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Experimentation and innovation

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What do you feel is the best way for a company to transition from experimentation to innovation? Explain. Give an example of a company which transitioned successfully and one which did not.

Discuss resource allocation to execute IT experimentation and development plans.

Explain the characteristics of collaboration within your organization, or organization with which you have been associated. Explain the four components that must be in place to ensure successful collaboration in terms of your organization or an organization with which you have been associated.

Why is innovation necessary in a successful business? Describe the relationship that exists between innovation and strategic experimentation.

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Solution Summary

Experimentation and innovations are examined. Why innovation is necessary to successful businesses is determined.

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What do you feel is the best way for a company to transition from experimentation to innovation? Explain. Give an example of a company which transitioned successfully and one which did not.

The best way for a company to transition from experimentation to innovation is through an effective use of the strategy employed by google wherein the objective is to look at failure as the ultimate way to learn and create new ideas based on these failures. Many companies utilize computer simulations, the internet for interacting with employees, and other tests to experiment with questions associated with "what ifs" in regard to any potential new products. The objective is to look at innovation and experimentation as linked together wherein without experimentation, a product or service could not have emerged as a new innovative product. Therefore, more experimentation is recommended because it affords the company the ability to determine the most effective innovation through trial-and-error. This approach requires the organization to be open to failure, and the necessary resources will be needed to appropriate toward this approach.

An example of a company that did not transition successfully from experimentation to innovation was 3M, which was a European company that ...

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