Discuss about the Evidence from Young European Biotech Companies.
This report covers a literature review on many terms that people are not aware about. The relations between various terms are discussed along with their importance. Innovation and creativity is the key reason of success of every organisation as it helps in gaining success worldwide. Creativity and innovation are two different terms but are somewhere related to each other. Creativity is the act of thinking about new models and finds ways to implement it for better outcomes than the present situation. Innovation is a process of generating new idea and strategies that could help in providing better solutions to fulfil the market requirements. Innovation can be said to be practical implementation of invention. Invention is the first release whereas innovation is the modification of such process. Thus all these terms are discussed in the report. The terms like open innovation, technological development, reaction of technology development and many such terms are listed and analysed by performing a literature review.
Innovation aaccording to (Luks, Johnson and Polzin, 2015), it is one of the most important terms for the businesses. It can be characterized as generation of new thought or technique that could help in giving better answers to satisfy the market necessities. Innovation can be said to provide better solutions to meet the market requirement. It is a creative process that helps in adding flexibility and ease in the present strategy. If considering the case of business innovation it is about designing better functions for the existing company so that it creates new wealthy environment. An idea is generated by many creative minds and is turned into a solution that adds values to customer’s perspective (Marcelino et. al, 2016). Some of the authors defined innovation in a different way, they said it is an execution of great ideas to add magical concept to existing situation. It can be seen as introduction of new products and services that adds value the organisation. It is a process of inventing new thing in the market that may change the existing product. This can be said as the modification in the present product with advanced features.
Difference between invention and innovation, according to (Bertoni and Tykvová, 2015) exists. Invention is a discovery of new product in the market. Invention is the first arrival in the market place. Invention is a discovery of a thing that does not exist in the present world. Innovation is not the same as invention as it can be said as an alteration of existing item. Considering an illustration, the discovery of first mobile was an invention as there was no such media of communicating with each other in the market before mobile phones. Innovation is advanced updates in the technology like it turned to be touch screen pads and advanced camera facilities. In the other way it can be stated that invention is a process of creating new product or introduction of a new strategy in the market for the first time (Snyder, et. al, 2016). On the other hand improvement in the existing products or strategies can be said as innovation. Invention and innovation are quit related to each other as invention is of no use if innovation won’t be there.Innovation is the best way to make the invention worthwhile in the market.
Creativity and innovation, in the views of (Sarooghi, Libaers and Burkemper, 2015), is the key success of every organisation as it helps in gaining success worldwide. According to them creativity is the act of thinking about new models and ways to implement it for betterment. Like the first discover was phonography and innovation and creativity has expanded it by launching many such products. Tape recorders, Walkman’s, CD players are just the innovation of old products. Advancement requires innovative personalities so something new and dynamic comes in the market. These two terms are not like each other there is a slight contrast between these two. The difference between innovation and creativity is focus. Creativity is a process of releasing the mind to think in all direction to bring out a new idea (Dawson and Andriopoulos, 2014). Creativity itself is a step by step process which covers discovery, invention and creation of the product. The first part of creativity is just discovery the concept behind the idea, then inventing it into some product or strategies and last comes creation that involves modification in the idea so that it results out best. The part of creativity end at imagination but innovation ends by implementing the product or service.
Innovation and strategy in the views of (Kalkan, Bozkurt and Arman, 2014), are often conflated. These two terms are quiet distinct to each other. The company without any strategies plan has no direction and company without any new innovation is unsuccessful. The word strategy for an organisation can be a coherent and sub stained logic for making set of options. The strategy helps the organisation in dealing with all the conditions. Along with strategies innovation is must as it is the way to accelerate the working of the organisation. Strategies and innovation does not aim to make changes in the services and goods. Strategies are used to find a way so that products and services are sold to customers (Roper and Xia, 2014). It is also required to innovate strategies of an organisation so that better outcomes are generated. The effective innovation methods are used to design programs to deal with the failures. The innovation can be in any way either incremental way, architectural way or disruptive way. Strategy helped the business to gain advantage by designing new plans to gain marketing values.
Open innovation according to (West and Bogers, 2014), is used to promote any change in the information at the time of innnovaton. The benifits behind open innovation is used to increase external background of the company. The idea of open innovation was arrived due to distribution of knowldge that helped in gaining importance world wide. It offers various benifits as it reduces teh cost of devlopment, teh productiviy is also enhaced due to the imporment. It additionally builds the exactness by focusing on customes in the market. Open innovation has potenial for viral marketting and furthermore has the potenial to connect inside and outside development. The drawback of open innovation is taht it might leak some of the information which is not thre for sharing purpose. It likewise increses overall complexity by identifying and incorporating external innovation (Brunswicke and Vanhaverbeke, 2015). Thus it can be stated that it is a way to define the use of all the inflows and outflows of the company. By adopting the methodolgy of open innovaton the boundaries of an organisation is to allow the company to make use of others resources and external asserts.
Technological innovation in the views of (Kogan, et. al, 2017), is a concept of developing new ideas by using advanced technology. It is a dynamic change that helps an organisation to meet economic and competitive advantage. The technology is changing with time and it adds up flexibility and ease in the working environment. The technological innovation is also a part of invention disciplines that firstly focuses on present technology in the market and the knowledge gained from innovation. Thus it can be stated from the research that technological innovation comprises of activities that helps in designing new products with better technology (Bergek, et. al, 2015). Using new technology helps in building out better result by improving the existing products by generating new technological knowledge. Technological innovation helps in market expansion of the business by opening up doors at global stage. It also helps the company by reducing the human efforts and making the work automatic. Technological innovation also reduces error from the work by making it easy. It also up fronts the overall cost and saves the time of competing operations. Technological innovation also helps in accessing the information fast. It has turned out to be beneficial in all the industries by showcasing more practical work. Technological innovations in the world have helped in implementing science and technology in all the operations. This makes it possible for achieving more than what is currently present.
Definition of change aaccording to (Kleinknecht, et. al, 2016), the change was defined as way of making a difference or altering the present situation or scenario. It can be seen as an alteration of the actual condition into some other form. It can be seen as converting the present data into some other thing. Or it can be said as a substitution or transformation of the situation into some other form. Change is mostly done for the betterment of the company by bringing up advanced features. It is also proved that change is required for the growth of the company. It can be stated as a process of changing functions and things that is used to alter the present condition. Change in an organisation can be carried out as a process in which the present condition is unfreezing so that all the problems are analysed and then the solutions could be found easily (Snyder, et. al, 2016). The second part is transition of the present condition into a better and a valuable state. After all the fine tuning that is required is done the system is refreezed again. The new ideas are implanted in the system so that it is easily adopted and organisation starts gaining better benefits.
To make change to process and services, according to (Harvey and Kitson, 2015), it is important regularly. Changes are done in an association for some great reasons. Change helps in executing better approaches to take care of the issue by enhancing the items and benefits and making better approaches to grow the outcomes. The intention behind change is diminishing the general cost and enhancing the creation. Before rolling out any improvements, evaluation is required as with respect to where change is required. The shortcomings of the organisation is analysed and then development process is developed. The three main elements behind the successful changing process are people, process and structure. The people help in identifying the sector where change is required and process helps in taking account of all the stakeholders and the attitude of people. The importance of change in an organisation is important as without change a lot of time can be wasted. The change is needed as per the demand of customers. Apart from that brining change to an organisation is a six step process (Zaman and Sedera, 2016). The first step is beating the communication breakdown by understanding the perspective of the organisation from all the directions. The second step is used to get personal information that what are the problems that are faced by people in the present situation. The third part is used to plan the action regarding how change need to be implemented. The next step is making people aware about the change that is made in the organisation by collaborating it smartly. The last step is used to refine the success of the company by making best changes.
Making technological changes in the views of (Marcia, 2017), there is various form of. The changes can be made by using 4th industrial revolution, digitalisation, artificial intelligence or machine learning. These technologies have proved to make the work and journey of all the operations digital. These have made a way to complete all the operations within few seconds. They have transformed the working environment of the organisation. They work in a hope to catch up all the advancements and bringing up digital age. These technologies are helpful as they served out to be better in terms of risk assessment and detection of all the fraud behaviours. These add up security on the network by improving the overall efficiency. This rapid technological change helps in advancing the performance by enabling innovation in the business and bet the competitors. These technologies are beneficial for monitoring and preventing all the actions that might harm the organisation. Thus these technologies save the overall time and money by making all the processes and task automatic. It also increases productivity and efficiency of the operations. These also help in making faster decisions by avoiding all the errors that are caused due to human error. It also increases the revenue of an organisation by maximizing the sale opportunities. Not only AI but machine learning also adds up benefits to the company by simplifying the analyses part of the organisation and making the automatic predication and processing. It also improves the precision of financial rules of an organisation.
Technophobia and technophile in the views of (Casanueva, et. al, 2017), there exists a difference between two terms that is. Technophobia refers to the fear that is faced by an individual due to advancement in technology or due to complexity. It can be also be related to the fear that is faced by the company in terms of leakage of private information and data. On the other hand technophile is entirely different it is a strong determination towards learning new technologies and skills. It is a terms that is used to determine how technology can influence a person. It is not related to the fear that is caused by people due to innovation of new technology. It can be stated that these two terms are not related to each other. They are the extremes of technology and technophobe is all about the fear or attitude of dislike towards the technology. On the other hand technophile is the positive way of seeing towards the change and improving the social problems (Brunsson and Olsen, 2018). The technophobia can stop the person to grow and achieve success. It is somebody who is afraid of technology and on the other hand technophile is one the one who enjoys new innovation and waits for some advancement in technology. The fear of technophobia in a person leads to eliminating the situation where technology is involved like eliminating the job, training sessions in any such situation. This also links up fear among the managers of the company related to security of the data. There are chances that information gets leaked and it spoils the confidentiality, integrity and availability. On the other hand technophile is a motivation to learn new innovation. It can be said as having an enthusiasm to learn and know about new technology and techniques.
Reactions to any technological change in the views of (Brooker and Latham, 2015), are not adapted easily. It requires a proper training session to make sure that people become aware about the new technology. Whenever new technology arrives in the market the employees and staffs are not aware about how to use it. Thus before implementing the technology it is important that staffs have the knowledge. Otherwise it may have negative impact of the organisation. The innovation in the technology is accepted by some people easily while some take time. The business environment is impacted in a positive manner by the technological change as it makes the work easy by removing all the human errors. It opens the doors of opportunities that help in creating new business market. The improvement in the technology helps in reducing the overall cost by increasing the productivity. The technological change impact the society also in a positive manner by making most of the operations automatic that reduces manual efforts (Coppola and Verneau, 2014). The technology can have harmful impact if it is not adopted properly. People all over the world are dependent on technology thus if changes are made it can be adopted to use the benefit of modern technology. Technology has simplified the access in every field from education, medical to all the sectors. The technological change increases the customers for an organisation.
Force field analysis in the opinion of (Martínez., Teichmann and Murdvee, 2017), is a framework that is used for looking at all the factors that might affect the situation. They help in figuring out all the forces that drives out to achieve the goal or the possible hindrance that might block the path to achieve the goals. It is a powerful tool that helps in making decision. FFA analyses the situation regarding all the benefits and the possible shortcomings that could be faced. It helps the organisation to predict the outcome by finding out the existences and the advancement that will help in meeting the objective. It helps in analysing the factors where change is needed by making the difficulties visible so that changes could be made accordingly. Thus, after proper analyses it is applied in the organisation to make affective changes. It is a framework that influences the situation by looking at all the factors that would help to drive towards the goal and block the movements of hindrances. It is a technique that is developed by Kurt Lewis for diagnosing all the situations. It was assumed that the situation has both the driving and resistant force (Cowan, 2018). The procedure was defined by analysis the complete situation by individual perspective and all the coexisting factors are considered. Thus it is helps in identifying the force that aims to solve the situation. The sole purpose of this analysis is to find the forces and then accessing the problems so that strengths are evaluated to meet the business opportunities.
Technology Acceptance Model in the views of (Toves, Graf and Gould, 2016), it is an information system theory which keep track about how users adapt to new technology and how they use it. There are various factors that affect the decision like the degree of a person’s belief on the technology and how it would be useful for the person if used properly. Other than that it also believes on the belief of a person regarding the efforts that need to be taken. The TAM2 is the extended form of TAM1 that helps in determining that an individual will adopt or reject new system. It cans extreme case that improves the output quality. TAM2 theory has direct impact on the subjective part. It deals with knowing the behavioural intention and knowing the attitude of a person behind this behaviour (Uzoh, Galek and Price, 2015) . The perception of utility and the way he sees things determines the use of the system. Both the models have same perceptive and the only difference is the ease of using. Technology acceptance model works on two mechanisms that are self-efficacy and instrumentality.
Managing ttechnological change successfully, according to (Rondan, Arenas and Ramírez, 2015) is an important part of success. The change can be overseen and taken care of effectively distinguishing the proviso in the current circumstance. The innovation should be executed simply in the wake of breaking down the necessities. The provisos are recognized in every one of the cases in this way another innovation could be actualized (Henfridsson, Mathiassen and Svahn, 2014). Once the technology is implemented it is necessary to make it acceptable all around. This could be done by involving employees in the technology so that it could be adopted. The early acceptance of technology helps in using the technology at initial stage. Thus to implement the change in the environment successfully it is important to understand eth existing environment. This could be done by analysing all the business processes and the overall customer experience. Then all the end users are engaged and made comfortable to use the technology (Cheng, Chen and Yen, 2015). The change is accepted by the organisation by designing strategies to work accordingly. The change can be adopted in the organisation successfully by organising training sessions so that all the operations are understood and the risks are minimized. The current state of the organisation is analysed and the changes are made for better outcomes
Conclusion
From this report it can be easily concluded about many new terms. It provided a detail discussion of many terminologies. Innovation is one the key term that was discussed along with its differences with other terms like invention and creativity was found. The terms might sound same but here is a huge difference between innovation and invention that are listed above. The terms creativity and innovation is analysed along with the importance of strategy and innovation in the market. Open innovation is entirely different term which is also discussed. In today’s era innovation is mostly in terms of technology, this is how technology innovations are adapted and its changes are discussed. Change is a key factor for success and it is important to bet the competitors in the market. Technological changes are made for betterment so that it results it productive outcome. The report also throws light on the difference between two terms that is technophobia and technophile. Apart from that force field analysis theory is also discussed along with various technology acceptance models.
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