Key Take Aways
Followings are some key take aways from the research:
- Internal innovation/R&D units in most firms are under-equipped. Therefor they should not hesitate to access knowledge from relatively newer and cheaper locations. MNCs can establish their links in the foreign markets to better approach the external resources. By accessing external resource they will not only be able to broaden their knowledge pool, they will be able to avail cheaper techniques and better ideas those will help lowering their internal innovation costs. In addition to that, they will be able to launch better products, with lowered costs in a faster way resulting into increasing their profit margins.
- Also, conjoining technological expertise/knowledge in unusual ways does not necessarily lead to fruitful business innovations. Therefore, companies need to develop keen market insight to escape from commercial failure that may reflect lack of understanding of customer needs and the competitive realm of the market.
- By detecting the loopholes of the markets and available external resources MNCs should sue their internal knowledge and technologies to launch new products, which will help them realizing and fostering (global) innovation success rate.
References
Huston, L. and Sakkab, N. (2006). P&G New Innovation Model (Vol. 84). Harward Business Review. Retrieved July 22,2014 from
http://hbswk.hbs.edu/archive/5258.html
Journal of Science and Technology Policy in China. (2010). (Emerald Group Publishing Limited). Retrieved July 12, 2014, from Emerald Insight: http://www.emeraldinsight.com/journals.htm?articleid=1942830
OECD (2007): OECD Science, Technology and Industry Scoreboard 2007, Organisation for Economic Co-operation and Development, Paris, p. 94.
Rogers, E.M. (2003): Diffusion of Innovations, 5th Edition, New York: Free Press.
Santos, J., Doz, Y., & William, p. (2004, July 15). Magazine: Summer 2004. Retrieved July 13, 2014, from MITSloan Management Review: http://sloanreview.mit.edu/article/is-your-innovation-process-global/
Tiwari, R. (2008, April 22). The innovation Process. Retrieved July 2013, 2014, from TUHH : http://www.global-innovation.net/innovation/
Verbeke, A. (2013). International Business Strategy. New York, New York, United States: Cambridge University Press.
http://artsfwd.org/what-is-organizational-innovation/
http://www.businessdictionary.com/definition/product-innovation.html
http://www.innoviscop.com/en/definitions/process-innovation
http://www.csuiteinsider.com/marketing-innovation/
http://hbswk.hbs.edu/archive/5258.html
Journal of Science and Technology Policy in China. (2010). (Emerald Group Publishing Limited). Retrieved July 12, 2014, from Emerald Insight: http://www.emeraldinsight.com/journals.htm?articleid=1942830
OECD (2007): OECD Science, Technology and Industry Scoreboard 2007, Organisation for Economic Co-operation and Development, Paris, p. 94.
Rogers, E.M. (2003): Diffusion of Innovations, 5th Edition, New York: Free Press.
Santos, J., Doz, Y., & William, p. (2004, July 15). Magazine: Summer 2004. Retrieved July 13, 2014, from MITSloan Management Review: http://sloanreview.mit.edu/article/is-your-innovation-process-global/
Tiwari, R. (2008, April 22). The innovation Process. Retrieved July 2013, 2014, from TUHH : http://www.global-innovation.net/innovation/
Verbeke, A. (2013). International Business Strategy. New York, New York, United States: Cambridge University Press.
http://artsfwd.org/what-is-organizational-innovation/
http://www.businessdictionary.com/definition/product-innovation.html
http://www.innoviscop.com/en/definitions/process-innovation
http://www.csuiteinsider.com/marketing-innovation/