For the past two decades, many technology-based companies have achieved extraordinary growth rates internally through innovation. Before this period, growing internally through innovation had limitations, and firms had to depend on external growth strategies to achieve corporate growth goals and objectives. For example, by 2018, most of the world’s value was created by a set […]
Just as project management is necessary to successfully manage new product development (NPD) efforts, strategic management is an indispensable tool to manage innovation. Strategic management can hold the reins of innovation to give it a purpose and direction to make the innovation outcome successful and profitable. Innovation is an umbrella term that means it is […]
Why do companies engage in innovation? The main reason for this is companies in search of competitive advantage cause them to invest in innovation. However, the answer to this question also depends on how these companies are strategically oriented. Not all strategic types of firms engage in innovation, but there are two general types known […]
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