When considering innovation, it has been argued by many that an unstructured approach is most appropriate as structure results in impeding creativity and impeding the limit to which there is exploration of new possibilities. However, there is a need for structures in the organization for being effective in driving innovation. One crucial element of structure can be referred to as a well- defined process of innovation. A rigorous process of innovation helps in ensuring that each and every ideas are progressed, assessed and captured in the absence of any worthy ideas being discounted.
According to a research by Jenkins (2005), it was found that new-to-the-world innovation capital and innovation investments depict disparate impacts of the chances of survival among organizations. There had been consideration of a number of other factors like conditions of market, access and cost to finance, and the profile of industrial risk. The key explanation about this outcome is that investing in innovation is an activity involving huge risks that further end up lowering the chances of survival. This can be depicted by the current applications of the company for patents (Sadikoglu and Zehir, 2010). However, the key implication is not that there are negative returns of innovations on average basis, but only that the present activity of innovation has a negative impact on the organizations. Considering the converse view, past innovations of success clearly have a positive impact on survival of organization. With the patent of innovation, business organizations hold the worth of renewal, while possessing a number of economic, management, and financial capabilities arising out of the scopes of survival. Innovation is crucial in order to maintain a competitive edge across organizations in the current era. More than ever, business organizations are now looking for different approaches and ways for the promotion of innovation all across the organization, while ensuring to encourage each and every individual and group for coming up with new and different ideas.
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