The Business of Innovation

TheBusiness of Innovation

Whatare the main lessons learned?

Theinnovation of a company determines its success. Innovation is a partof human capital thus, it is as good as the employees of anorganization. The panelists claim that the innovation is a processthat requires being nurtured. Including people from diversebackgrounds is important as it enhances innovation. However, managersshould encourage innovation through rewarding the employees. JackWelch claims that companies can achieve drastic innovation throughsetting a culture that would facilitate the staff’s promotion andrewarded within the established culture. He proposes that managerscan reward employees through salary increase or recognition of theirexcellent work.

Accordingto the P&ampG CEO, innovation is innovation refers to new servicesand products in the company that enhances customer experience andgenerates more sales for the organization. Gill Cloyd asserts thatinnovative leaders should encourage diversity and failure.

Whatare the main challenges for today`s managers according to thepanelists?

Thegreatest challenge of modern day managers is fear of failure. Theyare afraid of letting their employees explore new ideas. Second, themanagers also fail to embrace diversity. Some managers fail toachieve maximum innovation.

Thepanelists argue that contemporary managers should have a thick skinof overcoming fear when planning to implement innovation. Sometimesthey will be forced to adopt high-risk business plans that can affectthe organization negatively if the strategies fail. Furthermore, theyassert that the managers require finding courage to lead throughchallenging times such as during a recession. The individuals cansuccessfully go through this period through looking back at thestrengths and weaknesses of their businesses, so as to implementeffective strategies in the future.

Themanagers also face the challenge of striking a balance in theworkforce. For example, the employees should understand the marketand preferences of their target clients to create innovative productsdesigned to suit a given market.

Doyou agree with all the positions expressed by the panel? Pleasemotivate your answer.

Iagree with the ideas proposed by the panelists because human capitalis a delicate investment capital that require high motivation to makepeople remain productive. Some companies have great innovation ideasthat could become successful in the market, but the fear of theunknown prevent them from venturing into new investments. Forexample, Steve Jobs introduced the iPad into the market duringworldwide financial downturn. Besides, he placed a high price tag andyet he sold over 150 million units.

Ialso agree with the idea of providing generation Y staff withflexible working house through allowing them to work from anenvironment that makes them feel comfortable. Since the inception ofvirtual offices, generation Y can work from home or any other placewhere they would feel comfortable. The new ideas and flexibility GenY introduce in the workforce is effective because they eliminate thegeographical boundaries that can restrict employees’ diversity.

Lastly,an established company culture is necessary for business innovation.For example, companies that have a culture of recognizing andoffering monetary reward to innovative employees attract manyemployees. For example, Google Company have been attractingexperienced technicians from other established companies such asMicrosoft and Yahoo because the organization offers attractivecompensation packages, high-end technology, and staff flexibility.

Howwould you relate the main concepts emerging from the Video to yourexperience?

Themain concepts emerging from the video is that diversity and freedomfor the employees to explore their desire is necessary to achievemaximum performance. The ideas contradict from my personal experienceat my workplace because we are supposed to follow strict regulationsthat originate from a centralized center. The business is a franchisewhere rules and regulations assert that the organization should notintroduce new products before the headquarters approve them.Franchising suppresses innovation because affiliate businesses aresupposed to receive training and new ideas from the headquarters.