ABSTRACT

This chapter presents an overview of the concept of corporate innovation from an organizational perspective by outlining recommended steps for a strategy in corporate innovation and entrepreneurship based upon the critical factors that enhance the development of innovative-minded employees. The twenty-first century is seeing corporate strategies focused heavily on innovation. A number of researchers have attempted to examine particular factors which are associated with success in corporate innovation. An innovation can be a new product or service, an administrative system, or a new plan or program pertaining to organizational members. For corporate entrepreneurship/innovation to operate as a strategy, it must “run deep” within organizations. Many companies that have made systematic efforts to learn how to conduct effective corporate innovation programs have found them to be viable and effective. The first step in planning a corporate innovation strategy for the enterprise is clarifying the vision of innovation that the corporate leaders wish to achieve.