Innovation in Real World and Reflective Log

Question: Critically discuss the benefits and advantages you have derived from the completion of the Innovation Risk Management Module. Answer: Innovative company Ebay can be considered as an innovation as they were first business to set up online business. This platform helped different sellers to market their product on the portal and reach the customers. This is what innovation is. After Ebay came into picture, there were plenty of other online shopping websites. The basic idea of online shopping was copied from Ebay but they ensured that they add additional features so that the customers can be attracted to them. Invention helped the other shopping websites to be better than that of Ebay. Slowly and steadily, Ebay expanded its market so that it can reach people from all the corners of the world. Today, almost all the countries in the world are touched by Ebay (Laplaca 2014). Reflective log To understand what is innovation and invention, I started to read lot of books. This helped me to differentiate between innovation and invention. To make things clear, I started to discuss this with my friends. My friends had few doubts on the topic and I had few doubts, so it was clarified. More discussion on the topic allowed us to have clear knowledge about the subject. Internet was second source that helped us to understand the real difference between innovation and invention. I came across plenty of innovative products on the internet and then I realized that innovation need not be any big but he can also be small. To make things clear, I made a note of few things that were considered as innovative. Researched properly about the product on the internet and I realized that few of the products were really innovate as it was first of its kind. Few of the products were invention and not innovation so I made a note of these things. On the internet, I realized that there are plenty of products which were just copied from an innovative product but the innovative product wasnt marketed so the product which copied the innovative product is considered as innovative (Belenzon 2010). To make things even more clear, I decided to meet up with few of the business owners who have developed some innovative product. This helped me to understand the environment in which the innovators like to work. I also tried to understand the impact of management on the innovators. The management of all the innovative companies gave space to the employees so that they can innovate something new and come up in the market (Mooi 2012). Research strategy Primary research as well as secondary research was undertaken so that complete knowledge about the subject was gained. Secondary research was easy to complete as the library had plenty of books on innovation. Apart from the library, internet also helped to gain knowledge about the research topic. The problem raised in secondary research when different authors had different opinion on the same time. Primary research was complicated as getting appointments from the business owners was a difficult task. The pain that we went through for getting appointments was all worth because we understood, how innovation takes place in real time. This is completely different than what is mentioned in the books (Evan 2007). References Belenzon, S, 2010, Innovation in business groups, Management science, Vol. 56, no. 3, pp. 519-535 Evan, W, 2007, Innovation in business organizations: some factors associated with success of failure of staff people, The journal of business, Vol. 40, no. 4, pp. 519-530 Laplaca, P, 2014, Innovation in business networks, Industrial marketing management, Vol. 43, no. 3, pp. 359-360 Mooi, E, 2012, Encouraging innovation in business relationships: a research role, Journal of business research, Vol. 65, no. 7, pp. 1025-1030