Changing Innovation Strategies and Enterprises

Question: Discuss about the Changing Innovation Strategies and Enterprises. Answer: Introduction: The PricewaterhouseCoopers is selected for the completion of this task. In this, PwCs characteristics are critically evaluated, which assist in the innovation process. PwC is promoting entrepreneurship and innovation process through its 1 million start-up funding. The companys start-up culture is changing innovation strategies for industry (PwC Strategy, 2016). This fund will be provided to entrepreneurs, who can innovate new ideas and convert them into business opportunities (Mller and Thoring, 2012). At the same time, entrepreneurs also invest their own money in this process, which has the uncertainty of success. In todays high competitive market, every company is promoting start-up culture in order to expand its business. Globalisation forced the companies to develop organisation characteristics, which assist innovation process. The organisation characteristics like investment in the innovation process, prize innovation, innovation culture, giving time and space to innovation. The PwC is one of the largest professional service providers and it comes in worlds big four audit firms. The start-up business requires mentor and support in the aspect of strategy, finance, management and accounting. This is a very difficult for start-up companies to build the product and funding the business. The company has developed a centre for entrepreneurship and business in collaboration with universities and local institutions (PwC Strategy, 2016). This centre also provides a specialised training programme to the entrepreneurs to develop their own resources. There are different life cycle stages in different start-up companies. The organisation change gradually as the time passes and life cycle stages also changes according to that (Hanks, 2015). At that time, when the start-up grows and expand its business in the different marketplace than the business environment becomes more complex. The organisation characteristics of the PwC assist the innovation process for the entrepreneurs. It has been realised that innovation pioneers are not limit to small industries. Innovation is a management process that keeps the balance in innovation need. The organisation characteristics should not stop the innovation process with technology and product rather it should focus on areas like services, supply chain and process. PwC developed entrepreneur centre for a business model that strongly focuses on the innovation process. This helps the company to develop its business strategy at a global level (Surowiecki, 2014). The management and leadership of the company are adopting new strategies for the innovation. They believe that traditional innovation operating models are not appropriate for the 21st century and exploring new innovation models that suit the current business environment. This will help PwC and entrepreneur to generate more profits. The innovation process is the blueprint of a successful business (PwC Strategy, 2016). The PwC start-up fund is open for all entrepreneurs who can innovative the ideas and transform them into a profitable business. Analysing Strategy of Innovation Management to Recommend Strategy Formulation In order to manage the innovation to a greater extent, the Huawei uses effective strategic innovation management process, which also helps the firm to develop a supportive culture. Due to this, Huawei also enables in defining the role and responsibilities to each employee according to their interest and qualification. It is analysed that to manage the innovations, the firm uses sustaining innovation approach, which enables the firm to enhance the effectiveness of existing products and services and introduce new products and services by supporting the RD activities (Goodman and Dingli, 2013). This approach also helps the firm to innovate new features and characteristics in the existing products that enables the firm to achieve competitive advantages. On the other hand, it is also analysed that the use of sustaining innovation approach also supports in terms of developing an innovation culture in the firm. At Huawei, the strategic innovation management process continuously engages in high quality innovation and internal cost control, which enables the firm to produce new products and services as well as compete with the global leaders such as IKEA, ZARA and Toyota. It also motivates the employees to bring new ideas and thoughts to provide sustainable growth to the firm for the long-run. In this innovation management process, the main role and responsibilities of individuals are to maintain the integrity of innovation process with the organisations objectives and goals. For this, the manager mainly focuses on the complexity of the innovation management (Hlsmann and Pfeffermann, 2011). In this, the manager creates plans, organise, coordinate and control the innovation process. On the other hand, employees are responsible to work acc ording to the plan to ensure the success of innovation process. In the sustaining innovation management process, the roles and responsibilities of a leader are to set the goals and establish the innovation team. After this, the main role of innovation team members is to generate the new ideas and combine them to choose the best ones. It is also analysed that the team members are also responsible to evaluate the innovation process and test the ideas to ensure its success (Mascarenhas, 2011). In this, the team leader also plays a critical role in implementing the innovative idea and access the innovation life-cycle to achieve the organisations goals and objectives significantly. In order to improve the companys innovation management, it is recommended to the firm can consider various innovative strategies such as pricing innovation, start own incubator and establish its innovation centre in order to motivate the innovation efforts (Wilson, 2016). This strategic change can be effective for the firm to bring new changes in the products and services, which also supportive in managing the innovations to achieve competitive advantages. Design of Plan to Establish and Maintain an Innovative Environment at Workplace Huawei Plan for Creating and/or Sustaining an Innovative Environment Strategies Program Activities Task Resource Allocation 1. Pricing Strategy Promote innovators outside of the firm In this, the firm should identify the innovators and put itself directly with them and promote them to generate new ideas and thoughts to generate innovations. For this, the firm will motivate the stakeholders to identify these innovators and communicate the companys vision and mission to in order to encourage them to innovate new processes and products to provide competitive advantages to the firm. There are various resources that will need to allocate to the innovators such as RD facilities, funds and technology. These resources will also help the firm to promote the innovators outside the organisations limits. 2. Start own Incubator Introduce new investment funds In this, the firm will start its own investment fund in order to adopt innovations early in order to provide sustainable growth to the business. For this, the firm will launch a new venture with the other companies or innovators firms to drive sustainable and repeatable growth. In this, the resources will be related to the start-up funds, and technology that will be allocated to the venture in order to innovate new features, processes and products to ensure growth in the market. 3. Establish Innovation Centre Physical establishment of innovation centre In this, the firm will establish its own innovation centre and invite innovators to innovate something new to ensure the organisations growth In this, first, the firm will establish innovation centre and then invite the innovators and experienced persons to work on the collective idea to innovate new process, product or service. The financial resource is one of the resources that will be allocated to the new innovation centre. Along with this, people and data are other resources that will need to be allocated to the innovation centre to innovate new processes and products to ensure the sustainable innovation for organisational growth. The above strategies will be effective to establish and maintain the sustainable innovative environment within the firm. It is because, through the adoption of the pricing strategy, the firm will enable to promote the innovators outside of the business, which will be supportive in promoting the innovations among the staff members by providing the financial help and other resources (Baaghil, 2010). Due to this, Huawei will also enable to develop the innovation culture within the firm that can build the sustainable innovative environment to ensure the sustainable growth. On the other hand, it can be said that the sustainable innovation comes from developing a collective sense of purpose. In this, the creativity of people helps the firms to identify new opportunities for business growth and competitive advantages. The use and start of own investment fund or incubator will also be effective for Huawei to align the creativity of its own with the external innovators. In this, the firm will establish venture with the other firms and promote the innovations to develop and maintain the innovative environment within the firm. Through this, Huawei will also encourage employees to bring new ideas and thoughts for innovation by providing them financial help and allocate other resources such as technology (Evans and Davies, 2014). It will be effective for the firm to bring new processes and products to ensure the sustainable business growth in the market. At the same time, it is also found that in order to develop and maintain the innovative environment, it is essential for the leaders to create the psychological and physical environment for the employees. In this, leaders can motivate employees to develop the relationship with the external innovators and learn new things to innovate processes and products for ensuring organisations growth (Emery and Emery, 2012). In this way, Huawei will establish innovative centre by its own and invite innovators to invent new processes and products to provide sustainable growth to the firm. In this strategy, the company will also motivate employees to access the innovators to learn from them. Due to this, the management team will enable to develop and maintain a sustainable innovative environment within the firm. It is because the access of innovators and experienced people will generate new thinking among the employees and other staff members, which certainly enhance the motivation level of employees to bring new processes and products within the firm (Wright and Erkes, 2012). It will support the firm to develop a culture of innovation that can ensure the growth the firm and provide competitive advantages in the industry. Thus, at the end, it can be recommended to Huawei that the establishment of innovation centre can be an effective strategy to develop and maintain the sustainable innovative environment at the workplace. It is because, through this strategy, the firm will motivate employees and provide them access to the innovators to learn from them. Due to this, the company can encourage employees and other staff members to make continuous focus in the innovation and bring new ideas to ensure the organisational growth in the market. References Baaghil, S. A. (2010) The Power of Belonging: The Marketing Strategy for Branding. USA: iUniverse. Emery, F. and Emery, M. (2012) A choice of futures. USA: Springer Science Business Media. Evans, J. W. and Davies, R. (2014) Too Global To Fail: The World Bank at the Intersection of National and Global Public Policy in 2025. USA: World Bank Publications. Goodman, M. and Dingli, S. M. (2013) Creativity and Strategic Innovation Management. UK: Routledge. Hanks, S.H. (2015). The organization life cycle: Integrating content and process. Journal of Small Business Strategy, 1(1), pp. 1-12. Hlsmann, M. and Pfeffermann, N. (2011) Strategies and Communications for Innovations: An Integrative Management View for Companies and Networks. USA: Springer Science Business Media. Mascarenhas, O. A. J. (2011) Business Transformation Strategies: The Strategic Leader as Innovation Manager. USA: SAGE Publications. Mller, R.M. and Thoring, K. (2012). Design thinking vs. lean startup: A comparison of two user-driven innovation strategies. Leading Through Design, pp. 151. PwC Strategy (2016). Product and service innovation. [Online]. 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