The Importance Of Nurture Innovation

786 Words4 Pages
One major concern in leading firms across the world is to produce novel ideas, processes, and products. Multitudes of studies about the relationship between innovation and success in the literature attest that it is of primary importance to nurture innovation in companies (Darroch and McNaughton, 2002; Hidalgo and Albors, 2008; Wagner, 2008). The essentiality of innovation in the modern world is to such an extent that some scholars believe the nature of global economic growth has been altered by it (Du Plessis, 2007). This is where knowledge management (KM) proves fruitful: Executive Edge (1998) asserts that KM is “a collaborative management discipline that aims to make employees smarter, more innovative and better decision makers” (As cited in Patton, 2001; emphasize added). There is abundant empirical evidence to demonstrate that KM and innovation are directly connected (Constantinescu, 2009; Darroch and McNaughton, 2002; Li and Jiang, 2009). Du Plessis (2007) reviewed the studies about the role of KM in innovation and discovered that innovation flourished in the abundance of knowledge available to it. Moreover, She postulated that KM facilitates innovation by providing it with explicit and codified implicit knowledge, allowing creative minds to synthesize the existing knowledge freely, enabling the collaboration of virtually every stakeholder in the business to eventually come up with new ideas, controlling and coordinating the stages of producing knowledge, and taking
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