Innovation could make a difference when it comes to addressing urgent developmental challenges in the organization. The transfer and the adaptation of the technology that is developed in the developed nations could contribute significantly towards goals in many organizations. Substantial research efforts are required to identify the solutions which address the other global challenges (Solis, Buvat & Khadikar, 2015). Effective management within an organization is an important mechanism to find the needed solutions in various business challenges. Many organizations understand that they need to keep up with the markets and being turned into the global market is essential. Organizations need to stay tuned in, and they need to understand how to process that information (Solis, Buvat & Khadikar, 2015). There have been continual fights to get up the hill and at the same time stay on top of the constant barrage of the technical changes as well as innovations. Introduction of the technological changes within an organization could present various set of challenges to the management than it does to the work of the competent project administration.
In this research, it will use real-world examples in various forms of the innovations, review critically on how an organization can use innovation and technology management to overcome the barriers and enable them to challenge the long-established corporations.
The scope of this research is to examine the recent research on innovation and technology management and how to overcome the barriers and the challenges which are associated to the long-established corporations. The developed organizations especially those in developed countries such as the USA and Europe they have been a source of the competitive advantage, but with the innovation from the less developed countries they have posed a challenge to these established players.
The method which will be used for the research is case study basis where there will be an analysis of various real-world case examples of various forms of innovation and how an organization can use the innovation and technology management to overcome the barriers and enable a challenge to the long-established firms (Wei, Yi and Guo, 2014).
Literature Review and Critical Evaluation
The review of the literature will analyze the following concepts which are as follows;
In accordance with Elena (2013) during the time when there is a slowed development in addition to prolonged volatility, numerous nations are searching for the policies which can stimulate their growth and create new jobs (Koopman, Mitchell and Thierer, 2014). ICT has been the fastest growing industries which can generate numerous jobs for many individuals (Kvochko, 2013). Furthermore, it is crucial to mention technology is the enabler to the innovation and development. In the modern environment, the competitiveness of the numerous economies generally depends upon the capability to leverage the new technology (Timcke, 2017). There is the distinct standard economic effect of the technology.
The ICT sector is and is anticipated to continue to be as one of the biggest employers. In the United States, the computer and information technology tasks are anticipated to grow by 22% up to 2020 that should create a lot more than seven hundred and fifty thousand new jobs opportunities (Kvochko, 2013). In Australia, creating along with running the new super-fast National Broadband Network is meant to support a lot more than twenty-five thousand jobs yearly (Norman and Verganti, 2014). The growth in the various segments happens to be anonymous, and in the USA for every task in the hi-tech business, 5 more additional tasks are made in the other industries (Kvochko, 2013). In 2013, the global tech market experienced grown by 8 % which created new jobs and extended the variety of the services and the products.
Studies from the various nations establish there is an evident impact to technological innovation on growth (Sakas, Vlachos and Nasiopoulos, 2014). For example, the increase in 10 percent in the broadband penetration remains to be associated with the 1.4% rise in the GDP growth, especially to the new economies (Foster and Heeks, 2013). In China, this figure could be achieved to 2 .5%. The doubling of the mobile data usage was as a result of the rise in the 3G connections that could consequently boost the GDP per capita growth rate by 0 .5% (Kvochko, 2013). The internet has accounted for 3 .4% of the complete GDP in certain developing economies. Many of this impact has been related to the e-commerce that is people advertising and selling goods online.
There are several public services which have turn out to be accessible online and via the mobile devices. The transition to the cloud computing is now among the essential developments for the modernization (Kvochko, 2013). An example the government of Moldova grew to be among the first countries in the Eastern Europe besides Central Asia to shift their government information technology infrastructure into the cloud to manage to launch the mobile and e-services for both the citizens and businesses (Kvochko, 2013). The technology has enabled the emergence of the completely new sector which is the application sector. Based on the study on Facebook, programs created to over one hundred and eighty thousand job opportunities in 2011, and aggregated valuation on Facebook application economy has exceeded to greater than twelve billion dollars.
The new ‘micro work’ platforms that have been designed by a corporation for example ODesk , Samasource and Amazon, have helped divide the duties into small components that may be outsourced to contract the employees. The contracted are based totally in the growing economies for example India, Mexico and even Brazil (Kvochko, 2013). These types of platforms enable the entrepreneurs to substantially cut the costs and obtain accessibility to the experienced workers. An example in 2012, ODesk had over three million subscribed contractors who carried out over one million tasks (Kvochko, 2013). This pattern has spilled over to the sectors, for example, the online payment technologies. Advancement together with technological innovation has contributed to the increase of entrepreneurship that has made it less difficult for the self-starters in accessing the perfect methods, legal and regulatory information together with the investment resources.
In the OECD nations, a lot more than ninety-five percent of the institutions have a web-based presence. The internet offers to them with modern options for attaining to the clients and competing for the market share (Kobrin, 2015). Throughout the last few years, the social media remains to be known as a powerful advertising tool. There has been an innovation and technology application which are employed by a company which allows streamlining the business processes and improves efficiency (Kvochko, 2013). The unprecedented explosion of the devices that are linked throughout the world has produced new options for the firms to perform their clientele.
The ability in building fruitful relationships with a broader spectrum of technology startups is one of the key reasons as to why large and traditional corporations set up innovation centers. The rise in the importance of innovation is a development which has been exhibited to any organization. Over the last year, it has been witnessed the rapid rise of Asia as the destination for the innovation (Solis, Buvat & Khadikar, 2015). Singapore has been the city which is fast emerging as the Fintech hub in Asia. There was a launch of the innovation center in Singapore, which focus the creation of innovative client’s propositions around the digital wealth. This has also been exhibited in India which has been seen as the tremendous increase in the range of the advancement centers located in Bengaluru and has been dubbed as Silicon Valley of India. It had been projected that more than seven billion dollars that were invested in the startups in India in 2015. India continues to be the rising in the ranks of the favorite’s destinations to open the innovation centers (Solis, Buvat & Khadikar, 2015). The prior research has pointed out that eight innovation centers in India they were discovered in 2015. The spread for the innovation across the world could be seen in the top ten locations for the innovation centers today although this has been slightly different from the top often location which was identified in back in 2015 (Chesbrough, Vanhaverbeke and West, 2014). As more technology talent is emerging in various countries across the globe, more organizations are looking beyond the established hubs while at the same time looking to meet the need for the innovations which is localized and at the same time relevant for various markets (Boons and Lüdeke-Freund, 2013).
Accelerators usually plug organization especially those in new economies in developing countries into startups ecosystem which enable them to cultivate relationships with the startups and provide opportunities to work on the targeted technological development (Davis, 2016).
In the era of the digital Darwinism, where there has been a disruptive technology there exists a product of everyday innovation (Solis, Buvat & Khadikar, 2015). Corporations are seeking to connect with the current shiny objects and trends while at the same time gaining access to the technology.
The studies of empires often focus on the rise and the fall. When it comes to innovation centers, organization are witnessing a phenomenon to the rise and rise as the large and established organizations are seeking a proactive approach to the competitiveness and also a strategic defense and offense around the digital disruption (Solis, Buvat & Khadikar, 2015). The organization is prepared to transition to the next level of the innovation building of the empire. The organization is reaching out far as well as full in building a genuine partnership as well as turn creative ideas into tangible results.
Over the years the organization has been expanding their research as well as developed footprint beyond the boundaries of their home country. Nonetheless, as a result of recent political and economic events, there are questions which have been raised in regards to whether this global innovation model could be sustained (Jaruzelski, 2017). The rise of the economic nationalism and protectionist trade policies could have far-reaching impacts on how and where the organization conducts their research and development in the years to come. It is possible that some organizations have already experienced this and if they have, it is crucial for the organization to know more.
Beginning of 21st Century there has been growth in the number of the organization which began directing more of their research and development to the regions where their sales and manufacturing were proliferating, and at the same time, they could have access to the right technical talent (Jaruzelski, 2017). Over the last several years, the most prominent global shift in the research and development investment was from North America, Europe, India as well as China which had seen the most significant reduction activity in corporate innovation.
The multilateral trade agreements have enabled organizations to reconfigure as well as optimize their manufacturing, research and development and supply chain (Taglioni, Winkler and Engel, 2017). Currently, in the UK and the European Union, they are renegotiating their trade arrangements in the wake of the Brexit amid considerable uncertainty about the ultimate impacts on the organizations.
Another aspect which could impact how organization designs their R & D model is the rise of more rigorous immigration as well a requirement of residency (Jaruzelski, 2017). The recent news has accounted different suggestion on how the engineering and the computer students are concerned about the immigration policies that have eyed the Canadian universities over the US institutions (Peschl and Fundneider, 2014).
The rise in the economic nationalism might encourage the continuation of the protectionist policies in various countries which could impact corporate decisions in regards to R & D (Berzin, Singer and Chan, 2015). China, for example, has pursued any trade and the intellectual property practices which organizations and the global institutions consider overly restrictive (Jaruzelski, 2017). These could entail the industrial policies and nontariff measures which in some cases favor the domestic over the foreign organizations.
Generating value is the beginning, for an enterprise to make money from the innovation; they need to drive the business evolution previously the existence of the business. Many organizations today they are stuck in this gap (Germany and Muralidharan, 2001). They have got seen the galvanizing innovation client interest and propelled revenue growth across the industry (Rutkauskas and Ra?inskaja, 2013). When the organization develops Web sites which to sell their services and products, built even infrastructure for sales and service along with spent millions on the marketing, all their assumptions must be to grab some interest from the consumer and revenue development to lift their profitability (Germany and Muralidharan, 2001). The reason behind all the assumptions is really because many Corporations failed to shift their focus from the creation of the value to the capture value that is profits. Rather, they followed the flawed logic which scale, scope as well as increased returns on the incremental investments to govern their Company. Analyzing the e-tailers which have gone into bankruptcy with the conventional retailers for instance; Wal-Mart Stores Inc. and also Home Depot Inc. These organizations have realized that retailing does not enjoy the increase of the profits on incremental investments (Germany and Muralidharan, 2001). Rather, the fined appropriately tuned their business models to enable them to generate a profit after they have reached the minimum efficient scale.
All the organizations are capable of capturing relevance from their unique along with innovative developments by obtaining and profiting from new choke points (Anderson, 2014). They require to place on the value chain in which the potential profits reside which could generate the competitive advantage.
The facet of the choke point illustrates valuable whenever it is utilized with a three-phase sequence which defines exactly how the marketplace would certainly absorb on the innovations. The sequence usually begins when organization proves the feasibility and value of innovation (Germany and Muralidharan, 2001). The organization should define the rules of the game in addition to conclude by maximizing the value that was produced by innovation.
The organization approach is the mechanism for the capture of the value. Technological innovation could have component of the enterprise system constructed in it. An illustration Edison’s phonograph provided individuals music in their homes without the expense and any kind of limitations of the piano. This created the recording business which turned revolutionary (Germany and Muralidharan, 2001). Several evolutionary innovations need to come together before even a new business system might develop an industry which is revolutionized. Ability to sense destructive effects of particular technological innovation is primary to the prosperity of Corporations (Germany and Muralidharan, 2001). That ability consequently, depends upon just how the business defines its market and its place within it.
Conclusion
The research has examined how various forms of innovation have enabled new organization to utilize them to overcome the barriers which impact them negatively. Moreover, the report has looked into real case examples of innovations which have been created in the new economies and are effectively competing to already established Corporations in developed nations. The research focus has been how the technology has impacted the economy. This has focused on how ICT is affecting the economies of the various countries both developed and developing. Additionally, the research has focused on the digital Dynasties, examining on the rise of the innovation Empires globally. The other focus on the research has been on Economic Nationalism and the future of the Global research and development. The study has looked at what could encourage economic Nationalism and future of Global R & D. Lastly; the research has looked at the three phases of the Value capture; through finding the competitive advantage especially in this information age. The review found out that creating of the value is just the beginning for the Corporation; making money from the innovation is what will drive the evolution industry before it occurs. Additionally, it is important to note that the drive to innovate is even more important in the new economies, especially wherein there has been rapid sharing of the data forces players to utilize more continuously. Moreover, the ruptures that have happened in the traditional boundaries especially in the value chains are requiring Corporations to re-think precisely how they could go to the market, whatever they will need to own, and how you can cope with both the vendors and customers.
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