- Industry Left Col
- Industry Right Col
It is important to note the differences between ‘invention’ and ‘innovation.’ While the former refers to a completely new idea or creation, the latter is an improvement upon an existing product, idea, process, or service. This white paper points out the innovation enterprise can achieve.
There are several ways to categorize enterprise innovation. Several factors, including technology, knowledge management, and leadership, determine innovation in business. Leadership is — arguably — the most important factor. Organizations that can boast of visionary leaders bring about the most innovation in business. Not all entrepreneurial leadership initiatives will lead to disruption.
Moreover, innovation in business is driven by people whose minds work in ways that are not fully understood. Industrial and organizational psychology has gone a long way in acknowledging and managing the risks of failure better.
Enterprises should transform the people section, aligning it to the workplace culture. They should also encourage leadership creation and make cultural changes. Technology, such as ambient wisdom, 3D experiences, and smart publishing and micro-learning, should be adopted to foster innovation in business as well as leadership and entrepreneurship.