The Internal and External Factors' Impact on Innovation in a Business Environment in Innovation Planning and Design Practice Essay

To say that innovation is vital to any long-standingorganization's success would be an understatement. Elements of innovationcan be identified in most any company that currently holds the majoritymarket share. This innovation can come in several forms it can be found inthe internal company culture, the organization's marketing efforts, andoften in the product itself. But while innovation is directly correlatedwith an organization's success, many company's overlook this importantaspect of business operations, simply because they believe it to be tootime-consuming or costly to implement. (Von Stamm, 2003) While innovationefforts can in fact be costly and unfruitful, if the organizational cultureand direction is right, innovation is inevitable. The following paper willexamine the innovation planning and design practice, noting the internaland external factors that impact innovation in a business environment. There are several factors, both internal and external that influencea company's innovation capacity. While many of these factors are out of anyone person's control, the organization can perform environmental analysesand make directed efforts to take advantage of the situational positionthat the organization is in to realize innovation. (Juma and Yee-Cheong,2005) For successful implementation, both the external environment and theinternal culture must be evaluated. While most people think of innovation as something that happenspurely within a company, there are many external factors that will impactan organization's ability to implement innovation. One external factorwhich can help direct organizational goals is the industry's maturity.While in a new industry, innovation comes fairly often as the industryitself is unexplored while an older industry may have difficulty coming upwith innovation at regular intervals. (Jolly, 2003) As an industry matures,the focus of the innovation usually moves from the product to the process.(Jolly, 2003) For example, ever since the internet first became availablefor public use, it seems there have been constant technological innovationsspanning from smart phones to cloud storage, all being product offerings.However,...