New trends in innovation change the way companies do business: Green, social and open innovation

Abstract

Purpose

Reviews the latest management developments across the globe and pinpoints practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context

Findings

According to the OED, to innovate is to bring in new methods and ideas, usually followed by changes in practice. Innovation in some guise has been a constant feature of industry. The industrial revolution itself was characterized by finding new methods of large‐scale production to replace former cottage industries. Cottage industries on the other hand utilized methods and equipment that remained unchanged for generations as techniques were passed down from father to son, mother to daughter and master to apprentice. In a modern global economy, business, whether in the industrial, financial or service sectors, depends on continuous innovation to maintain viability in a competitive marketplace. This means continually attempting to generate ideas leading to new methods of working, which will in turn change the way the business operates.

Practical implications

Provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

Provides an easily accessible summary of relevant business concepts and presents them in a fresh way.

Citation

(2011), "New trends in innovation change the way companies do business: Green, social and open innovation", Strategic Direction, Vol. 27 No. 4, pp. 25-28. https://doi.org/10.1108/02580541111115474