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Innovation is an important factor that each firm and company so adopt in their organizations culture so that they could keep up to the fast changing technology. Innovation has been studied in a variety of contexts, including in relation to technology, commerce, social systems, economic development, and policy construction. There are, therefore, naturally a wide range of approaches to conceptualizing innovation in the scholarly literature. There are many reviews, articles and journal in the internet that provide definition of innovation. Thus, innovation is defines as a new integration of production elements. This definition is given by American scholar Joseph Schumpeter. He also says that, the studies of the innovation as started in middle 20th century.
Besides, innovation actually occurs due to the inspiration of genius that allows specially gifted people to occasionally perceive an essential truth that is hidden from the mass of people.
Rather then that, in the modern context of view, the word innovation covers numerous activities, but the essential features of inquiry are constant. Innovation is a change in the thought process for doing something, or the useful application of new inventions or discoveries.
On the other hand, Intellectual property (IP) is a term referring to a number of distinct types of creations of the mind for which property rights are recognized and the corresponding fields of laws. Intellectual property is also an important role in determining the success and failure of a particular business. One might ask why intellectual property is more important today than it was yesterday. This is mainly because, the content of technology are becoming extremely important in every industry today. Other then that, managers are focusing solely on intellectual property mainly due to its definition and importance its changing. Today intellectual property protection is feasible over a much wider swath of the innovation space.
INNOVATION/ IP AND BUSINESS PERFORMANCES
Innovation as well as Intellectual Property is an ultimately important item that organization required to consider in improving and maintaining their business performances. Besides that, management of a company should express important on intellectual property. This is because; intellectual property through IT would help management of the in decision making process with decision support and expert systems, which would reduce their burden in making, since, making decision is the most difficult part in an organization. Besides, the decision made is also accurate and can be reliable by the management. Thus, the manager in an organization should pay attention to the intellectual property.
Rather then that, innovation also could benefit the organization in terms of many ways. They could lead the firm to have competitive advantage over their competitor, thus it improves their business performances. This also will indirectly, lead to increased in their incomes as well. Thus the enterprise will increase funding and they will recruit high technology talents workers, purchase advanced technology equipment to use in their company in order to improve productivity and encourage staff innovation with a purpose to improve innovational efficiency.
GENERATING INNOVATION/IP(INTERNAL/EXTERNAL; STRATEGIES; FACTORS; SYSTEMS)
The company or an organization is also responsible to generate innovation or intellectual property.
Internal to an organization, the manager of the company should use a different toolkit which includes the set of policies, practices and systems to enable to them to generate new innovation.
External to the firm, technology managers need prepare for a corporate environment and marketplace that is increasingly shaped by competition to generate and appropriate intellectual property. Besides, they also need to arm themselves with new policies, practices and systems.
Rather then that, national innovation system representative Freeman(1987)put forward the concept of National System of Innovation and studied government systematically as an internal factor. this is because, if a country to be well developed county then other country they will not only dependent on innovation and technology but, government of the particular country also have to play in important role. This can be done by, supply some public commodity in a long term dynamic perspective and to optimize resource allocation that will improve industry and enterprise technology innovation.
In generating innovation system, it normally comprises four factors which include governmental policy, education, industry configuration and enterprise research and development. But, different factors have different impacts on technology innovation and among them governmental policy has an effect on other factors. Due to that, governmental technology innovation policy plays a significant role in generating as well as improving technology innovation.
MANAGING INNOVATION/ IP (POLICIES, PROGRAMS, PROCEDURES)
The organization is not only responsible to generate innovation or intellectual property but, they also will have to manage the innovation in their business so that they could obtain competitive advantage against their competitor. They may manage the innovation through policies, program as well as procedures. From a policy perspective, the free movement of goods, people and ideas normally promotes competition that benefits nations, firms, and citizens alike. Today nations are debating intellectual property policies more hotly than ever before. Some are calling for major changes to our global antitrust and Intellectual Property regimes.
Actually, in real world, there are million of policy concerning to intellectual property has being decides, proposed as well as planned. First is that, the company had to develop a business methods and other software patents that would protect ownership. Second, there is the global expansion, reworking, and diffusion of patenting regimes. Even developing nations are now focusing up to grant patents to innovators and to enforce property rights because they recognize that it is a near-term magnet for foreign direct investment and a long-term contributor to technology-based competitiveness. Third, advocacy for the intellectual property claims of indigenous people is gaining momentum, now that it has been shown that the native healer's pouch holds secrets, to powerful chemo-therapeutic. Finally, the company should adapt a new community-wide patenting systems.
INNOVATION/IP AND ENSURING BUSINESS SUCCESS/GROWTH
Some of the important factor related to innovation and Intellectual Property is that, if the management or organization is maintaining the Innovation and Intellectual Property well enough then the company would enjoy business success as well as business growth. Besides that, innovation also will help the organization to identify new businesses. thus, this will help the organization to growth as they are using product differentiation strategy. Other then that, innovation also improves a particular company's core competence and their competitiveness. This will help the company to be more efficient and effective compared to their competitor. Thus, indirectly help the business to grow. Moreover, innovation will also motivate the company to deliver superior customer value through innovation on service provided to customers. This will make customer satisfied with the company's services and will lead to increase in number of customers and also lead to business growth.
By this, it has been clarified that innovation and Intellectual Property are an important tool for the organization and each and every organization should focus on innovation and intellectual property in order to be a successful and well known company in the future. Besides that, the company also will have to focus on innovation and intellectual property in order to be not only successful company, but also to ensure the business growth is achieved. Thus, companies should take necessary action to ensure that they are in line with the innovation and intellectual property to achieve greater success in their business. Rather then that, awareness of innovation should is not only for companies and organization, but, each one should be aware of it, as it is the important part of innovation process.