The Benefits Of Innovation

Introduction

A modern innovation does not ensure a business success; what’s crucial is how the innovation is developed. In today’s generation there are a huge amount of innovations that people used to create entirely different inventions, in this paper, we will elucidate on how to capture the benefits of innovation, and how company construct strategies to absorb all the virtues of innovations. Therefore, this paper will also discuss regarding the frameworks of innovation and how did it affect up to date inventions in this generation.

Summary

Innovations have a handful of components such as types of knowledge, how to create and share this knowledge, gaining competitive advantages from the intellectual property and method of exploiting intellectual

Nowadays, firms are being interdependent with each other, as they reach out to get the knowledge that can give them the advantages over their competitors. For example, Sony being one of the mammoth corporation in the console gaming industries often tries to synchronize their product launch with game developers like Electronic Arts, or Bioware to increase the sales, also to garner attention from people who still unaware of gaming. However, it is not easy to secure the benefits of synchronization, there are few methods that will help. For instance, sometimes companies used planned synchrony to collaborate for a certain time to benefit both parties, with this they usually align their goals together and have to coordinate schedules that both parties agreed to. There is also a method called Reactive synchrony, it concerns how a firm tries to organize their resources and time to rival competitors in the industries, this method is more flexible than planned synchrony, although there are certain complications for this such as; the transformation had to be quick and precise. Although in the real world most companies used both of the method to reap benefits from others (Hybrid synchrony) as it is most efficient and effective method to keep the firm stand strong in the industry they are

Open Innovation

The idea of open innovation shares similarity with gathering information that will benefit the firm. There are relatively huge numbers of complications that creates issues for open innovation, it has been found that a firm can protect their knowledge (Patents, Intellectual properties) too much that it creates a barrier that blocks the new information from outside of the company.

It is a challenge to choose what to reveal to the external environment. Some large companies have different committees that make decisions whether to file patents or disclose. Smaller companies, in contrast, typically lack the resources to structure this