Innovations in Companies

Abstract

Innovations are essential for a company's competitiveness. Differences between innovation and creativity are explained and the methods to promote these phenomena in a company's organizations are indicated in this paper. Innovation process has certain rules and phases. The most challenging part seems to be an implementation of innovation. Furthermore innovations are influenced by the company's size, climate and management style (role of Leadership). Numerous studies published on innovations were reviewed and together with the author's extensive knowledge earned by working closely with several companies used as the source for this paper.