Analyzing Innovation and Change Essay

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Innovation and Change

Innovation is important in today's world. Indeed, innovation is an important element in the formula for success and even for survival, sometimes. It is for that reason that this subject is a top agenda for many organizations across the globe (American Management Association, 2006).

While entrepreneurship involves the will to risk starting and managing a business, innovation has to do with coming up with a new idea or just taking an old idea and making better use of it so that it becomes more valuable. Innovation entails the pursuit of new opportunities. Entrepreneurship and innovation are more like two sides of the same coin. They are essential ingredients of creativity. Creativity is about transforming ideas to reality. Social reality finds expression in organizations. It is in these set ups that intentions are grown for the sake of a better future.

The central reason that motivates change in organizations is to survive and move to another level. Consequently, every organization's leadership should embrace the skills requisite for managing change. Adaptability is always close to the art of survival. Every organization should enhance its ability to manage change amidst disruptive change that is inevitable; and the threats of competition in a fast-changing world.

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Therefore, entrepreneurs must be armed with the requisite knowledge in order to execute change successfully; even as they seek ways of growth by responding to competition, technological and economic pressures (Plante, 2012).

This paper explores why leading organizations seek opportunities for creativity and innovation on the basis of a holistic review of available opportunities.

Why Seek Innovation?

Economic Growth: Economic growth is hinged on innovation. Products and the existing industries are outliving themselves. Business innovation entails creation and transformation of knowledge into fresh products, services, and processes that are in line with the needs in the market. It consequently generates new business. It is the basic source of business growth, which leads to economic growth (Research Team, 2015).

Continuous Stream of Innovation: generally, companies either scoop the bulk of new creative ideas or simply wait for someone to come up with such new ideas. Some may even spend more on existing projects without any fresh ideas being injected into the systems and processes and end up in a cycle or repetitive failure or stagnation. Continuous Innovation is, therefore, the basis for business growth (Research Team, 2015).

Survival of Business Entities: In order to forestall discontinuity, a….....

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