Innovation Success Strategies (Research Paper Sample)

Innovation Success Strategies
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Each person has what it takes to be an innovator, but it takes the right manager to make it work for a business. Innovation is about figuring out what the customers of one’s business would like before they even recognize they want it. It is about redefining the rules of success to work for a business. Innovation is, however, just the first step, implementing it is by far the most intricate part of a success in a business. It takes having an execution plan and strategies to execute innovation.
Investing in people especially employee is a key strategy to successfully executing innovation. Investing in people means they will also investing in the business having the right employees and letting them work to their best of their capabilities. This is achieved by letting the people define the culture of the company, letting them learn from their mistakes. It is more beneficial to have employees with the right attitude and passion to achieve success than employees with the right education. Finding the right balance between management and the employees plays a vital role in successfully executing an innovation strategy (Hammonds, 2003). Market forces create new opportunity for innovation to have a successful innovation plan; the company needs to innovate for the future and using technology. It is, therefore, necessary to serve emerging markets in their individual context.
Serving emerging markets in their individual capacities can be used as an innovation success strategy in a firm operating, in the international business environment. This is done by the letting each firm in the different country run independently without following the mother comp...