Corporate Innovation

Corporate Innovation

 Hello. Welcome to my presentation on corporate innovation

Innovation requires coordinating the efforts of the actors in an organization and integrating activities across different functional areas. Various factors influence successful innovation in an organization. One of the factors is estimating the value the innovation adds to the organization. Innovations that add more value to the organization are accepted by employees and management, leading to improved organizational performance. The second factor is evolving to adapt to the changes created by innovative ideas. High adaptability is vital in reducing resistance to change. The third factor is communication among people from different departments to ensure everyone is on the same page. The fourth factor is mobilizing employees to exchange opinions and ideas. The fifth factor is using various knowledge management tools to effectively apply every employee’s knowledge in implementing new ideas.

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 According to Jones et al. (2020), diversity empowers employees, thus encouraging them to develop and implement new ideas. Diversity also creates different experiences that facilitate the exchange of ideas that can be implemented to achieve innovation. Diversity also creates different perspectives that offer more solutions to a problem and creative ideas. Another impact of diversity on innovation is promoting open-mindedness, which leads to a high likelihood of embracing new ideas. Diversity also encourages independent thinking, leading to the generation of new ideas. According to Talloen & Chapman (2021), autonomy increases risk tolerance, leading to innovation.

Inclusion enables employees to challenge the status quo, leading to new ideas because employees can give alternative ideas on how the organization should operate and feedback about the effectiveness of current organizational practices. Inclusion also reduces resistance to change because employees can express their concerns about a change and give feedback, thus enabling management to identify and eliminate issues that cause resistance. Inclusion also allows employees to express themselves freely, thus enabling management to identify their weaknesses and strengths that can be leveraged to increase innovation. Another impact of inclusion on innovation is developing a sense of belonging. Inclusion makes employees feel valued, thus creating a sense of belonging and commitment, leading to the generation and implementation of new ideas that enhance innovation. Inclusion also facilitates the exchange of ideas among employees because every employee’s opinions and ideas are embraced.

Executive leaders impact change and innovation by helping employees understand the need for change and innovation, showing support for innovation and change initiatives, creating an organizational culture that encourages employees to be innovative, rewarding employees who introduce creative ideas, creating opportunities that encourage employees to be creative, providing resources needed to implement change. Showing support for innovation and change initiatives may include training programs to equip employees with the knowledge and skills required for innovation and mentorship programs.

According to Engle et al. (2017), middle managers demonstrate their commitment to innovation by sharing information about implementing innovation and linking the organization’s strategy and daily activities to give employees the tools needed for innovation. Middle-level managers also impact change and innovation by maintaining constant communication between top leaders and employees during the change implementation process. Communication creates trust, thus reducing resistance to change. Middle managers also influence change and innovation by prioritizing an organization’s goals. They ensure employees’ innovative ideas are linked to the organization’s strategic objectives.

First-level managers impact change and innovation by addressing conflicts among employees to encourage the exchange of ideas that can facilitate innovation, explaining the impact of change to employees, communicating employees’ concerns to managers and executives to reduce resistance to change, encouraging employees to implement new ideas, ensuring that employees have the resources needed to implement new ideas and innovate and guiding employees through the change implementation process.   Organizational leadership characteristics that increase innovation include openness to new ideas, high-risk tolerance, confidence, action-orientedness, and creativity. Leaders should also be visionary to boost innovation. Openness to new ideas enables leaders to embrace new ideas introduced by employees and implement them to improve organizational performance. High-risk tolerance is essential in trying new ideas that create organizational change. Innovation also requires action, hence the need for a leader to be action-oriented. Leaders also need to set a direction for employees to facilitate innovation, hence the need for a leader to be visionary and confident. Creativity is also vital in initiating new ideas.

Organizational leadership skills that increase innovation include problem-solving, good communication, interpersonal, empathy, listening, and teamwork skills. Problem-solving is essential in dealing with resistance to change and reluctance to embrace new ideas. Good communication skills are critical in ensuring employees understand the organization’s goals and objectives and the need for change and innovation. Interpersonal skills are essential to understanding employees’ needs when implementing innovation and their opinions about the change. Empathy is also vital in understanding the impact of innovation on employees. Leaders also need good communication skills to understand employees’ needs and concerns. Leaders also need good teamwork skills to facilitate the exchange of ideas among employees and between the leaders and employees.

 Innovative is vital in achieving competitive advantage. Organizations should embrace diversity and inclusion to encourage innovation by facilitating the exchange of ideas among employees with different perspectives and experiences. Leaders play a vital role in innovation. The primary role of executives is to create an organizational culture that supports change. The primary role of middle managers is to share information about implementing a change and link the organization’s strategy and daily activities to give employees the tools needed for innovation. The primary role of first-level managers is to create a link between top management and employees during the change implementation process. Leaders should have the most critical skills and characteristics to promote change: openness to new ideas, good communication skills, high-risk tolerance, action-orientedness, and vision.

Engle, R. L., Lopez, E. R., Gormley, K. E., Chan, J. A., Charns, M. P., & Lukas, C. V. (2017). What roles do middle managers play in the implementation of innovative practices? Health Care Management Review, 42(1), 14-27. https://doi.org/10.1097/hmr.0000000000000090

Jones, G., Chirino Chace, B., & Wright, J. (2020). Cultural diversity drives innovation: Empowering teams for success. International Journal of Innovation Science, 12(3), 323-343. https://doi.org/10.1108/ijis-04-2020-0042

Talloen, J. H., & CHAPMAN, G. (2021). Perceived autonomy increases risk tolerance. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4056269

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Best Entertainment has been in business for 30 years. In the first 20 years, they had no problem retaining most of the market share for their entertainment offerings, including video game rentals, movie rentals, and, more recently, streaming services. However, they’ve struggled to stay in business over the past ten years. They know that to stay in business, they must be more innovative and ahead of market trends and technological changes that could advance their business.

They have hired California Innovation, a consulting company focusing on corporate innovation. California Innovation sends you their best change agent to consult and recommend changes. You spend a month with the organization reviewing internal documents and interviewing employees. You will present your findings at a monthly executive leadership meeting.

Create a PowerPoint presentation that addresses the critical points for making change and innovating in the organization.

Introduction slide (1 slide)
The impact of diversity on innovation. (1 slide)
The effect of inclusion on innovation. (1 slide)
How leadership at every level impacts change and innovation. (3 slides, discuss three levels of leadership: executive, middle, first-level)
Organizational leadership characteristics and skills that increase innovation. (2 slides)
Conclusion slide (1 slide)