, is an action, which is structured. This innovative process brings the change in a smooth manner and helps the organizations and the businesses to achieve profit and success (Jeston & Nelis, 2006). There are several elements, which drive innovation. It is very important for the organizations to realize the importance of innovation, and to have knowledge about the elements of innovation, which support innovative process (Lewis, 2005).

The foremost important element for the organization to implement the innovative process is the supporting entrepreneurial culture of the organization (Jenny, 2006). Supporting entrepreneurial culture of the firm helps the firm to assess the potential opportunities and various risks, which the firm will encounter during the implementation of the innovative process (Lewis, 2005). The other elements of the innovative process are the emerging technologies, trained and efficient human resource of the organization, venture capital. In the current era of Internet, the emerging technologies have also become an important component of the innovative process. It is to be noted that new and modern technology is not an innovation itself, but the use of it in the processes of the businesses and the organization, helps to achieve innovation (Organization for Economic Co-operation and Development, 2001).

The use of new and better equipments has facilitated greater ...