Traditional Project Management Please Write Research Paper

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These initiatives aimed at innovation are also completely separate in many companies from a financial accountability perspective as well, not held to as tight of controls as the mainstream businesses (Morris, Trotter, 1990). There is also more of a focus on creating a unique culture of knowledge management and information sharing across these incubators as well. The ability to create greater levels of innovation through more efficient use of information and knowledge is a critical success factor in the development of these incubator and entrepreneur programs (Kuratko, Hornsby, Naffziger, Montagno, 1993). There is also a very strong focus on long-term investment over just getting a new product out the door quickly. This speaks to the time orientation of these programs, and the realization that programs may take years to pay off. This is very difficult for companies who are below $1B in sales for example (King, 2006). The majority of successful incubators are in companies who create a culture that includes a very high tolerance for risk and non-linear product development cycles. This is especially the case in process industries and those areas of innovation that defy the development and execution of equations to gain competitive advantage (Kuratko, Hornsby, Naffziger, Montagno, 1993).

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An additional aspect of entrepreneurship that Sony, 3M and others have done is creating a very rapid on-ramp for engineers and inventors internally who take the initiative to create entirely new products. Engineers in these cultures can shepherd their inventions through the market development and business case analysis. In the case of Sony and 3M, if the invention or innovation is marketable, the engineer is often promoted to run the business unit itself or have a very senior role in it (Kuratko, Hornsby, Naffziger, Montagno, 1993) (Morris, Trotter, 1990). This is a deliberate strategy to encourage and drive higher levels of innovation and initiative throughout these larger, very diverse organizations. Creating higher levels of innovation in an organization begins with a strong focus on setting initiative and effort loose within cultures. This is also a very effective for eradicating complacency and a tendency to just focus on doing enough to get by......

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