Question.4166 - Week 1: Discussion Please discuss the following topics, sharing your ideas with the class, and reply to other students' posts. Why should companies innovate? How can we incentivize innovation and creativity in a company? Discuss at least one striking innovative product you believe humanity benefits from today. Discuss and explain your thoughts on the above topics, supporting your findings and ideas with references from relevant articles in the news media, books, research articles, and the Web. Remember to post your first discussion response by Wednesday and post at least two additional times throughout the week.
Answer Below:
Innovation can help businesses develop unique products and services setting them apart where innovation allows them to stay relevant, adapt to changing consumer demands, and improve operational efficiency (Harvard Business School, 2022). Innovative companies can develop new products, services, and technologies driving growth and market expansion. For instance, the commitment of Apple to innovation allows them to dominate the technology sector with varied products such as iPhone, MacBook, and Apple Watch keeping the company at the forefront of the industry (Leswing, 2019). Providing financial incentives including bonuses or profit-sharing for successful innovation has been one of the effective way for companies to encourage innovation and creativity (Belloc, 2022). On the other hand, other approach could be to create a supportive work environment valuing diverse perspectives and open collaboration where employees get the empowerment in order to share their ideas. For instance, Google has a 20%-time policy allowing employees to dedicate a portion of their work hours to personal projects, which has resulted creating of products such as Gmail and Google Maps (Raju, 2024). The emergence of CRISPR-Cas9 gene-editing technique began a helping aid for the health leaders and humanity in the current scenario. This discovery has enabled the researchers in order to modify DNA with previously issues or any unresolving case, potentially for the improvements in agricultural technologies and genetic healthcare (Tomlinson, 2018). The capacity to change genes has created new options in disease prevention, such as curing sickle cell anemia and certain cancers, making CRISPR a transformative tool for public health and medical research. References Belloc, F. (2022). Profit sharing and innovation across organizational layers. Journal of Economic Behavior & Organization, 197, 598-623. Tomlinson, T. (2018). A CRISPR future for gene-editing regulation: a proposal for an updated biotechnology regulatory system in an era of human genomic editing. Fordham L. Rev., 87, 437. Leswing, K. (2019, December 18). The iPhone decade: How Apple’s phone created and destroyed industries and changed the world. CNBC. https://www.cnbc.com/2019/12/16/apples-iphone-created-industries-and-changed-the-world-this-decade.html Harvard Business School. (2022, March 8). Innovation in Business: What it is & why it’s so important. Business Insights Blog. https://online.hbs.edu/blog/post/importance-of-innovation-in-business Raju, G. (2024, June 4). Empowering Minds: How Google’s 20% Time Revolutionizes workplace Innovation ?????. https://www.linkedin.com/pulse/empowering-minds-how-googles-20-time-revolutionizes-workplace-raju-1kw1c/
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