Brunel University London Final Essay
1. Introduction
In developed economies, business and industry have been identified as the key features of the growth and development. There are some reasons why the generation of new ideas can be crucial for the success of the business. While each company will have its priorities and sector-specific issues to balance, firms that are not dynamic in keeping up the current rate of technological advancements might be at risk of losing their competitive edge. Innovation can be a major factor among the market leaders and their rivals.
According to Gahan (2014) Apple 's iPhone and IPAD have become revolutionary mobile products that changed the way people communicate with one another, access information, entertainment and services. Since then, Smartphones and tablets cooker design have become ubiquitous. It does not mean that mobile devices have become boring, but it 's a controversial issue. As there is a question what kind of devices can be invented in the future and how it will influence different types of businesses. Nonetheless, there are other gadgets around us that can be used for interaction such as radio and Internet.
This essay will discuss the role of innovation for entrepreneurial start-up and/or firm growth. In order to develop the topic, the essay will be divided into four parts. In the first part will be written how the innovation leads to the growth of several companies. After that some theory about the innovation cycle will be explained. In the third part the Potters model will be described in more details. Finally, it will be discussed how gaining competitive advantage as a start-up company can be achieved and utilized. 2. Methodology
There are different types of research method that aim can to help to write assignments and understand concepts of theory. According to Gray(2014) theoretical method can provide basic theory and understand the main objective of the topic. On the other hand, contextual method has more qualities and interpretive
In developed economies, business and industry have been identified as the key features of the growth and development. There are some reasons why the generation of new ideas can be crucial for the success of the business. While each company will have its priorities and sector-specific issues to balance, firms that are not dynamic in keeping up the current rate of technological advancements might be at risk of losing their competitive edge. Innovation can be a major factor among the market leaders and their rivals.
According to Gahan (2014) Apple 's iPhone and IPAD have become revolutionary mobile products that changed the way people communicate with one another, access information, entertainment and services. Since then, Smartphones and tablets cooker design have become ubiquitous. It does not mean that mobile devices have become boring, but it 's a controversial issue. As there is a question what kind of devices can be invented in the future and how it will influence different types of businesses. Nonetheless, there are other gadgets around us that can be used for interaction such as radio and Internet.
This essay will discuss the role of innovation for entrepreneurial start-up and/or firm growth. In order to develop the topic, the essay will be divided into four parts. In the first part will be written how the innovation leads to the growth of several companies. After that some theory about the innovation cycle will be explained. In the third part the Potters model will be described in more details. Finally, it will be discussed how gaining competitive advantage as a start-up company can be achieved and utilized. 2. Methodology
There are different types of research method that aim can to help to write assignments and understand concepts of theory. According to Gray(2014) theoretical method can provide basic theory and understand the main objective of the topic. On the other hand, contextual method has more qualities and interpretive
References: 1. Arbussa, A. and Coenders, G. (2007). Innovation activities, use of appropriation instruments and absorptive capacity: Evidence from Spanish firms. Research Policy, 36(10), pp.1545--1558. 2. Blank, S. (2010). The Life Cycle Of Innovation In Business. [online] Business Insider. Available at: http://www.businessinsider.com/the-life-cycle-of-innovation-in-business-2010-6?IR=T [Accessed 7 Nov. 2014]. 3. BusinessDictionary.com, (2014). What is innovation? definition and meaning. [online] Available at: http://www.businessdictionary.com/definition/innovation.html [Accessed 19 Oct. 2014]. 4. Dce.harvard.edu, (2014). Innovation Strategy: 4 Key Tactics of Top Growth Companies. [online] Available at: http://www.dce.harvard.edu/professional/blog/innovation-strategy-4-key-tactics-top-growth-companies [Accessed 18 Nov. 2014]. 5. Gahran, A. (2014). Beyond Smartphones: Mobile Innovation That Could Change the Way You Do Business. [online] Entrepreneur. Available at: http://www.entrepreneur.com/article/226562 [Accessed 19 Nov. 2014]. 6. Hsu, Y. (2013). COMPETITIVE PRODUCT DESIGN AND INNOVATION STRATEGY: A CASE STUDY.INNOVATIVE JOURNAL OF BUSINESS AND MANAGEMENT, 1(5). 7. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/34805/12-p188-annual- innovation-report-2012.pdf [Accessed 22 Oct. 2014]. 10. Shukla, A. (2014). The Importance of Innovation in Entrepreneurship. [online] Paggu.com. Available at: http://www.paggu.com/entrepreneurship/the-importance-of-innovation-in-entrepreneurship/ [Accessed 19 Oct. 2014]. 11. Small Business - Chron.com, (2014). Advantages & Disadvantages of Innovative Technology. [online] Available at: http://smallbusiness.chron.com/advantages-disadvantages-innovative-technology-24267.html [Accessed 20 Oct. 2014]. 12. Teece, D.J., Pisano, G. and Shuen A. (1997) Dynamic capabilities and strategic management. Strategic 13