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Innovation Process by Paul Trott, 2006

The Importance of Innovation as Part of Modern Marketing

About the importance of innovation and how social media marketing can influence an innovation process

While the “closed” innovation model served organizations well in the past, more recently, several factors have undermined the logic of this model.  One factor is the increased mobility of the workforce.  As people move from one organization to another, they take with them the tacit knowledge acquired in one organization and pass it on to others in a different organization.  As employees went back for additional education, some of the company-specific knowledge spilled over.  A second factor was the increase in the presence of venture capital firms who specialized in creating new firms that commercialized external research and converting these firms into growing, valuable, and thriving companies.  A third Read more