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Exploratory and value-added innovation require different leadership styles and behaviors to succeed. [14] Value-added innovation (PwC, 2010) involves refining and revising an existing product or service and typically requires minimal risk taking (compared to exploratory innovation, which often involves taking a large risk); in this case, it is most appropriate for a leader for innovation to ...
Innovation economics is a growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological but not only, into economic use.
Cambridge Journal of Economics. 19 (1): 5– 24. Fuglsang, Lars (2008). Innovation and the creative process: towards innovation with care. Cheltenham: Edward Elgar. Griffin, Ricky (2011). Fundamentals of management. New York: Cengage Learning. Huizenga, Edward (2014). The Knowledge Enterprise Innovation Lessons from Industry Leaders. Series on ...
This is the point in time when people started to talk about technological product innovation and tie it to the idea of economic growth and competitive advantage. [40] Joseph Schumpeter (1883–1950), who contributed greatly to the study of innovation economics, is seen as the one who made the term popular. Schumpeter argued that industries must ...
Leapfrogging is a concept used in many domains of the economics and business fields, and was originally developed in the area of industrial organization and economic growth. The main idea behind the concept of leapfrogging is that small and incremental innovations lead a dominant firm to stay ahead.
Leader development is described as one aspect of the broader process of leadership development (McCauley et al., 2010). Leadership development is defined as the expansion of a group's capacity to produce direction, alignment, and commitment (McCauley et al.), in contrast to leader development which is the expansion of a one's ability to be effective in leadership roles and processes.
Opening leadership behaviors include: allowing for multiple ways to accomplish a task, experimentation and errors, whereas closing behaviors include; monitoring routines, sticking to plans and minimizing errors. The Rosing et al. (2011)'s model of leadership and innovation was shown in Figure 1.
Definition of Leadership Leadership is about capacity: the capacity of leaders to listen and observe, to use their expertise as a starting point to encourage dialogue between all levels of decision-making, to establish processes and transparency in decision-making, to articulate their own value and visions clearly but not impose them.