While innovation has become a pervasive term, many of today’s organizations still find innovation elusive. One reason may be that much of what is being said about innovation contributes to misunderstanding. To truly manifest innovation and reap its benefits, one must recognize that innovation is three different things: innovation is an outcome, innovation is a process, and innovation is a mindset. Innovation as an outcome emphasizes what output is sought, including product innovation, process innovation, marketing innovation, business model innovation, supply chain innovation, and organizational innovation. Innovation as a process attends to the way in which innovation should be organized so that outcomes can come to fruition; this includes an overall innovation process and a new product development process. Innovation as a mindset addresses the internalization of innovation by individual members of the organization where innovation is instilled and ingrained along with the creation of a supportive organizational culture that allows innovation to flourish. Such an understanding defines necessary elements, considerations, and vernacular surrounding the term so that better decisions can be made, thereby enabling innovation and having a greater propensity to succeed.
Small and medium sized enterprises (SMEs) play a crucial role in the European framework. According to the European Commission, SMEs represent the 99% of all businesses within the EU and have immensely contributed to a series of economic and social aspects at a regional, national and international level. Employability, innovation, regional development, economies of scale, […]
In the context of business communication and shaping the corporate image, one of the most modern communication techniques is Corporate Social Responsibility (CSR). Some may find the word “Strategy” incompatible with the term “Responsibility”, but we believe it’s worth considering it. The term CSR consists of the following components: 1) “Corporate”, which in principle means […]