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Innovation and Technology Management - Insights into the firms innovative potential and into the barriers to innovation are necessary to make effective proactive strategic choices Identify firms that have succeeded in using innovation and - Assignment Example

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This idea was expanded upon by Egbu and Young, who described innovation as the effective introduction, application and utilisation, of ideas in…
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Innovation and Technology Management - Insights into the firms innovative potential and into the barriers to innovation are necessary to make effective proactive strategic choices Identify firms that have succeeded in using innovation and
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Extract of sample "Innovation and Technology Management - Insights into the firms innovative potential and into the barriers to innovation are necessary to make effective proactive strategic choices Identify firms that have succeeded in using innovation and"

Download file to see previous pages Jones and Sadd stated that innovation denotes an entire series of events that transpire over time, and not some isolated or sudden act. It entails all the activities necessary for bringing a new process or product to the market (Pan, 2010, p. 79).
McAdam et al. have stated that better innovative orientation results in the enhanced growth of small and medium enterprises (SMEs). The reason behind this is that the capacity of a firm to generate knowledge for the purpose of innovation constitutes a cardinal determinant of competitive advantage. This has been described in the works of several researchers, such as Freeman and Soete (Thompson, et al., 2013, p. 934).
Thus, innovation in SMEs enjoys a positive correlation with stronger performance, with respect to the areas of employment, profitability, and sales. Nevertheless, as declared by Christensen and other researchers, a few of the studies discerned conflicting evidence. Such evidence has shown that endeavours to innovate can dislocate business activity to the extent that they jeopardise performance (Thompson, et al., 2013, p. 935).
Bergemann disclosed in his work that such effects could be attributed to the resources required for innovation. As such, these requirements of resources had the potential to divert crucial resources from the other routine activities, which could affect its very survival. Consequently, managers who are more averse to taking risks, tend to avoid investment in novel ideas. Therefore, SMEs are likely to achieve either innovation or growth. Attempts to realise growth and innovation, simultaneously, could create serious difficulties (Thompson, et al., 2013, p. 935).
In addition, the Organisation for Economic Co-operation and Development (OECD) defined innovation as being comprised of the essential commercial, financial, scientific and technical measures for the following. First, the development and marketing of improved or new manufactured products. Second, the commercial use of ...Download file to see next pagesRead More
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