Organisations need innovation to thrive and survive. Its regardless of the company’s size innovation has always been a driver for productivity. The innovation process of any organisation depends on its ability to harness creativity and as being dynamic depends upon management, being innovative depends upon the diversity in the workforce. This helps the companies to break the cycle and mould that is limiting thinking. When they take this step they are free to discover many new services, markets and products that help them to lead their business and organisation. Today’s market and business environment is competitive and along with the economic downturn it is increasingly showing that innovation and knowledge is the source of competitive advantage. Innovation is the key to productivity and output growth.( Cooper, 2001) It is the implementation of significant new product that could either be a service or good, marketing method, organisational method or process.
There are many ways through which a company or firm can innovate some of these dimensions are:-
These twelve dimensions of business innovation are about company, the customers and the processes it points and employs in the market.
We have various examples where both small and large companies have used their ability to innovate to reap benefits. One such example is of Apple Computer Inc where their innovation of a “ipod” is more than a nifty product but it is an elegant invention for the customers.
Hoffman and Gabr in the year 2006 proposed five drivers of the entrepreneurship these drivers are:-
Audretsch,& Keilbach, D B. & M , 2004. Does Entrepreneurship Capital Matter?â€– . Entrepreneurship Theory and Practice, 28(5), 419-430
Audretsch, D. B, 2004. Sustaining innovation and growth: Public policy support for entrepreneurship.Industry and Innovation, 11(1), 167–191
Baum&Locke, J.R. & E.A., 1997. The Relationship of Entrepreneurial Traits, Skill, and Motivation to Subsequent Venture Growth. Journal of Applied Psychology,, 89(1), 587-598
Cooper, R. , 2001. Winning at New Products: Accelerating the process from idea to launch. 1st ed. New York, NY: HarperCollins
Dobbin&Dowd, F & T J. , 1997. How Policy Shapes Competition: Early Railroad Foundings in Massachusetts. Administrative Science Quarterly, 42(3), 501-529
Fritsch&Mueller, M. & P. , 2004. ‘Effects of New Business Formation on Regional Development over Time. Regional Studies, 38(1), 961–975
Heschmati, A, 2001. On the Growth of Micro and Small Firms: Evidence from Sweden,â€–. Small Business Economics, 17(1), 213-228
Lechner&Dowling, C. &M. , 2003. Firm Networks: External Relationships as Sources for the Growth and Competitiveness of Entrepreneurial Firms,”. Entrepreneurship & Regional Development, 15(1), 1-26
Moser, P, 2005. How Do Patent Laws Influence Innovation? Evidence from Nineteenth-Century World’s Fairs. American Economic Review, 95(4), 1214-1236
Rothwell, R, 1989. Small firms, innovation and industrial change. Small Business Economics, 1(1), 51–64
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