Managed innovation Essay Example | Topics and Well Written Essays - 1000 words

Managed innovation - Essay Example Managed innovation Competition brings in the need for companies to be innovative so as maintain and improve their market position. For a company to achieve all this, it must know how to identify the correct innovation management tools, which are of exceptional significant in realizing its goals. The key to a better innovation process is management of the innovation process. What is innovation? Does managed innovation promote innovation process? What are the gains and losses of managed innovation? The term innovation refers to a process of transforming plans into products to increase customer’s value. Innovation process is the key to success of a company. The need to rise to the top is the main reason why many American companies have ended up falling in love with the innovation idea. It is notable that there are vast dangers that arise with the innovation process. Majority of the companies view innovation as an idea that only benefits the company and thus causing them to keep innovating in all fi elds of the company. However, innovation is a costly process, disruptive and difficult. It is essential to consider both the cost of innovation and the benefits that it will bring so as to place innovation and innovators at the right places. For a company like Google, it took years to gain its current status in the world. Good management strategies have enabled Google to be on the forefront in innovation. An example of strategy that the management has embarked on is strategic patience and endurance. Strategic patience is strategies of letting time take care of at least part of the process. Throughout the years, Google has remarkably shown strategic patience in all its sectors (Lyer and Davenport 126). Through this strategy, Google has managed to achieve a lot by embarking on ventures involving television and radio advertising, social networking, online productivity, online payments, mobile phone operating systems, blogging, and many more information domains. There are numerous manag ement tools that Google has not yet developed, but through this strategy it has managed to acquire such tools from other companies. These tools include YouTube for online video, Picasa for photo management, DoubleClick for web ads, urchin for web analytics; now Google Analytics, Keyhole for satellite photos; now Google earth. If it were not for its strategic patience, Google would still be dragging behind. The short term goal of the company is not as necessary as the long term goal. It will take approximately three hundred years to reach its goal of organizing the world’s information. Rewarding of employees is another managerial concept that has enabled many companies to scale higher than expected. Financial reward and honorary are some of the ways that different companies uses to motivate upcoming entrepreneurs and innovators (Ireland and Hoskisson 78). What most of the innovative employee want is to see their idea nurtured to become a reality and their effort rewarded. The top most companies have been on the forefront in rewarding outstanding entrepreneurial achievements hence motivating them to work extra hard to achieve more. All these achievements made are for the better of the company. On the other hand, it is of concern to note that not all innovations that succeeds. Some fail and how the company handles those cases are as relevant as dealing with success. Innovative companies and any other upcoming company should emulate such managerial strategies to improve the status