Entrepreneurship and Innovation Essay Example | Topics and Well Written Essays - 3000 words - 1

Entrepreneurship and Innovation - Essay Example The traditional definition classifies innovations into two differentiating them based on those from the laboratory and those on the market that enhance innovation. The management of the company also comprehends the other aspect of innovation that differentiates incremental innovation from path-breaking innovative mechanisms guided by the magnitude of originality besides the capacity to attain innovation standards. Simply, the company refers to this as the distinction between discontinuous and continuous innovation processes. Technology, science and innovation remain important factors that drive the economic success of the Republic of Korea. Companies in the Korea both domestic and Multinational Corporations continue to invest massively in development and research as well as put money in innovative techniques. Through this, the Republic of Korea succeeds in developing a precise innovation system that helps in maintain its economic growth. The management of the company in the article follows various strategies in enhancing innovation systems including applying a development strategy that appears outward, engaging large production oriented policy, and proper utilization of human resources among many more. These resources carry the strengths of the company as well as demonstrate particular weaknesses within the innovation system. Innovation is an important policy debate regarding ways of maintaining hitherto economic growth and development in many areas falling within the definition provided by demographic challenges, main fiscal challenges, and globalization of competition. This includes among others the emerging markets that Korea and Oman fall. The company focuses on innovation and gives little attention to imitation despite the fact that a close relationship exists between imitation and innovation procedures. A company considers imitation copying and comes with negative undertones (BASANT, 1996, 192). Innovation constitutes a virtuous