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Innovation study

The CEO of your company, Mr. Gilbert, has just informed you of your first assignment for the development of the new product. He tells you that to fully understand the requirements of the task at hand, you should research innovation and discuss how other companies have used innovation to develop their new revolutionary products. He also explains that your research should be documented and submitted to him in the form of a memo.
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Define innovation.
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Define entrepreneurship and intrapreneurship.
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Compare and contrast entrepreneurship with intrapreneurship.
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Discuss how other companies have used innovation to develop new revolutionary products.
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Research one particular company that has used innovation to develop a new product.
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Explain why the product you selected is innovative within its industry.
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Explain how the product came to the market.
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Explain which approach was used in the development of the researched company's product (entrepreneurship or intrapreneurship).
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Discuss the advantages or disadvantages that have resulted from the particular approach.
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Discuss the challenges faced in bringing the innovated product to the market.

Solution Preview

//Innovation is an ongoing process in the business organizations which are involved in the process of product developments. Different approaches are adopted by the organizations to develop the new products. In this regard, the definitions of the innovation and two approaches of innovations namely entrepreneurship and intrapreneurship are summarized in the initial discussion of the paper under the given heading.//

Memorandum

To: The CEO

Date: April 14, 2010

From: XYZ

Subject: Business Innovation

This memorandum will help the CEO to understand the basic process of innovation and its related practices for having basic knowledge about how the companies produce revolutionary products.

Innovation, Entrepreneurship & Intrapreneurship:

Innovation is a process of bringing changes in the development of the new products to make them more useful for the customers and providing them with exceptional value through such products. The revolutionary changes made in the products are carried with the inclusion of the innovative thoughts and ideas in the overall production and manufacturing process. Two approaches are used by the business organizations for the development of the new products, namely entrepreneurship and intrapreneurship. Entrepreneurship is process which is undertaken by the entrepreneurs for inventing new ways through which the resources can be combined in a new way for bringing innovations in the existing economic goods or in the development of the new goods (Carsrud & Brannback, 2007). This is a practice which is applied for the embarkment of the new business or modifying any business already existing. This is done for the exploiting of the newer opportunities. On the other hand, intrapreneurship consists of the practices which are adopted by the employees of the organization on their own level for brining innovation in the product development process for channelising the objectives of the entrepreneur.

//After having a good understanding of the basic terminology related to the innovations process, the further discussion is including the ...

Solution Summary

The response addresses the queries posted in 1181 words with references.

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