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2. Process innovation
3. Positioning innovation
4. Paradigm innovation
INNOVATION | CREATIVITY | INVENTION |
Incorporation of changes/ improvements in the product/ process. It happens after a valuable research and development. It is an ongoing process that comprises new inventions each time. | On the other hand, creativity is a vital prerequisite to innovation. Without creative minds, innovation is not possible. Creativity can be clearly defined as the ability of an individual or organization to generate new and unique ideas that can further be used to bring innovation. | Invention is the application of creative ideas to develop new products/ processes. Invention is a vital process in a business organization. |
E.g.: Recently, Ola came up with the motorbike services and thus broadened the existing range of its services. | E.g.: Ola Cabs, the leading mobility services platform started with the creative idea of connecting the customers with the cab services online. | E.g.: With the creative ideas of the founders of Ola, the platform was invented in 2010. |
1. Nature of the industry in which the business is thriving
2. Competitors’ spending plans in R&D
3. Risk profile of the business
4. Government policies
5. Finance/ budget of the firm
CUEGIS (Change, culture, ethics, globalization, innovation, strategy) factors play an important role in affecting the research and development decisions of the business organization. Before considering the R&D strategies, the ethical impacts of the development and culture of the organization need to be considered before framing any strategy. In today’s ever-increasing competitive scenario, it has become vital for an organization to invest in the research and development to promote innovation. In modern days, the government is constantly trying to encourage the firms to undertake R&D through the protection of IPR (Intellectual Property Rights).
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