Innovation Report Essay Example | Topics and Well Written Essays - 2500 words

Innovation Report - Essay Example Perhaps the most widely accepted definition is provided by Michael Vance, according to him â€Å"Innovation is the creation of the new or the re-arranging of the old in a new way†. Most of the products, services or processes that are considered to be innovative are often found to be either ideas or thoughts of others or rework of already existing products, services or processes (Sarkar, 2007). According to Peter Drucker innovation is perceptual as well as conceptual in nature. Therefore innovation necessitates an attitude to go out and look, ask and listen. Successful innovators are found to be using both left and right sides of their brains. In order to make the innovation process effective, the focus must be simple but intense. Most of the effective innovations are found to be exceptionally simple. (Drucker, 2003). This paper is on iPhone, an innovative product, which has taken the generation by its stride. It presents a comparative study of the major drivers of innovation and their role in the innovation process. It also scrutinizes those factors that hinder the innovation process. A study of various theories has been applied to find out the possible challenges faced by the company while developing this innovative product. The paper also includes a critical evaluation of the role of knowledge, design and creativity in the process of making an innovative product. In today’s competitive business environment, innovation is the key to success for any organization. Over the past century most of the business organizations had focused only on continual improvement of the products and services in order to gain competitive advantage. However According to Jim Clifton, CEO and chairman of Gallup Management, such approach is not enough in the current state of economy. According to him today’s organizations must come up with completely new ideas rather than marginally better ones. This was exactly what Apple did over the past few years. The company kept on innovating