StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Innovation and Partnership - Essay Example

Cite this document
Summary
As a result of increasingly fierce competitiveness, it is now more common for firms and institutions to resort to the adopting of alliances of collaboration or partnership between them. A popular type of these collaborative partnerships is that of a supplier association, which completely co-ordinates the supply chain, with an intense effort to improve quality and reduce unnecessary waste…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.1% of users find it useful
Innovation and Partnership
Read Text Preview

Extract of sample "Innovation and Partnership"

Download file to see previous pages

Innovation is the process involved in the making of improvements by introducing new ideas, or the act of introducing something new (The American Heritage Dictionary). It is "the process of translating new ideas into tangible actions with societal impact." (Krisztina Holly, Vice Provost, University of Southern California, and Executive Director of USC Stevens Institute for Innovation), or a creative idea that is realized. (Frans Johansson. Harvard Business School Press, 2004). Innovation can also be seen as any new element introduced in a network, which has the ability to create a change, even if the change is momentary, and involves the costs of transactions between two or more actors, elements or nodes, in that network.

In business, economics, or government policy, innovation must be substantially different, and must have a significant amount of change. In economics, such innovation or change must increase producer value or customer value. Innovations are aimed at improvement, and the whole economy grows as a result of a succession of innovations. The term innovation may also refer to both incremental and radical changes to existing processes, products or services, and the goal of any innovative process is to find solutions to problems.

Innovation is a vital topic in the area of economics, business, sociology, engineering and technology. Innovation is also considered to be a major driver of any economy, and so the factors, which lead to innovation to be implemented, are also considered to be crucial to policy making. In an organizational context, innovation can be linked to growth and performance through improvements in, productivity, quality, efficiency, market share, and competitive positioning. Every organization has the capacity to be innovative, including organizations like universities, hospitals, and even local governments.

Although innovation adds value, it can also have negative or destructive effects on the economy, due to the fact that new developments might change or dispose of older or previous organisational practices. Organisations that fail to implement innovation in an effective manner may end up being destroyed by those that have better innovative tendencies. Therefore, innovation typically involves a certain amount of risk. A key challenge in the process of innovation is the ability to maintain the right degree of balance between the process and product innovations, in a situation in which process innovations are likely to involve a business model that may lead to shareholder satisfaction through improved effectiveness, while the innovation of products develop customer support, but with a risk of some costly R&D that could damage shareholder returns.

Talk of industry innovation rarely brings the tourism industry to mind. Social and economic research focuses most of its attention on such innovation industries as the Pharmaceuticals, IT, Biotechnology, Instrument, and materials industries. Thus the occurrence of innovation with wide economic impacts (Dosi, 1982: OECD, 2000). In recent years the concept of innovation has been increasingly linked to the services sectors, mostly for the hospitality and tourism industry (Metcalfe et al., 1999), with projects

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Innovation and Partnership Essay Example | Topics and Well Written Essays - 6000 words”, n.d.)
Innovation and Partnership Essay Example | Topics and Well Written Essays - 6000 words. Retrieved from https://studentshare.org/miscellaneous/1509989-innovation-and-partnership
(Innovation and Partnership Essay Example | Topics and Well Written Essays - 6000 Words)
Innovation and Partnership Essay Example | Topics and Well Written Essays - 6000 Words. https://studentshare.org/miscellaneous/1509989-innovation-and-partnership.
“Innovation and Partnership Essay Example | Topics and Well Written Essays - 6000 Words”, n.d. https://studentshare.org/miscellaneous/1509989-innovation-and-partnership.
  • Cited: 0 times

CHECK THESE SAMPLES OF Innovation and Partnership

Performance Improvement in Public-Private Partnerships

PERFORMANCE IMPROVEMENT IN PUBLIC PRIVATE PARTNERSHIPS (Author's name) (Institutional Affiliation) Public-private partnership affects a company's performance particularly in the mid-term span of three-four years following the merge.... Funds received for intermediated public-private partnership assuages financial constraints as well as aids a company in remaining more financially feasible by significantly reducing the prospect of insolvency up to 2.... hellip; From innovative performance perspective, companies, which obtain funds via public-private partnership, have 4....
5 Pages (1250 words) Essay

Role of Public-Private Partnerships in Mixed Economies

The significant concern of partnership working has become much significant in delivering effectual public services.... With this concern, this paper intends to analyse a PPP with reference to the example of NATS Holdings Limited applying certain significant aspects grounded on the arguments revealing that pubic services need to be more innovative and the idea concerning partnership working has become much important, especially when concerning the deliverance of effective public services....
12 Pages (3000 words) Coursework

PRE-LAUNCH DECISIONS WHICH INFLUENCE INNOVATION SUCCESS

This further promotes long term strategic partnership between the members of the adoption network.... Different strategic policies are initiated for initiating a long term partnership.... Question # 1: Discuss the roles of early adopters and network developments in the market acceptance process of innovation.... hellip; Question # 1: Discuss the roles of early adopters and network developments in the market acceptance process of innovation....
4 Pages (1000 words) Essay

Use of Information Technology in US: Airline Industry

It is projected that the airline industry will continue to be key to the future of economic development & prosperity in order to implement changes for the future, Innovation and Partnership will have to play key roles in any airlines' strategy, which focuses on Internet technologies, end-to-end services to the desktop and airport integration.... The main ingredients for any future development are- innovation along with forging a unique relationship with passengers....
7 Pages (1750 words) Case Study

Managing Innovation Technology

The organisation must have a culture that values innovation and where staff are encouraged to think differently and take calculated risks.... Organisations have various reasons for bringing innovation into their organisation.... This innovation can arise in the form of new products and services which often leads to service and product improvements.... Even if new products or services are not introduced into the organisation, innovation can also present itself in the form of enhancements to existing products and services....
20 Pages (5000 words) Essay

Innovation and the Sustainable organisagtion

A partnership between… The stakeholder's theory provides a good insight on how power relations act as a strong influence on partnership operations, managing complimentary assets, and how much can be achieved (Oxford Customer Essay - Innovation Success in sustainable innovation relies on partnership across industries (Birkinshaw, Hamel & Mol, 2008, p.... A partnership between industries is the best solution the city has in solving the problem....
1 Pages (250 words) Essay

Managing Innovation Technology

nbsp;… Organizations have various reasons for bringing innovation into their organisation.... nbsp; This innovation can arise in the form of new products and services which often leads to service and product improvements.... nbsp; Even if new products or services are not introduced into the organization, innovation can also present itself in the form of enhancements....      There are generally two types of innovation....
23 Pages (5750 words) Term Paper

Partnerships and Policy Planning

The paper "Partnerships and Policy Planning" states that despite the various challenges involved in the execution of policies, there are ways that can be used to determine the success or failure of the implementation process or of the idea of the system itself.... nbsp;… Monitoring techniques and a clear and precise evaluation need to be done on them for practical solutions to be determined and executed....
8 Pages (2000 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us