When Jack Welch became CEO of General Electric in 1981, he was only the 11th CEO the company had seen in its 120 years of existence. Although GE was a $13 billion a year company, it began showing signs of necessary change as it had reached the stage between maturity and decline. After 20 years at the helm, Jack Welch had turned General Electric (GE) into one of the world’s most successful companies. Welch increased GE’s market value from $13 billion to over $300 billion in 2001. He guided the once struggling company to what was then the biggest corporation in the entire world as well as the most profitable.… Read the rest
Innovation Management
Impacts of Internet on Entrepreneur Ventures
In recent years, internet is more and more popular and closely to people in a variable fields. Internet was used as a tool for helping them to connect and seeking information or advising what they need. Almost entrepreneurs also use this tool as a part of creating successfully for their business but sometimes it also creates some problem. Some negative impacts of internet on the entrepreneur venture such as security or lost productivity that make the entrepreneur take a lot of problem. However, almost impacts of internet on entrepreneurial ventures is good such as raise the capacity of accessing information through internet, increase communicate capability among entrepreneurs and others people, help to achieve the target specific venture firm, increase the efficiency of the submission process and specially support marketing strategy.… Read the rest
Role of Organizational Climate in Facilitating Innovation
One of the most important roles that the leaders play within organization settings is to create the climate for innovation. Organizational climate is a key factor in innovation implementation. Building up an innovative culture in an organisation is one of the important tasks of an innovative leadership. At the same time, creative organizational climate is one of fundamental elements that leads to success of innovation. Doing so successfully will certainly further secure and strengthen the leadership, which initiates innovative climate in the first place. This success will also bind more followers to the leadership because of its respective contributions for innovation, or in another word future success.… Read the rest
The Role of Leadership in Innovation
Now more than ever, companies are putting more attention to innovation that make their products and services more competitive, thereby enable them to survive and flourish in the changeable and challenging global environment. Innovation is regarded as a key driver of competitive advantage in organizations.
Innovation is defined as the first attempt to carry out a new creative idea, and translate it into practice. However, it isn’t easy; it’s a difficult and complex task. There are two primary factors influencing the success of innovation: technical resources (people, equipment, knowledge, money, etc.) and the abilities in the organisation to manage these resources to encourage innovations.… Read the rest
Nurturing Innovation in Teams
Innovation in teams can be defined as the act of starting something new for the first time, something that has not yet been done by the team. The creation may rise from a study or experiment. Innovation could be termed as the brain child of creativity of the team members. Proper motivation is needed so as to be able to foster proper innovation in the team. The team must have a clear guideline and understanding of what innovation is and what it entails.
Benefits of Innovation in TeamsNurturing innovation in a team also has great benefits on not only the team members but also to the organization as a whole.… Read the rest
Innovation Management – Managing Innovation in Business
For many organizations and countries alike, innovation and innovation management are no longer luxury items, but rather necessities and a means of sustaining economic development and competitiveness. To serve customer well and maintain the competitive position in business, companies are forced to focus on the creation, updating, availability, quality & use of innovation by all employees and teams at work and in the market place.
Innovation can be defined as the implementation of new created ideas for generating business value. Many times, people use the term ‘innovation’ for ‘innovation creation’. But there is a difference between the two. While innovation creation is an important aspect of innovation processes, so is the ability to search for and identify relevant external innovation, applying existing innovation to new contexts, understand and absorb unfamiliar external innovation to blend and integrate different bodies of innovation together.… Read the rest