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Evaluating the impact of innovation

This comes from an "Innovation, Design, and Creativity for a Competitive Advantage" course.

Here are the details:

- I used a Corporation, Sole Proprietorship, and Non-Proft, as my organzations.

- Prepare a paper in which you evaluate the impact of innovation on selected organizations.

- Please also discuss the impact on strategy, process, product or service in each type of organization.

Solution Preview

The degree of innovation depends on the size and type of the firm. In terms of size, innovative activities tend to be carried out in larger firms. Furthermore, most of the innovating firms (71%) are limited Companies. While a smaller proportion of non-innovating firms (44%) are limited companies. Some 51% of non-innovating firms are sole-proprietorship and partnership firms. Other than size, type of organization can also affect the extent of innovation. Sole Proprietorship, non-profit, and Corporation are three types of organizations on which the impact of innovation has been analyzed.

Sole Proprietorship

Sole Proprietorship is the simplest kind of organization that is managed by a single person. The owner or proprietor is the sole person responsible for managing the business, the operations, the finances, the legalities of the business. On one hand sole proprietorship has advantages like no corporate tax, there are certain drawbacks like limited funds. This limitation might result in lack of funds available for the firm to invest in innovation. However, in the fast paced world of globalization, not able to innovate is the biggest challenge a firm can face. More and more customers have become aware of ...

Solution Summary

The expert evaluates the impact of innovations.

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