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INNOVATION IS THE ONLY SOURCE OF COMPETITIVE ADVANTAGE

Innovation is the Only Sustainable Source of Competitive Advantage

“An innovative business is one which lives and breathes ‘outside the box’. It is a combination of good ideas, motivated staff, and an instinctive understanding of what your customer wants.” (Branson, R., 1998)

Every business must grow in order to survive. Innovation involves using ideas and knowledge to create products and services, which create consumer demand in the marketplace. “The innovation process is a cycle in which ideas, talent, design skills, money and management expertise come together to create commercially viable products and services” (London Development Agency, 2003, http://www.london-innovation.org.uk/innov_drivers.htm). Therefore, innovation is the fuel for the engine of growth within an organisation (Innovation In Action, 2003, http//: www.jeffmaynard.com/innovate.htm). Businesses must invest in developing new products, exploiting the potential of new partnerships and seeking out new...

Posted by: Helene Hannah

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