Entrepreneurship and Innovation Research Paper Example | Topics and Well Written Essays - 3000 words

Entrepreneurship and Innovation - Research Paper Example There is no fast forward way of attaining innovation in any process or technology. Rather the journey is strewn with intermittent success and failures and long periods of stagnation. Innovation has occurred in all spheres of activity starting from the development of products to the development of services. In the last 70 or 80 years the Information Technology industry witnessed the highest degree of innovation. The innovation of the Information Technology industry and the electronics hardware industry were followed with equivalent degree of innovation in the telecommunication industry (Achrol, 2011). The process of innovation of Omantel is discussed in this research study. For a better comprehension of the research methodology, the whole research is divided into 4 parts. In the first part of the discussion the process and technique of innovation is assessed and analysed. The strategy followed for managing the innovation of Omantel is discussed. The latter parts of the discussion are about the company establishes an innovative environment within its organisation and the strategic implications for Omantel based in Oman. Assessment and reflection on the process and techniques of innovation Schumpeter’s Theories of Innovation is discussed in this section along with other related theories. ... In order to bring innovation the entrepreneurs need to access capital and resources. Innovation and price competition are sides of two different coins, where one negates the other. If firms compete on the basis of price then only price classification occurs with no or little innovation. In order to make sure that the correct path is taken which will lead to innovation, it is absolute necessary to control the process applied. Whereas, if only inputs are considered as the most important entity rather than the process of innovation itself, then more time is wasted before innovation is finally achieved. Innovations as well as developments are non exogenous in nature. This means that innovation can occur, by simply using the internal factors present in the economic system. Fig 1: Cycle of innovation Source: (Andrews and Smith, 1996) Some of the most important factors that lead to the excellent growth of innovation are entrepreneurship and in-house capability to conduct the research and de velopments. Entrepreneurship still remains to be the most important factor among all the other factors. Instead of going for a competitive pricing strategy, a simple method of pricing is followed (Bajaj, 2001). The base price is fixed by taking into consideration the high quality of the integrated components. For example, the organisations which decided to simply add features to their previous models of products or services were outsold by those organisations that considered innovation rather than mere up gradations. Organisations like Nokia focused on innovation, while Sony and Motorola focused on up gradation only. As a result Nokia outperformed and outsmarted the other two organisations significantly which focused more on pricing strategy (Benner and Sandstrom, 2012). Those products