Innovation in established companies: When thinking of innovative companies we usually think of small start-ups that are focused on a single product. But, what about large companies? Are large companies’ good places to innovate? Elaborate further on this topic by presenting convincing arguments”
Innovation is anything that is new and significantly improved product (good or services) or new organizational/marketing method in business or external relations.
Many of the companies work to be more innovative than the other, a recent survey states that 85-90 percent of businesses believes that innovation is a priority for them. According to the management experts; if an established organization is not able to innovate it faces decline in growth and will lose their position in the market
‘’get innovative or get dead’’
There’s a misconception that innovation only exists in small companies but large companies have to follow the same criteria of innovation to survive, one example of which is the Toyota Company