Disadvantages Of Innovation In Business

Innovation is the production and assimilation of a new technology and the enlargement of products, services, and overall markets; development of new methods of production; and establishment of new systems. It can be considered as a both process and an outcome. Innovation is the primary catalyst of long term economic growth. Economies change on a constant pace and often needs “creative destruction” to improve their underlying structures. Innovation in its core does not only need to be the creation and invention of new products. It can also be the development of new systems and new ways to approaching problems.

In Economics, Innovation is the primary catalyst for strong sustainable growth. In the past new decades, the innovative creations

For example, there must be need for that particular product or system to be introduced. It can also provide a service or product to an area that otherwise did not have it. For example, providing internet to African countries can be considered innovative even if the internet was created somewhere else.

There are many different ways Businesses can innovate. Each has its own advantages and disadvantages. Among the different types of innovation processes business can employ:

Open innovation is when companies use internal and external concepts to help advance their activities. Open innovation is the use of inflows and outflows of information and knowledge to speed up business innovation. Open innovation is a more profitable way to innovate, because it has the potential to reduce costs, accelerate entry into a market, and create new

This thinking mode was starkly different than other companies at the same time, it allowed it to acquire large-scale commercial success in the communications industry. Tencent’s QQ was the first successful, commercialized social network platform in China. Through the innovation perfectly connecting QQ and QQ group, it turned strangers into a social network. Tencent made their first profits on QQ Show, two years before Facebook started to grow outside of college campuses. Tencent is one of the Biggest companies that is the most persistent in innovation. This shows in the success of WeChat, and the fast adaptation to the mobile internet era not only in China but also around the