Question

What do you think the similarities and differences might be in managing the failure and risk associated with innovation in a large versus a small organization?

What do you personally believe are the most important aspects of innovation; risk-taking, failure or learning? Explain.

As a manager in an innovative company what would you focus on to ensure quality in the innovation process and why?

Answer 1

answer-

1- What do you think the similarities and differences might be in managing the failure and risk associated with innovation in a large versus a small organization?

I think that similarities would be that failure and risks are present in both type of organization. for example when they make a innovative products then both small and big type of organization needs planning, organizing and controlling of their business activities while difference could be that small organization have limited level of resources so there are high chances of risk and failures in innovation as compared to big organization which are fully equipped with high tech, talented human resources and financial support to fund its innovation.

also The difference we can see that innovation of small organization is not last for long term of period of time because they invest less resources make their products unique which can be copied by others easily and they loose their competitive advantage while big organization has long term innovation because of thier innovation required expensive investment by others to copy.

2- the most important aspects for me first is Idea means every innovation has idea behind that. if there is lack of idea then innovation would not be achieved. the organization has to create idea which is feasable and sustainable in the market and which is very hard to copy. the second aspect which relate to risk taking is the cost and benefits means if a person knows that by taking risk he would get the maximum benefits then he would take the risk and move forward while unknown risk which we have no idea about are very dangerous and lead to failure or loss by increase cost to business.

but we can also learn in that by taking risk and failure we never repeat those same mistakes which improved our risk taking and analyzing skills and helps us to learn more and more and i think failure are the reasons which leads to our success in the end.

3- The focus of mine as manager would be reducing the cost of production and other business activities because high cost involves the defects, bottlenecks,damages and slow process of manufacturing which can make the innovative product poor and not accepted by the customers. so i would focus on improving the quality by reducing the cost by implementing methods like agile, TQM, six sigma or lean. as we all know that customer prefer quality over quantity so these tools would help me to achive those. i also think that innovative products should be of high quality which generate revenue to company and value to customers by reducing its cost of manufactruing.