Managing Innovation Technology Essay Example | Topics and Well Written Essays - 5000 words

Managing Innovation Technology - Essay Example This could range from solving a major technological problem through a significant research programme, to simply making some minor improvements to an existing product (IPENZ 2). One example of this type of innovation is the portable MP3 player. This is basically an improvement on the compact disc player. This was market-led as there was an increasing need by the market to have this device, due to the increasing availability of downloadable files, coupled with the relatively low cost. The second is technology-led innovation. This is where a technological breakthrough, often arising from market-led innovation in another sector, creates an opportunity for a new product or service, but one that the market itself has not yet recognised. A market then needs to be developed for this innovation (IPENZ 2). An example of this type of innovation would include the in-house stereo system that is being introduced on the new housing estates in the UK. This involves speakers built into ceilings in al l rooms of house, with the main radio control centre in a central location. This means the occupants of the household, can listen to their favourite radio station, music or television programme without having to take the radio or television with them. In terms of the service sector, innovation would include applications such as the Pay Pal payment system, which is an online payment system or even online banking.For innovation to be successful it has to fulfil a number of factors. It has to have market value and to achieve this there needs to be a close link with the marketing process. There is no point in producing products if the market does not value the innovation. The innovation must be unique and protected in order to prevent competitors making any gains on it. Successful businesses rely on processes that ensure regular and constant innovation as failure is bound to happen when reliance is placed on random innovations. More and more organisations are recognising the importance of managing their innovation technology, as there are massive gains to be made in terms of copyrights and intellectual property. More importantly, they stand to attract other market segments and recognition of their efforts. The processes being employed are also relatively simple, as they entail areas such as knowledge management, and instilling a culture of openness and innovation in the organisation. Good innovation systems also focus on recruiting and retaining highly skilled and trained staff, giving them access to knowledge and then encouraging and enabling them to think and act innovatively. An effective innovation system consists of a variety of factors. The organisation must have a culture that values innovation and where staff are encouraged to think differently and take calculated risks. This requires a change in the organisational culture, as innovation cannot flourish in a static organisation or one which is heavily centralised. For innovation to work, the organisation needs to adopt a learning culture. This is essential in the current environment as the markets are relatively more unstable than they have

The Triangle of Trade in the Atlantic Ocean During Colonial Times Research Paper

The Triangle of Trade in the Atlantic Ocean During Colonial Times - Research Paper Example Also known by the name Gustavus Vassa, his written account of his journey across the Atlantic Ocean has survived both himself and the period of slavery in the United States. What is written above, and the rest of the writings in his book, describe part of the journey on the harrowing â€Å"middle passage†, the second of three common routes and passages aboard an ocean ship, and part of the trade route commonly known to history as the triangular trade. There were many reasons why Great Britain, as it was known at the time, chose to allow its citizens to settle in what would eventually become the United States of America. Some came for religious reasons. Other settlers boarded ships out of Great Britain seeking fortune and a better way of life. The chief driving force, however, was a movement known as mercantilism, with the belief that a nation could get rich only at the expense of another1. This principle quickly spread, and before long, Great Britain realized that it had an al most unending source of raw materials in the lands known as the colonies2. The exchange of goods, or trade, has been a staple system of the world for as long as history has been written, and even before written records occurred. The classic scenario of one person or nation having what another desired, and vice versa, has made for some of the most interesting points of history. Wars have been fought, treaties signed, and lands conquered, all for the reasoning that one group or nation wanted what another possessed. Trade was not done any differently between the colonies that would become the United States and the rest of the world in the seventeenth and eighteenth centuries. Trade and commerce in the colonies grew and prospered, despite numerous obstacles. There was almost no currency in the colonies except for a small amount of gold and silver, and little to no information about what could be found in foreign ports or any lands abroad3. Shopkeepers were virtually in the dark about wh at went out outside of their own towns and cities. Information from what could be found in England was usually reliable, due in part to the Navigation Act of 1696 passed by the King, which declared any trade between the colonies and any other country was illegal, along with giving broad powers to customs agents in the colonies and allowing the holds of ships to be searched for illegal trade goods4. The simplest explanation for trade during this time would be that the colonies exported raw materials to Europe, such as furs, lumber, and fruit, and in turn, Europe sent manufactured goods to the colonies5. However, explanations are rarely simple, and indeed, the trade routes between the different continents across the Atlantic Ocean grew increasingly well-traveled as more and more goods were shipped from one country to another. Though illegal, traders continued to trade goods with countries such as France, Spain, Portugal, and Holland to gain greater profits6. By far, though, the most c ommon trade route referred to when mentioning trade between the British colonies across the Atlantic Ocean is the triangular trade route, which traded raw materials, goods, and slave cargoes between the colonies, Great Britain, and West Africa. The profits made from the global trade of sugar, tea, and coffee were the driving force behind the triangular trade, goods and products which had serviced the world for centuries7. Colonial entrepreneurs, especially in New England, built and operated ships