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Innovation in Organization Assignment

Question: Why is innovation so important to an organization?

Solution: Importance of Innovation in the Organization

Today, with increased challenges in the external environment and also considering the present needs of globalization, it is observed that the organization needs to look out for innovation thatwill assist them in either developing a new product for the organization or will allow them to develop a new service that will allow the organization to achieve their respective objectives in a given environment (Heidhues, Koszegi, &Murooka, 2016).

On the other hand, it is found that the research and development team of the organization focuses more on the customer needs, trends in the current market, and also the offerings of the competitive organizations. It thereby allows them to deploy their innovation techniques in this direction to not only overcome the market competition but also fulfil the different needs of the organization (Heidhues, Koszegi, &Murooka, 2016).

In many of the cases, it might happen that the organization wants to follow the principle of innovation with an objective to - improve bottom-line, improve the currentorganization structure, service model, and even modify the keyfunctional processes of the organization. It will thereby allow them to overcome the challenges of the workplace and achieve desired objectives in a given working environment(Heidhues, Koszegi, &Murooka, 2016).

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Question: What is the entrepreneurial mindset, and how does it relate to innovation?

Solution: Entrepreneurial Mind-set and its relation to Innovation

Today, there are several business entrepreneurs that have developed a mind-set through which they are able to develop strategies associated with breakthrough innovation in a given market environment. Some of the entrepreneurs are found with an innovative mind-setwherein they are able to overcome the current issues faced by the customers and subsequently launch new products or services that will not only fulfil the current demands of the customers but will also exceed their expectations in a given environment (Acemoglu, Akcigit, & Kerr, 2016).

The examples of Amazon - one of the leading e-Commerce companies, Uber, Tomato, and even Apple's iPhone all can be considered as examples of innovation. Each of the products and services designed by these respective companies were designed and introduced in the market with an objective to follow the principle of innovation.

The products and services so designed were neither demanded nor expected by the customers; however, the organizations introduce them considering the future trends of the market in a given operational environment (Audretsch, Coad, &Segarra, 2014).

Question: What are the two types of internal innovations? How are they different from each other? Explain, using one example of each type.

Solution: Two types of Internal Innovation

The two major types of internal innovation are - incremental and radical. Incremental innovation refers to an improvement in an existing product or process of the organization. On the other hand, radical innovation refers to developing a new product in an entirely new way of doing something.

So, for example, whenever a company is planning to design any particular product or service, they will be required to analyse whether they can redesign the siting product or introduce a new product based on innovation strategies in the organization.

The examples of incremental innovation are - Samsung Smartphones, wherein the company has worked on the features and redesigned these smartphones to launch new Smartphones of Samsung in a given environment(Audretsch, Coad, &Segarra, 2014).

On the other hand, iPod of Apple can be considered as an example of radical innovation. There were no such products developed earlier and also these products were launched with an objective to fulfil the future needs of the customers in a given environment. The other examples of incremental innovation include - redesigning of Toyota vehicles, redesigning of laptops to add new features to the existing products, and many more (Ford, 2013).

On the other hand, the examples of radicalinnovation include - Uber, Travel Triangle, and many more. It will later depend on the objectives of the organization to decide on whether to continue with these products or not.

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