Management and Leadership Assignment #1 Essay Example | Topics and Well Written Essays - 750 words

Management and Leadership Assignment #1 - Essay Example Vandebroek, the Chief Technology Officer in Xerox, engages into a thorough discussion of the importance of innovation in the technology industry and the critical role of managing innovation in eventually gaining competitive advantage. According to the case study, Vandebroek distinguishes innovation from simple invention largely on the basis of their differentiation in orientation. As Noteboom (2000) claims, invention is the ‘obsession’ to create something new in a radical manner, whereas innovation is actually the process of transforming the new idea into marketable products or services. The underlining difference lies in the fact that while invention is the art of designing a new product or service, innovation is what actually matches the fit between this new product and the overall market. Innovating, according to Vandebroek, substantiates with the ability to introduce and launch new products that are necessary for the customers and which can yield economic returns and profits for the company. The distinction is directly related to the three stages of innovation as the term invention practically refers to the first two phases; concept and product technology. Invention, in other words, it is a part of innovation but fails to grasp the essence of making products or services available to the market. Chell (2001) states that innovation is not just about conceptualizing and developing new products, it is also about designing the overall strategy to efficiently and effectively introduce innovative products or services to the market. Therefore, in Vandebroek’s distinction the innovation adds up to the third stage which is non-addressed by invention. Kreitner (2006) states that during the last years, companies have assumed a pro-active role instead of creative as a partial way to avoid any forthcoming regulations Legal factors that might need to be considered by Xerox in its overall innovation