What is innovation and how businesses encourage it Assignment

What is innovation and how businesses encourage it - Assignment Example On the other hand, being innovative does not necessarily mean inventing, but it means changing the business model and being adaptive to changes in the environment in order to deliver better products or services. Effective innovation must be part of the entire business strategy, where innovative culture is which lead the way to innovative thinking and creative way of solving problems within an organization. 3. Leadership in innovation-empower and train employees to think innovatively from the top management to the subordinates. Transformational leadership and motivation are the driving force behind innovation in most businesses. 5. Seek advice. Make use of available resources, grants, business advisors and assistance to enhance innovation in your business. This may comprise seeking protection of Intellectual Property (IP) for commercialization of ideas. Group innovation is the pillar of every successful business. It’s what it differentiate a successful business from other competitors, and supports it to grow and prosper (Davila, 2006). Innovation is not only about one-off improvements and ad-hoc ideas. Business can nurture an innovative culture in their organizations so as to encourage a continuous flow of new ideas. The management should let their teams know that you expect innovation. The leadership and the employees should not put innovative ideas on the back burner or in the too-hard basket without a good reason. Businesses should offer a culture that supports questioning and risk-taking. If in case the employees are not feeling connected to your organization, there’s no motivation for them to be innovative. Organizations ensure that their staff are in the loop on their strategies and challenges, and bring on board their input. Employees who get involved in early plans and processes will be motivated to complete them. Businesses also empower the staff to make decisions and take necessary action. Employees who are trusted to attempt