In today’s competitive environment, business organizations are producing innovative business ideas in order to create value in their business. From the last decade, the concept of sustainability has gain an increasingly important place in doing business in any form of industry. Companies while dealing with balancing social, financial and environmental risks, opportunities and obligations, sustainability role has changed from just adding on, to becoming the way we do things. Therefore, after realizing
INTRODUCTION The shared goal of social entrepreneurship, corporate social responsibility and social innovation is the advancement of society. The business model of social enterprises is characterized by unique strategies based on the competencies of the entrepreneurs, and is not aimed primarily at the maximization of profits, but rather at carrying out goals for the benefit of society. Corporate social responsibility refers to the active behaviour of a company, by which it can create new solutions
Innovation Business Design Model Summary Success is the principal desire of any organization in the contemporary world of business. However, to realize success, it is paramount that the business remains modern and advanced; a situation that calls for incorporation of technological innovation. One of these modernisms is the Innovation Business Development Model (IBDM). The model is easy to use, convenient, and applicable in almost all business ventures. It elaborates five fundamental steps to attain
the daily operation and its success. Innovation architecture is important to profitability, growth and sustainability. Innovation is, therefore, an integral component in most profitable and successful business models. Companies and organizations must embraced innovation architecture to improve the efficiency, remain competitive and make their business operation sustainable throughout the changing market and its demands. Microsoft Microsoft uses an innovation architecture framework, which is geared
Innovative Retail Approach The survival of a business depends on several factors. Other people may have focused more on the financial capacity as the primary ingredient to success, but more than that, the creativity of the people behind the business should be emphasized. Seeing numerous businesses that have sprouted practically everywhere, one may think how each of these businesses is able to thrive. A business is unlikely to experience any obstacle, but with the right mindset and clever strategies
in services, where social innovation and service innovation are progressively overlapping. Nowadays, social innovation practice is often implemented in service sectors such as social services (e.g. social entrepreneurship), tourism, finance, health, and education (The World Bank, 2015). Although the paradigm of social innovation attracts the attention of practitioners and policy makers, there is currently no clear agreement about the concept of specific social innovation activities that are translated
in his famous book “A Personal Perspective on the Art of Innovation” 1996, this famous quote reveal the importance of innovation as a vital activity for organizations to remain competitive on the market and as an interesting field that attract both scientific and management researchers who put their focus on defining this concepts, finding multiple models of innovation process, and inspiring different ways to measure and manage innovation in order to achieve the organizational objectives and track
The Oxford Dictionary describes innovation as the process of “mak[ing] changes in something established, especially by introducing new methods, ideas, or products. According to the OECD Oslo Manual, “innovation is the implementation of a new or significantly improved product (good or service), or process, a new marketing method, or a new organizational method in business practices, workplace organization or external relations”. The word implementation plays a key role in order to determine what is
to focus on product innovation for technology driven entrepreneurship. Product innovation in engineering college innovation labs helps in reducing the research investments on resources and human capital. The availability of large pool of divergent skilled students and faculty with the interest to innovate and resources to build and test the technically feasible prototype provides an ideal environment for innovation. The prototype can be further mentored in the technology business incubators to make
Background a) Theories on Disruptive Technology The original theory on disruptive technology, or rather disruptive innovation, was created by Clayton M. Christensen. According to Christensen;” Disruptive Innovation describes a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up a market, eventually displacing established competitors