Discussion board
In the modern economy, innovation is becoming a key ingredient for success. Investors pay for innovation and it accounts for the economic growth of most countries. Innovation is therefore important in business but it can also be a distraction if not properly managed. Improper management of innovation can lead to excess consumption of resources and even delay most projects. It is therefore important for every organization to find ways of channeling innovation so that it benefits the populations of the world and for it to thrive and benefit the innovators. This paper will therefore discuss how to channel innovation in such a way.
How innovation can be channeled to benefit all of the population of the earth while at the same time protecting and rewarding the innovators.
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All participants, in this case the innovators, employees and the entire population need to understand the objectives and priorities of the innovation (Caniëls & Rietzschel, 2015). They all need to know the benefits of the innovation, drawbacks and possible costs. The population will benefit if they are allowed to be part of the innovation and therefore it is important to involve all the right people in the innovation projects. Effective and proper communication will help protect the innovators and also reward them greatly. For example, if all the people involved understand crucial information like the revenues, budget and targets, then they are able to do the right thing at the right time and place (Manmohan, 2010). When they understand the budget, they are able to work within the confinement of that budget, meaning that they will not misuse the available resources therefore minimizing loses while maximizing profit. That way, the entire population is able to benefit and at the same time, the innovators are awarded and