MUHAMMAD ANSAR

S/o Mukhtar Ahmad

Roll #:- CC510248

Reg#
20-PRI-09228

PGD (ENTREPRENEURSHIP)
Spring 2021

Course Code :
(9552) INNOVATION MANAGEMENT

ASSIGNMENT No. 01
Q.1: Discuss significance of innovation management with
appropriate examples Ans: Significance of Innovation
Management:
Innovation refers to creating more effective processes, products, and ideas. For a business,
it could mean implementing new ideas, improving services or creating dynamic products. It
can act as a catalyst that can make your business grow and can help you adapt in the
marketplace.
By innovation, we mean changing your business model and making changes in the existing
environment to deliver better products or services. Successful innovation should be a part of
your business strategy, where you can create a culture of innovation and make a way for
creative thinking. It can also increase the likelihood of your business succeeding and can
create more efficient processes that can result in better productivity and performance. For
that, business owners need innovation and creativity to find new things. Try adopting and
creating new ideas that will help you grow beyond your competition.
Successful organizations know the significance of innovation in business. Apple is a good
example of how effective innovation management can improve your products and scale up
your business. After reaching on the brink of collapse, it achieved new heights of success by
implementing effective innovation management policy. The success of its innovative
management strategies once again brought it in the league of leading organizations. If you
are an entrepreneur who wants to learn from innovative management strategies of
successful organizations, consider the following thirteen strategies. In non- technical
language, innovative management is any process that involves changes in planning,
ideation, technical execution and production of resources in a way that can make a system
more functional for people. In context of business, it focuses on two major objectives:
 Improving operational systems of an organization
 Enhancing products/services for end-users
In the former case, it takes into consideration the leadership, management and resources
that make up the working machinery of an organization. In the latter case, it works on the
systems and processes involved in creative and technical aspects of developing a
product/service. An effective innovation strategy results in better performance of
employees, increased productivity and higher customer satisfaction.
Google was the first company to create a business based on innovation. Google founders
Larry Page and Sergey Brin addressed in their 2004 IPO letter that “We support our
employees to contribute 20% of their time to work on the innovation that will benefit
organization”.
Employees having an idea not related to their work will focus 5-10% of their time on their
innovation until they demonstrate the impact of the idea. This helped Google to generate
some of the most successful applications and tools including Gmail, Google Talk and
AdSense.
General Electric: In the early 1900s, GE developed the renowned industrial research
laboratory. Innovation bought GE to the uncontrolled process of scientific discovery and,
over the next 50 years, won more patents than any other company in America.
Much of GE competitive prowess was an outcome of innovations in the best way – nurturing
a culture of ideation. They provide a healthy environment where employees share their ideas
openly and get recognized to their efforts in innovation.
They also seek external voices with unique opinions and ideas on everything from the
cloud, robotics and manufacturing to public policy and the global economy.
There are many other organizations like DuPont, Visa, Linux who owe their success to
organizational innovation.
As these examples show, a management breakthrough can deliver a potent advantage to
the innovating company and produce a seismic shift in industry leadership. Technology and
product innovation, by comparison, tend to deliver small-caliber advantages.
A management innovation creates long-lasting advantage when it meets one or more of
three conditions: The innovation is based on a novel principle that challenges
management orthodoxy; it is systemic, encompassing a range of processes and
methods; and it is part of an ongoing program of invention, where progress compounds
over time.

Q.2: How to be more creative and innovative? Discuss with examples

Ans: To become creative, intelligent and innovative we should be surrounded by people
who dare to do something new always and help us to do the same. And please stay away
from people who always blame the situation for example -who keep uttering "I still can’t do
this! " there are lots of problems and with every problem, they come up with a different
excuse. people like them do nothing but spread negativity.
To be more persuasive and intelligent just observe things, people, situations and what
happens if someone does something, and what is the result or consequence if I do this in my
life. Observation saves your time and also gives you a live example.
To be creative meet new people or read a different type of book every month or week if you
can, wake up your inner kid and be energetic and lively. Spend on useful things which
motivates you to do something new with it. And never try to copy people, challenge yourself
and make your way and face new and exciting challenges. Do meditation or exercise
regularly it always keeps your mind & body fresh and creative it also makes you innovative.
A playful attitude helps people adapt to rapidly changing circumstances by finding creative
solutions to problems that arise. Playful behavior can generate radically new ideas and
those new ideas can lead to new forms of behavior by which we approach the world.
Creativity
Creativity is about developing ideas and creating new views and behaviors that can be
applied in new situations. Creative people are original thinkers. They have many ideas, can
quickly change mindsets and come up with new combinations. It is interesting that great
thinkers, scientists, designers and
artists often regard their work as play and take a curious and playful attitude in everything
they do. Creative people are not prisoners of habits or what should and should not. They
can play with changing habits and introduce new ways in which we work and live together.

Innovation
Innovation starts with curiosity about how something works. Curious people are interested
in new concepts and experiences, and try to avoid boredom. By playing, they try out new
ideas and learn what works and what does not.
Innovation is about realizing a new idea with a practical value that is embraced by others.
Converting new ideas into successful innovation often requires tremendous effort.
Innovative people are analytical, persistent and resilient. They take a positive attitude and
are willing to play collaboratively. The majority of successful innovations are achieved
without the explicit goal of cashing in on them.
Collaborative play
Rules in organizations are indispensable to deliver quality and to maintain a certain level of
stability. When existing rules and ingrained play patterns lead to stagnation, it is necessary
to question these rules and change them. Changing the unwritten rules of the game is
necessary to be able to respond to unexpected events and to create room for innovation.
Collaborative play often starts with curiosity about what is going to happen. There is a
sense of the unknown and excitement about the possibilities that the play offers and the
space that is created for new ideas and perspectives. In the actual play people enjoy the
movement that develops. Play experiences contribute to knowledge, understanding and
skills. Shared experiences provide understanding of the working methods and culture
that we have created together. This
provides awareness of the power to change and the way in which we can bring about
innovative changes together.

Dealing with the unexpected

In change as collaborative play, everyone can be creative or innovative, and play a role.
The players enjoy the challenging situations in which they can develop themselves
together with others. People enjoy playing when they can influence their own lives and
well-being.
A playing attitude calls for the creativity of players who challenge each other and
develop scenarios without a clear beginning or end. They embark on the adventure in
the space they create together. Change as collaborative play means that players deal
with unexpected events and unpredictable moments and that they create opportunities
to develop themselves and enjoy it.
Q.3: Why there is a need of innovation in today’s world?
Ans: Innovation, by definition, is the introduction of something new. Without innovation,
there isn’t anything new, and without anything new, there will be no progress. If an
organization isn’t making any progress, it simply cannot stay relevant in the competitive
market.
Because organizations are often working with other individual organizations, it can
sometimes be challenging to understand the impacts of innovation on our society at
large. There is, however, a lot more to innovation than just firms looking to achieve
competitive advantage.
Innovation really is the core reason for modern existence. Although innovation can have
some undesirable consequences, change is inevitable and in most cases, innovation
creates positive change.
Over the last decades, innovation has become a significant way to combat critical
social risks and threats.
For example, since the Industrial Revolution, energy-driven consumption of fossil fuels has
led to a rapid increase in CO2 emissions, disrupting the global carbon cycle and leading to a
planetary warming impact. Our society revolves around continuous economic growth, which
mainly depends on population growth. The population is shrinking and ageing in the
developed counties and is likely to do so in other parts of the world as well. Innovation is
important to the advancement of society as it solves these kinds of social problems and
enhances society’s capacity to act. It's responsible for resolving collective problems in a
sustainable and efficient way, usually with new technology. These new technologies,
products and services simultaneously meet a social need and lead to improved capabilities
and better use of assets and resources. In order to be able to solve these kinds of societal
problems, private, public and non- profit sectors are involved.
In general, the result of innovation should always be improvement. From the society’s
perspective, the fundamental outcomes of innovation are economic growth, increased well-
being and communication, educational accessibility and environmental sustainability,

Economic growth
Technological innovation is considered as a major source of economic growth. Economic
growth refers to the increase in the inflation-adjusted market value of the goods and
services produced by
an economy over time. It is conventionally measured as the percent rate of increase
in real gross domestic product, or real GDP.
There’s generally two ways to increase the output of the economy:
 Increase the number of inputs that go to the productive process
 Come up with new ways to get more output from the same number of inputs

Innovation and the future of jobs

Technological advancement and increased productivity means major changes for careers
today as well. The world economy could more than double in size by 2050 due to continued
technology-driven product improvements. According to the new World Economic Forum
report, nearly 133 million new jobs may be created by 2022 while 75 million jobs are
displaced by AI, automation and robotics.
Increased well-being
In general, innovation and economic growth increases well-being because living standards
rise. According to the Brookings Institution, average life satisfaction is higher in countries
with greater GDP per capita. Another research also shows that there’s a link between
innovation and subjective wellbeing. However, not all of the benefits of innovation and
growth are evenly distributed. Often, a rise in real
GDP means greater income and wealth inequality. Although there isn’t a threshold level for
how much inequality is too much, greater socioeconomic gaps are most likely having some
negative consequences.

Reduced sickness, poverty and hunger

As already mentioned, developing countries depend on innovation as new digital
technologies and innovative solutions create huge opportunities to fight sickness, poverty
and hunger in the poorest regions of the world. Developed countries also rely on innovation
to be able to solve their own problems related to these themes. What comes to reducing
hunger, for example, agricultural productivity is critical in the developing countries where the
next population boom is most likely to take
place. Smallholder farms in developing counties play an important role as up to 80%
of the food is produced in these communities.

Communication and educational accessibility

You probably already knew that The World Wide Web celebrates its 30th birthday this
year. We’ve already seen a huge technological revolution during the past decades and
continue to do so in the future.
According to the World Bank Annual Report 2016, even among the poorest 20 percent of the
population, 7 out of 10 households have a mobile phone. This means that more people now
have mobile phones than sanitation or clean water.
Also, the mobile worker population is expected to grow from around 96 million to more than
105 million by 2020. Innovations in mobile technology such as voice control and augmented
reality are enabling workers in completely new ways. Technology innovation can also help
rural areas thrive and become more sustainable. Although there are some barriers to
technology adoption, such as low income or user capability, more people can access
information an improve their knowledge despite their socio- economic position or
demographic area

Environmental sustainability
Sustainability and environmental issues, such as climate change, are challenges that
require a lot of work and innovative solutions now and in the future. Earth suffers as
consumerism spreads and puts consumption at the heart of modern economy. Although
consumerism has a positive impact on innovation as a source of economic growth, the
rising consumption of innovative products is often considered as one of the reasons for
environmental deterioration.
Often, politics or other methods aren’t enough to make a change – at least not quick
enough. Policy changes take time to take effect, which is why the long-term survival of our
society and nature depends on new, responsible innovative technologies. Although new
greener technology solutions, such as eco vehicles aren’t necessarily more competitive
alternatives to petrol-powered vehicles just yet, they will definitely offer many advantages
for the future.
Conclusion
Generally speaking, the main purpose of innovation is to improve people’s lives. When it
comes to managing a business, innovation is the key for making any kind of progress.
Although your innovation activities aren’t necessarily powerful enough to save the world,
you should focus on improving the things you can affect.
Small improvements eventually lead to bigger and better ideas that may one day become
revolutionary. In the meantime, however, you’re responsible for finding ways to make
improvements in your own sphere of influence.
Often, getting started is the hardest part as there are many ways to approach innovation.
Our suggestion is to simultaneously work on developing your personal skills and
business related aspects. You should, however, start small and pick your focus as it's
impossible to achieve everything at once.

Q.4: What are the contemporary challenges of creativity and

innovation? Discuss Ans: Contemporary Challenges of Creativity
and Innovation:
Challenges of Innovation:
Innovation can be complicated and can sometimes feel like an uphill battle for heads of
innovation at large companies, but that can’t stop you from moving forward in the midst of
constant digital disruption.

Politics/Turf Wars/No Alignment

As a company grows, so does the complexity of its internal politics. This is why smaller
startups often have an easier time innovating than larger corporations.
Implementing a new innovation program can require sweeping internal changes, meaning
that some employee roles will change for the better, and others will change for the worse. As
such, people begin to think politically when the idea of organized innovation efforts come up.
Those who feel threatened by the change might then actively work to undermine it. Avoiding
these issues can be quite tricky, and sometimes impossible, but there are a few things to
keep in mind.

Cultural Issues
Risk and innovation go hand-in-hand. As the cliche goes, you can’t make an omelet
without breaking a few eggs. Innovation will inevitably lead to some failures, and for some
businesses, any missteps are viewed as unacceptable.
This stigma of failure can slow down a company’s innovation processes, and in many
cases even grind them to a halt. Considering that innovation can save a company by
helping them to avoid becoming obsolete, this can be a big issue.
Inability to Act on Signals
A large part of enacting an innovative new product, service or procedure is recognizing the
need for the change in the first place. KPMG states that executives identified the inability to
act on signaled market changes as the third highest obstacle to innovation.
Businesses can sometimes stagnate in their past successes. They spend most of their time
optimizing their current model and their current processes that they forget to take a step
back and evaluate what is working and what is not in their industry.

Lack of Budget
As innovation is an ongoing endeavor that often has long-term goals, it can be difficult to
measure its impact. This can lead to a frustrating back-and-forth with those allocating the
company budget because if innovation takes time to deliver, funds may be cut. But if
innovation funds are cut, then it is virtually impossible to deliver.

Lack of Strategy, Vision

For many companies, the benefits of innovation are well understood. For those companies,
staying relevant is important and they encourage disruption wherever possible. However,
that can also be part of the problem. Many innovation experts cited a lack of vision and
strategy as one of the biggest issues facing potential innovators.

Challenges of Creativity:
Resistance to change
People just get used to doing a particular work in customized manner and they are just
opposed to any new idea or change.
Lack of initiative
Organizational managers from top to bottom are just opposed to giving initiative to their
subordinates fearing that it will undermine their authority.

Restriction on interaction
A free and open environment provides members an opportunity to interact with members of
their own and other groups. Such interaction facilitates exchange of ideas and information
required for creative work where as in restricted environment creativity is adversely
effected.
Fear of something going wrong
Many new ideas may go wrong or prove impractical. Whenever creative work is to be
undertaken the possibility of success or failure is always there.
Lack of recognition
Failure to recognize or reward creativity acts as de motivating factor. Hard work put in
by creative people must be compensated with adequate financial and non-financial
rewards.
Resource constraints
Creativity demands sufficient availability of resources. Absence of adequate resources may
dampen the spirit of creativity.
Q.5: How organizations can motivate their employees to be innovative? Discuss with
arguments. Ans: Innovation is critical for organizations to continue to build and sustain
competitive advantage over the long term. Many of the world’s most innovative companies
have unlocked the secret to continuous innovation: their employees. However, motivating
employees to take part in innovation can sometimes be a challenge. If an organization want
to know how to motivate their employees and get positive
employee engagement, they have to make them feel passionate to go to work every day
and wanting to spend time with their bosses and colleagues.

Create a friendly work environment

our employees spend a large amount of time of their lives working in the office. So try
to make the office look as friendly and appealing as possible.
When you create a pleasant atmosphere where it is welcoming and comfortable, your
employees will be more than eager to go to work every day.
Acknowledge employees’ achievement
Everyone wants to be recognized for something they have done; regardless if it was for a
work or personal achievement. The acknowledgement of a job well done coming from
upper management will mean more to an employee than you think. Always remember to
give credit when credit is due.

Rewarding employees
There will be times when it takes more than just a pat on the back. Try giving simple
incentives when rewarding engaged employees.
It does not have to be monetary rewards all the time; simple things like a week of having a
personal parking spot at the office would be sufficient. Rewarding employees could also be a
part of the company benefits.

Positive communication is the key

Everyone communicates at work and it is probably the easiest thing you can do with your
employee. Yet it can also be the most difficult. Spend a short period of time each day to
have a word with your employees; discussing things from concerns to ideas.
This will not only make your employees happy, it will also provide you with much-needed
insight on your business from your employees.

Encourage friendly competition

A little competition among the employees would not hurt. A competitive environment is a
productive environment. Encourage employees to participate in competitions or challenges
as it is healthy and may actually lead to increased camaraderie.
Friendly competition amongst teams helps with employee engagement and employee
participation.

Have a meaningful and worthwhile goal

Managers should ensure that the company has a vision and plan at a corporate and
individual level. Employees who have a path set before them that may lead to promotion
can work towards a goal. Achievable goals are very helpful as it gives employees the
drive to work harder without being asked.
Create a career path
When employees have an idea of what is provided or what the incentives are, they become
further motivated. This will lead to increased commitment towards their employer. The
members of your team will be more valuable to your organization, and to themselves, when
they have opportunities to learn new skills.
Provide your employees with the training they require to advance in their careers and
to become knowledgeable about the latest technologies and industry news.

Be a leader worth following

As a leader, employees are going to look to you to set an example for the rest of the group.
Leaders tend to be setting a tone and values for the company. By doing so, it could have a
meaningful effect on the mentality of the employees. If leaders set an example of positive
thinking, employees will follow and the entire work culture will become more motivating.

Encourage creativity
Creativity does not have to be based on the work that the employees are doing. It could be
simple task like giving ideas on the next company retreat or team building exercises.

Encourage team work

Try to remove any bureaucracy and hierarchy within the company and create an
‘openness’ to new ideas at any level and working together as a team keeps employees
motivated.

Welcome all ideas

Everyone is unique and unpredictable and each with individual desires and some with
complicated ideas. Remember not to shunt away ideas or suggestions no matter how silly
or meaningless they may sound.
No single strategy can ever hope to please all of your workers all at once. A tiny silly
idea could be brainstormed into something brilliant sooner or later.

Don’t let employees become bored

Some employees have a short attention span. Host a cupcake bake-off, plan a happy hour
every Friday, have company lunches together in the office on alternate Wednesdays or allow
a different person to run the weekly meetings to break up the dreariness.