Dynamics of Innovation

Significance of innovation

Innovation is a constantly evolving phenomenon with myriads of reverberating effects on businesses and their sustainability. Regardless of the age and size of the firm, the interactions are unending, having influences on the business survival. At the root of every innovation lies creativity and utilization of new ideas to solve problems. Innovation can be pricey. Yet, businesses that fail to innovate stand the risk of being wiped out, especially with the advent of disruptive innovation. A question has been raised as to whether the dynamics of innovation are changing? Companies that desire to successfully implement disruptive innovation, will rely on the capabilities of their management teams.

The quandary

Unexpected phenomena such as a pandemic can often present colossal opportunities to innovate. While innovation often appears promising, it brings with it interactions that generate multiple feedbacks, both positive and negative. In order to spark innovation, it is therefore necessary to first generate high-level aspirations. With the onset of each societal challenge and difficulty, comes new opportunities to create innovative solutions. Innovation begets another innovation, and yet another innovation resulting in an unending cycle.  There can be no room for fear or neutrality, firms need to sit-up, knowing that there is no other way but to innovate, since innovation tends to thrive in the face of adversity.

Requisites

A major skill that is essential for business growth, survival and sustainability is the mastery of innovation. Managers and executives need to hone this skill as individuals, and among their team members. A driving force in the world of innovation is information and communication technology, we have seen its role in various applications of innovation, ranging from product to process to marketing to financial to supply chain and to business model/ organizational innovation.

Attaining Sustainability

Innovation is not synonymous to business growth!!!! Since firms, no matter their ages need to remain relevant. For businesses to attain sustainability, there is the need for innovation, which is embedded in new technological processes. A number of factors such as patents and trademarks as documented by the United States Patent and Trademark Office, R&D activity, are indicative of the innovative capabilities of firms. It is not uncommon to see certain businesses at the growth or maturity stage begin to debilitate in the aspect of innovation. This often marks the beginning of the end for such organizations.

Conundrum

Take the instance of a firm that has successfully integrated a new and innovative product in its product line. The product is doing well on the charts and in high demand, is this the time for such a firm to relent or should it rather intensify efforts at innovating? This brings to fore the question: is there a place to draw the line when it comes to innovation? My answer is NO. What’s yours?

Writer: minit.2.two (a researcher and writer)

 Contact- minit.2.two@gmail.com