An end to-end process of innovation begins with the identification of categories of challenges and problems that have most relevance with the business. It moves on to the generation of approaches to solve key challenges and taking effective decisions as to which ideas should be considered. Further ahead, the step is to prototype and pilot ideas, implement ideas, and finally evaluate the success in context with innovation (Naidoo, 2010).
As debated in this essay, the key conclusion is that innovation contributes to the success of an organization that is crucial for thriving and surviving in the current environment. However, it is worth noting that it is not necessarily the primary factor of success. Instead, the outcome of innovation can be considered as the primary factor of success for organizations that generate innovation. When innovation cannot be considered as the primary factor of success for an organization, innovation surely is among the various factors that contribute to the thriving and survival of business organizations (Sadikoglu and Zehir, 2010). Researchers should focus on determining the link between business organization adopting increased innovative approach and the survival of organization. However, the key conclusion is that innovation is important not only for thriving, but also for achieving success in the business.
As debated in this essay, the current era of extreme competition has enhanced the need of winning new customers and defeating the competitors. Individuals with knowledge hold the potential of generating innovation. While appreciating the aspects of individual abilities, skills, knowledge and personal creativity, there lies a possibility of generating new ideas of innovation that assist businesses for the achievement of a competitive edge (Lee et al. 2012). The significance of innovation is mostly identical for each and every organization, irrespective of the overall scope of their sector and size. Majority of the organizations across the globe have been laying emphasis upon innovations, while focusing on the establishment of suitable culture of innovation. Innovations can be considered as the main source for achieving competitive edge that further help in determining the overall success of any organization. Success depicts the thriving of business and can determine the future prospects of the business enhancing the scope of survival (Lee et al. 2012). If business organizations show willingness to grow and survive in the current environment of turbulence, they have to consider putting in each and every effort for the introduction of creativity and innovative approach across the organization. Thus, this increases the need of experience and knowledge across organizational workforce, especially at the top level of management. These experiences and knowledge should be shared with the employees for the encouragement of innovation. Hence, these arguments and overall essay can make the judgment that innovation is not only crucial for thriving a business, but it is also crucial for the survival of any business, irrespective of their size and type.