Individual Assignment Essay Example | Topics and Well Written Essays - 3000 words

Individual Assignment - Essay Example Innovation management is now an inherent aspect of organisations around the world. Businesses seek to find ways of improving their system of creating innovations and commercialising their innovations to attain the best results and the highest returns possible. Innovation is defined â€Å"something new which did not exist in this form up till now† (Sattler, 2011: p9). In other words, innovation is about providing new solutions that did not exist in the past to resolve problems and issues in the society. Schumpeter stated that innovation is â€Å"a new combination of production factors† (Sattler, 2011, p10). This position views innovation as an adjustment or changes in the internal structures and systems of an organisation in order to provide something different and unique to consumers in the society. Innovation is seen as a structured and disciplined approach to dealing with new productions and adjusting the system to accommodate new ideas and systems. Narayanan and OConnor (2010) identify three main stages of innovation: Innovation begins by the discovery of a new way or a new approach in doing things. This involves the invention of a better way and a better approach of resolving an issue in the society. When this is done, the organisation will have to find a way of getting the relevant intellectual property or brand identity registered for recognition. Once the invention is seen to be one that can be replicated, the organisation will have to take reasonable steps to develop it. Development is done by the commercialisation of a given idea or phenomenon. This will help the organisation to attain its results and targets and maximise its benefits form the given invention. Market penetration depends on the creation of a market for the new invention and the growth and development of the market. This aims at getting the best and the highest