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Our 35-page comprehensive innovation guide covers the key areas why innovation fails. While it cannot cover all the solutions (that would take books to fill), it provides you with a convenient starting point for your analysis and provides further resources and links to the corresponding UNITE models, ultimately allowing you to work towards a doubling and tripling your chances of success.
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Most of our models and canvases are designed to be applied!
To help you personalize them to your exact business requirements, you can download fully editable versions of the UNITE models available (PowerPoint format)!
They are straightforward to work with, and you can directly incorporate them into your presentations as you need…thus saving countless hours of replication!
PS: did you know that you are also getting hi-res print-ready versions for your workshops?
Each month we host our exclusive, invitation-only webinar series where one of our industry-leading experts updates our members on the latest news, progress and concepts around business strategy, innovation and digital transformation, as well as other related topics.
You will receive the book in PDF and EPUB formats, ideal for your computer, Kindle, Tablet or other eReading device.
These sessions are your opportunity to bring any questions or challenges you’re facing and receive expert guidance on the spot.
Come and be a part of engaging discussions where your unique concerns are heard and addressed.
If you are occasionally looking for a sparring partner or you need limited support, then this option will be ideal for you. Coaching sessions are 1-2 hours where we can discuss any challenge or opportunity you are currently facing.
If you need a few more hours outside of this provision, then these could be billed transparently.
We believe support shouldn’t be limited. Because we typically find that the occasional hour just doesn’t cut it – particularly if you and your team are in the midst of a large and complex project.
Your time with Stefan is therefore unlimited (fair usage applies) – in his function as coach and sparring partner. That does mean that you will still have to do the work – we cannot take that off you, unless you hire us as consultants. But you will get valuable strategic insight and direction to make sure you are always focusing your efforts where they will lead to the best results.
We believe support shouldn’t be limited. If you generally know what you are doing but want a sparring partner to frequently raise questions to, this is the perfect choice!
In addition to your monthly 1-1 live coaching sessions with Stefan, you will also get unlimited support from him via email and WhatsApp messaging (fair usage applies). This not only allows you to get valuable strategic direction in your calls, but also gives you instant access to expert help as you work through your plans each month.
The fact that support is text-based means that we can speed up our responses to you while keeping the overall cost of support down.
As a welcome gift, you will receive the both the digital and physical version of our book “How to Create Innovation”, which covers numerous relevant resources and provides additional deep dives into our UNITE models and concepts.
The print version will be shipped out to you on sign-up. The digital version will be emailed to you, and comes in PDF and EPUB formats, ideal for your computer, Kindle, Tablet or other eReading device.
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Innovation refers to the creation of new ideas, products, or services that have the ability to change the way people live or work. It involves using creative thinking, experimentation, and problem-solving skills to come up with unique solutions to existing problems or needs. Innovation can take many forms, including technological advancements, new business models, and novel approaches to collaboration and communication. Its ultimate goal is to improve society by introducing positive changes that can help people lead more fulfilling and productive lives.
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Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.
Entrepreneurship is the pursuit of opportunity beyond currently controlled resources. By definition, entrepreneurs seek to fill a need in a new way.
For aspiring entrepreneurs, however, generating strong, novel business ideas can be challenging.
If you’re interested in being an entrepreneur , brainstorming ways you can satisfy needs and solve problems is a good place to start.
Remember the golden rule of brainstorming: There are no bad ideas. As your thoughts flow, jot them down so you can later prune the list to focus on your strongest concepts.
Here are some thought-starters for coming up with innovative business ideas and examples of how entrepreneurs have used them to build successful companies.
Access your free e-book today.
Is there an easier way.
One place to start brainstorming potential business ideas is by asking yourself, “What task can I make easier?”
A common denominator for successful businesses is their ability to fulfill customer needs . In this case, the need is to create a product or service that makes people’s lives easier.
Related: How to Identify an Underserved Need in the Market
The most innovative businesses have flourished from simple ideas. For example, HelloFresh has taught people how to cook and provided tools to prepare meals more efficiently. It started with a need to make meal planning and grocery shopping easier. By preparing meal kits that directly fulfill busy people’s needs, this idea has seen major growth.
Check out our video on how to come up with innovative business ideas below below, and subscribe to our YouTube channel for more explainer content!
This method of creating a product to fill a need can be viewed through the lens of Harvard Business School Professor Clayton Christensen’s jobs to be done theory , which he presents in the online course Disruptive Strategy .
“A ‘job to be done’ is a problem or opportunity that somebody is trying to solve,” Christensen says. “We call it a ‘job’ because it needs to be done, and we hire people or products to get jobs done.”
Look for these kinds of opportunities in your own life. Every “job” presents an opportunity to create an easier way to get it done.
By centering your business plan on a particular need, you can increase your chances of building a profitable business.
Related: Jobs to Be Done: 4 Real-World Examples
There are many useful products and services that aren’t readily available to the entire market, creating an opportunity to produce a similar, more accessible product offering.
The founding of Airbnb by Brian Chesky and Joe Gebbia is an example that HBS Professor William Sahlman uses in the online course Entrepreneurship Essentials .
“Chesky and Gebbia observed how hard it was to find housing during big local events,” Sahlman explains. “They decided to list online three air beds in their apartment for people coming to San Francisco for a design conference.”
From there, they added a third member to their founding team, Nathan Blecharczyk, who built the platform for connecting people with spare rooms to travelers needing a place to stay. They called it AirBed and Breakfast, which later became Airbnb .
Chesky and Gebbia noticed hotel rooms weren’t easy to book during large events, recognized a business opportunity, and devised a solution to fulfill a need for accessible, short-term lodging.
There are countless industries and companies whose offerings are inaccessible to certain market segments or during specific periods. Consider how you might fill those needs.
Related: 10 Characteristics of Successful Entrepreneurs
For every successful product offering, there's a multitude of ways to make it better. Think of companies you admire and imagine how you could improve their products. As you do so, consider the following four factors.
Your business idea doesn’t have to be entirely new—it just has to fill a need. If you can identify a more convenient way of delivering an existing service, it could be an opportunity for your business.
Uber is used as an example in Entrepreneurship Essentials . Taxis have existed for decades, but Uber delivered its services in a new, innovative way by linking drivers in their own cars to customers via an app.
This example also shows there are no limits to what type of business you can create. Your business’ ability to fulfill a need will matter more than whether it’s a brick-and-mortar or online business.
Related: 3 Effective Methods for Assessing Customer Needs
One of the simplest improvements to a product or service is bringing it to a new location.
Returning to the Uber example in Entrepreneurship Essentials , ride-sharing company Didi was founded in China—a location Uber hadn’t yet reached. Didi used a similar platform and model as Uber but filled a location gap Uber had left open.
What products, services, or concepts have you experienced in other places that you’d like to bring to your community?
One improvement that can make a significant impact is cost. Determining how to make a high-quality equivalent to a leading product and offer it for a fraction of the price has great potential.
Home security brand Wyze was founded using this logic. After four ex-Amazon employees discovered they could produce high-quality security cameras and sell them for one-tenth the cost of leading competitors, they sold one million security cameras in their first year as a company.
It takes testing to ensure product quality isn’t sacrificed for a lower price, but finding a way to reduce the cost of an in-demand item could jumpstart your entrepreneurial journey.
Taking an existing offering and improving the customer experience for all or a segment of the market can be a valuable way to fill a need.
One example of an organization that’s done this well is Wanderful , a platform that, similar to Airbnb, connects travelers to locals who can offer lodging and travel advice—with the provision that all users are women.
Beth Santos, founder and CEO of Wanderful, noticed that female solo travelers made up 11 percent of the travel industry , which failed to take into consideration the safety, gender norm, and cultural concerns of women traveling alone.
She improved this experience by creating a network of women that can be tapped into for lodging, travel advice, or just a friendly face in a new location. Wanderful has since expanded its mission to give female and non-binary travelers voices in the travel industry through conferences, communities, and recognition programs.
If there’s an opportunity to improve the experience of a specific group of people, act on it and see where the opportunity leads.
Related: 6 Questions to Ask Before Starting a Business
When starting a business, you may need to pivot from your original idea as new needs arise in the market.
For instance, Jebbit , a tech startup that originally offered a platform to pay students for the advertisements they watched, saw a rising need for privacy and consent in the consumer data space. It pivoted to create a platform for secure, declared customer data.
Another instance in which it makes sense to pivot is during technological evolution.
In Disruptive Strategy , Christensen explains that technological advancements can be either sustaining or disruptive innovations , depending on how they impact your company.
Take Netflix : The service was created to allow people to watch movies without going to the video store and accomplished this by mailing DVDs to customers’ homes with prepaid return envelopes.
When streaming came on the scene in 2007, Netflix implemented the new technology into its business model and has continued to adapt as it’s evolved. Because Netflix was able to adopt new technology to continue serving its customers, streaming was a sustaining innovation.
In the case of video store Blockbuster , streaming was a disruptive innovation that it tried but couldn’t affordably adopt. It ultimately led the business to shut down.
When technological advancements arise, think of how your current business model could shift to use innovation as a sustaining force.
As you think of ideas for businesses, take inspiration from the world around you. Analyze the foundational needs other businesses have fulfilled for society and how they’ve adapted to what customers want.
Remember: As a future business owner, it’s critical to understand your company’s core mission. Focusing on that can help align your startup ideas and provide a greater chance for success.
To gain even more insight and inspiration, consider the following examples, which show how diverse your business model and mission can be.
Notarize , the first online platform for legally signing and notarizing documents is just one example of an online startup that discovered an overlooked need. For many, it’s a hassle to find a notary public to sign a document in person. This prompted Pat Kinsel, founder and CEO of Notarize, to make this difficult, but necessary, task more convenient.
"It really struck me that notarized documents are often some of the most important things people sign, and yet, we have this system that’s 100 years old," Kinsel said in an interview with Inc .
Kinsel designed the Notarize app to connect people to licensed notary publics via video chat so they can see their documents signed in real time.
This need for notarized documents seemed to be a common, but overlooked, need for many professionals. By thinking outside the box, Notarize seized a business opportunity and brought it to its fullest potential.
The development of Starbucks under former chairman and CEO Howard Schultz is another example that highlights how to efficiently choose locations for your brick-and-mortar.
“Schultz admired the sidewalk coffee shops he’d visited in Italy and decided he would introduce the same basic idea in the United States,” Sahlman says in Entrepreneurship Essentials. “That venture became Starbucks.”
Now, it’s rare to walk a few blocks without seeing a Starbucks on a corner. Strategic locations within high traffic routes created a customer base that’s made Starbucks an essential part of their lives.
Perhaps one of the most well-known companies in the world, Amazon is a prime example of fulfilling people’s need for convenience.
This e-commerce business made it the norm to buy items online—including books, music, movies, housewares, and electronics—and have them quickly and conveniently delivered.
Coming up with an innovative business idea isn’t difficult if you’re observant. By asking yourself key brainstorming questions, you can generate a list of business ideas that fill market needs, improve existing products, and make daily life easier and more enjoyable.
Do you want to turn an idea into a viable venture? Explore our four-week Entrepreneurship Essentials course, six-week Disruptive Strategy course, and other online entrepreneurship and innovation courses to discover how you can harness the power of innovation. Download our free course flowchart to determine which best aligns with your goals.
This post was updated on September 19, 2022. It was originally published on July 21, 2020.
A few days ago, the investor Paul Graham published an essay with a provocative central insight: when it comes to growing a business, the conventional wisdom is almost always wrong.
Instead of shifting to “manager mode” as a company expands — i.e. delegating tasks to subordinates — the most successful startup CEOs will continue to stay in “founder mode” forever.
“Hire good people and give them room to do their jobs,” Paul writes. “Sounds great when it’s described that way, doesn’t it? Except in practice, judging from the report of founder after founder, what this often turns out to mean is: hire professional fakers and let them drive the company into the ground.” He adds:
Key quote: “Whatever founder mode consists of, it’s pretty clear that it’s going to break the principle that the CEO should engage with the company only via his or her direct reports. ‘Skip-level’ meetings will become the norm instead of a practice so unusual that there’s a name for it. And once you abandon that constraint there are a huge number of permutations to choose from. For example, Steve Jobs used to run an annual retreat for what he considered the 100 most important people at Apple, and these were not the 100 people highest on the org chart. Can you imagine the force of will it would take to do this at the average company? And yet imagine how useful such a thing could be. It could make a big company feel like a startup.”
Harrison Moot, an investor at TDM Growth Partners, suggests in a recent memo that there is one key factor — often overlooked — that can predict a company’s long-term outperformance: its vi tality .
This trait — defined as a firm’s ability to successfully expand their total addressable market — won’t appear on an income statement or a balance sheet. Nor is it something that can be easily modeled into Excel. But in practice, Harrison writes, a high degree of vitality can lead to long-term exceptional outcomes for a handful of select companies.
“Vitality is only one of several factors in our assessment of a company’s growth prospects, but more than any other it separates the good investments from the great, multi-decade compounders,” he writes. “Our experience has shown that Vitality is often the key driver of long-duration growth and that growth is the primary driver of superior long-term investment returns.”
Key quote: “The nagging fear that all investors, particularly growth investors, are afraid of is a company ‘hitting the wall.’ A sudden deceleration in growth, not always explainable and often unexpected by both investors and management teams, typically resulting in a painful re-rate downwards… This is why Vitality, a company’s ability to successfully expand their total addressable market (‘TAM’) over time by developing new products and/or services, is so important. It extends the TAM and thus the potential for higher sustained growth.”
The AI chip startup that could take down Nvidia – via Freethink
Key quote: “In 2022, Etched’s co-founders decided to put all their chips on transformers (so to speak), betting that they would be important enough to the future of AI that a microchip optimized to run only transformer-based models would be incredibly valuable. ‘There aren’t that many people that are connected enough to AI companies to realize the opportunity and also crazy enough to take the bet — that’s where a couple 22-year-olds can come in and give it a swing,’ Etched co-founder Robert Wachen told Freethink.”
Large Positions – Ian Cassel
Key quote: “We normally hold 4-8 core positions (85% of portfolio) and another 4-5 smaller/tracking positions. I view our large core positions similar to veteran players on a sports team. Core positions have earned their right to their position size/salary. You’ve spent considerable time to get to know them. You’ve witnessed how the management and the business react under pressure. They’ve proven themselves and have earned your conviction and trust. The stock has rewarded you with good returns and you have rewarded the management/business with a bigger weighting in the portfolio.”
Economist Eugene Fama: ‘Efficient markets is a hypothesis. It’s not reality’ – via The Financial Times
Key quote: “Fama is arguably the world’s most famous and influential finance professor, thanks to his revolutionary efficient market hypothesis — that stock market prices at any time incorporate all available information, thanks to the cumulative and unending efforts of millions of investors constantly trying to outfox it. The paradox is that as a result of their efforts, the stock market is in practice almost impossible to beat.”
Brain Scientists Finally Discover the Glue that Makes Memories Stick for a Lifetime – via Scientific American
Key quote: “The persistence of memory is crucial to our sense of identity, and without it, there would be no learning, for us or any other animal. It’s little wonder, then, that some researchers have called how the brain stores memories the most fundamental question in neuroscience.”
What Is Strategy? – via Michael Porter (1996)
Key quote: “The root of the problem is the failure to distinguish between operational effectiveness and strategy. The quest for productivity, quality, and speed has spawned a remarkable number of management tools and techniques: total quality management, benchmarking, time-based competition, outsourcing, partnering, reengineering, change management. Although the resulting operational improvements have often been dramatic, many companies have been frustrated by their inability to translate those gains into sustainable profitability. And bit by bit, almost imperceptibly, management tools have taken the place of strategy. As managers push to improve on all fronts, they move farther away from viable competitive positions.”
The beauty and cosmetics industry is at the core of becoming increasingly competitive through the use of newer technologies.
Owing to the market created by the baby boomers when it comes to personalized beauty products, it is generally thought that the industry can use emergent technology to develop anti-aging solutions for use by beauty seekers in this group of the population.
This paper describes how such an innovation relates to current business trends as well as the product life-cycle.
One of the underlying trends in the beauty and cosmetics industry is that of the boomer population favoring ‘cosmeceuticals’ (personal-care products with supposed skin-enhancing ingredients) for purposes of looking younger.
Additionally, the urban and affluent customer base is willing to pay a premium not only to maintain young and presentable looks but also to use the latest innovations in enhancing their personal and professional life.
Another current business trend of great importance is that now, more than ever before, people are using green and sustainable products manufactured using non-toxic and earth-friendly processes.
With the above current business trends in mind, the new anti-aging innovation targets to use active and natural ingredients (e.g., plant extracts from Lily Herbceuticals and Tibetan Snow Lotus) to come up with the final products depending on customer preferences and use.
The idea to use such natural ingredients as opposed to chemicals is firmly embedded in the trends of customers using modern-day ‘cosmeceuticals’ with supposed skin-enhancing ingredients, people always wanting to use latest beauty innovations to look young and presentable in their personal and professional engagements, and people always wanting to use products developed using green and sustainable processes.
Technology can be used in new ways to ensure that these innovative ideas are implemented in the beauty and cosmetics industry, hence enhancing the competitive advantage of the business.
For example, new computer-based technology can be used to extract customers’ own stem cells and conduct a comprehensive analysis, with the view to understanding the ingredients that should be used to make anti-aging products for diverse members of the population.
This type of technology assists in the alignment of the business with a current business trend, which seems to insinuate that consumers want to see results, not promises. In this light, it can be argued that the anti-aging products will gain a lot of favor among the baby boomers, who have money to spend but would still want to attain desirable appearances.
Additionally, the business can benefit from upcoming technology companies that employ algorithms to match customers with individualized beauty samples. Such a technological innovation, in my view, will see the market for beauty and cosmetics products quadruple as customers will be assured that the anti-aging products on offer will not have adverse effects on them.
Such products may be sold at a premium price, but this resonates well with another current business trend, which postulates that no matter the age of the customer, spending in the 21 st century is leaning toward higher-performance products.
Lastly, in the product life cycle, it is suggested that most anti-aging products are past the introduction stage into their growth stage.
Consequently, launching into this market using the innovative ideas and business trends discussed in this paper is likely to occasion a strong growth in sales and profits, hence ensuring the business will sustain a competitive advantage and also invest more funds in the promotional activity to optimize the potential of this growth phase.
IvyPanda. (2019, April 24). Business Innovation and Strategy. https://ivypanda.com/essays/business-innovation-and-strategy-essay/
"Business Innovation and Strategy." IvyPanda , 24 Apr. 2019, ivypanda.com/essays/business-innovation-and-strategy-essay/.
IvyPanda . (2019) 'Business Innovation and Strategy'. 24 April.
IvyPanda . 2019. "Business Innovation and Strategy." April 24, 2019. https://ivypanda.com/essays/business-innovation-and-strategy-essay/.
1. IvyPanda . "Business Innovation and Strategy." April 24, 2019. https://ivypanda.com/essays/business-innovation-and-strategy-essay/.
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Globalization has led to increased competition in the market. Organizations have realized the significance of employees as valuable assets that can lead to the realization of business success. Human resources managers have, therefore, adopted training that leads to innovativeness. Training is believed to have an impact on the level of innovativeness to the human resources at a different level of the organization. This essay will discuss different roles of training that lead to innovativeness in business. It will also discuss how professionals approach and deliver training and development programs. Two examples of Australian organizations that have engaged in training for innovativeness will be given.
Innovation in this essay will refer to the inventions in business that lead to increased value in that particular business, as stipulated by Legrand & Weiss (2011, p.1). They insist that innovation is the adoption of ideas that bring value. Khera (2010, p. 81) notes that training professionals give the organization the advantage of recovering from financial hardships faster than if the employees had no training.
Training is enabling, as Budhwar and Debrah (2001, p. 530) identify. Employees are able to utilize the available resources to achieve their organizational and personal goals. Consequently, employees gain growth and become more innovative as they incorporate their experiences with the training. Employees also learn new behaviors that are necessary for innovativeness.
Paauwe and Boselie (2003, p. 68) argue that training impacts the skills of the employees at every level of the organization’s structure. The employees increase knowledge in relevant fields and help them make informed decisions within the shortest time possible. Due to training, employees maximize the available resources and utilize them effectively, hence revenues increase. What is more, is that the quality of work improves when the employees gain skills. Training minimizes errors, mistakes, or accidents during work.
Most often, training encourages teamwork and is therefore a platform for inculcating a team spirit. Moreover, the organization’s culture is learned during training. Positive perceptions about the organization are made during training, hence they become confident and innovative. This is important so that the employees’ personal goals rhyme with those of the organization (Boselie et al 2001, p. 1108). Den and Verburg (2004, p. 55) mention that one of the most effective ways of motivating employees is training. Training that leads to rewards like promotion is effective as employees are keen to pay attention to such opportunities. Training, therefore, leads to better decision making and organizational growth.
In line with Cieri and Kramar (2003), professionals encourage the leadership of any organization to be trained first so that they become an example to their juniors. What is more, is that the organizations can take on a culture of innovativeness. This approach is achieved when the importance given to the innovation, goals, and mission of the organization is known to the employees. In accordance with Wind (2001, p. 44), teamwork begins with the leaders creating the environment for the practice of innovation. Additionally, team member’s contributions of ideas are equally considered. Importantly, communication is enhanced and employee relations improved. Attention is given to ideas that add value to the business organization.
According to Boselie et al (2001, p. 1108), training the employees for innovativeness requires enabling organizational structures and practices. Moreover, new policies may be adopted to implement the training and development programs. It is necessary that all employees in all departments and at different levels attend training and development program.
Porter (2001, p. 77) notes that professionals introduce training that is based on the analysis of the existing structures of the organization. After the analysis, they train employees depending on the specific needs they are able to point out. After a period of time, the program is evaluated. Training is repeated after a period of time.
Examples of two Australian organizations that have adopted training and development programs are Lawson Central and Australian Union Bank. They have adopted training due to the demand for the changing market, where employees are a significant determinant of organizational success (Blount et al 2003, p. 6).
Lawson central has adopted a policy of increasing the branches as well as employ more employees. The Bank recruits employees who have experience in customer relations and trains them. A healthy working environment and effective communication are encouraged. Employees are expected to have good working relations with other employees. The newly employed are not allowed to be close to customer service until they are trained to do so.
They have adopted e-learning within their branches as a training facility. Since technology emerged, the bank has changed the roles of the employees to meet the client’s needs, which require training from time to time. Lawson Central has embraced technology and trains the employees on what emerges so that they are competent to meet the client’s needs. The human resource department is represented in the executive of the company. Training becomes easier when resources are allocated adequately.
Australian Union Bank has adopted training that prepares the employees to interact with the client frequently. This is made possible when the employees are trained to respond to each e-mail posted by the clients. The training for the employees prepares the employees to meet the client’s needs. The employees spend most of the time with the client than in the office. A teamwork approach has been achieved as employees work as a team to meet and solve the clients’ needs and problems.
The human resources department is not represented in the executive team. The policies, strategies, and goals of the organization are available to all employees. Online training has been used to train employees. The challenge in training is that the resources allocated to training human resources are limited.
Both Lawson Central and Australian Union Bank have adopted training that encourages the employees to have close interactions with the clients. In their programs, they have impacted skills that will make the employees give adequate solutions within minimal time. What is more, is that the client is treated with dignity. For this reason, most skilled employees are allowed to deal with clients directly and personally. The institutions have also increased their branches so that more clients can be in touch with the services. Consequently, the employees get training so that they are equipped to deal with the clients efficiently and effectively.
The major objective of training in both Lawson Central and the Australian Union Bank is to ensure that the valuable employees gain the right skills to solve organizational problems. In addition, the purpose to train and retain the employees to work longer for the organization.
Australian Union Bank has effectively trained employees on customer satisfaction by making close interactions with the clients. Lawson Central has been keen to use technology as well as provide training which has led to their success. Australian Union Bank values employees’ interaction with clients, such that services that can be made by the use of technology are done via an employee. Australian Union Bank has entered into conflict with clients who demand services via the internet.
Lawson Central employs experienced employees as bank tellers while Australian Union Bank chooses to recruit and train new graduates. The outcomes reveal that Australian Union Bank has a higher rate of customer satisfaction. This is because it has an appropriate strategy in training for their employees. Moreover, Australian Union Bank has not spread across a large geographical area, hence its strategy will be reviewed if they expand (Blount et al 2003, p. 10).
Training for innovativeness leads to the quality of services and goods and better utilization of resources. Employees learn organizational goals and then incorporate them into their individual goals to achieve innovativeness. Training motivates the employees and prepares them to solve problems. Training also makes the employees gain skills to make informed decisions. The organizations’ resources are used effectively and services are delivered with minimal mistakes.
Training makes the organization adopt a teamwork spirit which is necessary for learning and growth. Innovativeness is achieved by different approaches that involve analysis of the organization, actual training, implementation, and evaluation. The approach is dependent on the goals of the organization. Lawson Central and Australian Union Bank are examples of organizations that have adopted training for innovativeness. Australian Union Bank trains employees to handle clients more closely while Lawson Central trains employees to interact with clients and to use technology as well.
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JEL Codes: G15, F36, C40
Recent studies have shown that the lack of environmental regulations in public administrations, the inability of employees to innovate knowledge and skills, the high price of green technologies, and the lack of environmental awareness in organizations are the biggest threats to the environmental and sustainable development. In this context, manufacturing companies in emerging markets should not only focus on achieving a higher level of business sustainability in economic and financial terms, but also pay attention to financial and green innovation, because they are important ways to achieve a green transformation of businesses, to improve sustainability, and to reduce carbon dioxide emissions. This study provides data on the adoption and repercussions of these activities on the sustainability of manufacturing companies in Mexico. The proposed research model was validated by applying partial least squares structural equation modeling (PLS-SEM) on a sample of 338 companies. The results of the study showed that the business sustainability of manufacturing companies significantly improved through the application of financial and green innovation. In addition, the results of the study showed that green innovation plays the role of a mediating variable in the relationship between financial innovation and corporate sustainable development.
Citation: Gonzalo Maldonado-Guzmán. Green innovation mediates between financial innovation and business sustainability? Proof in the mexican manufacturing industry[J]. Green Finance, 2024, 6(3): 563-584. doi: 10.3934/GF.2024021
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Innovation in Business: What It Is & Why It's So Important
Innovation is a key driver of progress and growth in any field, whether it be in science, technology, business, or the arts. As such, it is a topic that is frequently explored in essays and research papers. If you are struggling to come up with a unique and interesting topic for your innovation essay, look no further.
544 Innovation Essay Topics & Examples
Innovation in business: Importance, benefits, & examples
Proctor & Gamble: Open Innovation Model. According to BaSic, the open innovation model is developed in the direction of innovation networks, innovation entrepreneurship, innovation cooperation and partnership, innovation ecosystems, and clusters, which are at the center of human capital innovation progress. Business: Open Innovation.
Innovation can mean a particular direction of development, a strategy, or a challenge. For example, if a new device is invented, it is an innovation. But producing the device, as well as its marketing and service, may require changes in manufacturing technology and corporate structure, which become part of the innovation process as well.
Innovation at 24-Hour Fitness Innovation is important for any business in any industry, yet it is easy to become complacent and to forget about the needs of innovation as long as the money keeps coming in. If a company continues to make sales, pay its employees, and turn a profit for shareholders, investing the time, energy, and resources into effective innovation can be difficult.
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Entrepreneurship and innovation is the topic of this essay, as it is of utmost importance in today's society. These two concepts are intertwined and can lead to great success. The exchange of ideas, which is often diverse, is the foundation of innovation. Entrepreneurship and innovation can create new products and services that satisfy the ...
189 essay samples found. Innovation refers to the process of creating new ideas, methods, or products to meet societal needs. Essays might explore the role of innovation in economic growth, the characteristics of innovative organizations, or the challenges and ethics of technological innovations. Discussions may also look at historical or ...
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General Electric serves as a good example of how pricing innovation can become a competitive edge for a company. For decades, General Electric sold aircraft engines to airlines at a low cost but always used expensive maintenance contracts as a way to generate revenue. This tactic led to low customer satisfaction levels and other issues for the ...
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Business essay sample: Innovations can be defined as processes through which entrepreneurs are involved in the conversion of opportunities into ideas that are marketable. Call to +1 844 889-9952 +1 844 889-9952
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Innovation in this essay will refer to the inventions in business that lead to increased value in that particular business, as stipulated by Legrand & Weiss (2011, p.1). They insist that innovation is the adoption of ideas that bring value. Khera (2010, p. 81) notes that training professionals give the organization the advantage of recovering ...
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