Innovation and Entrepreneurship Origin Energy †Free Samples

Question: Discuss about the Innovationand Entrepreneurship Origin Energy Australia. Answer: Introduction: Innovation is a subject that cannot be assumed if any business organization wants to succeed. An innovation strategy that is effective and efficient the business process is taken as one of the highly sensitive issues for all the organizations regardless of the profits they make and size. The internal and external domain of business is constantly changing that has affected the business overall performance of the organization (Ahearne et al., 2015).This essay main purpose is to discuss the different types of important issues associated with the business innovation as a strategy to business success in an extensive way. The essay will also describe how to enhance the understanding of many contextual factors that can play important part in the internal decision making process of the business. E The company is selected is Origin Energy Australia and will be discussing the Innovation and entrepreneurial factors that has led to the successful establishment of the firm. Origin Energy is an Australian energy company, formed in February 2000 from Conglomerate Boral Limited. Origin is a public company trading at the ASX: ORG and regarded as one of the largest has reserve holders in eastern Australia. Over the year that is 2001 and 2004 it expanded by acquiring several other energy companies like Victorian Electricity Suppliers, CitiPower among others. The core business at Origins is natural gas exploration and production, energy retailing, electricity generation and renewable energy in terms of solar power and geothermal energy. In 2015, Origin Energy had revenue of upto 11,550 million Australian dollars with a net profit of A$ 760M after tax. Currently, over 6000 employees are working Origin Energy (originenergy.com.au, 2017). Discussion In recent years, business environments are changing thus intensifying competition. In order to beat this competition, innovation and entrepreneurship is vital; a new method of doing things with a deliberate implication to make it more admirable to the customer market. Effective innovation ideas and strategies depends heavily on a companys ability to work together, both inside; Collective Innovation deliberately need market information, imagination, and initiative to a replicable economical idea. Collective Entrepreneurship involves effective knowledgemanagement depending heavily on the companys resources and the whole team, whereby the organization is willing to take risks of allowing diverse groups of people to be associated with the exploitation and discovery of new business ventures and outside. Collaboration Entrepreneurship enables a firm to be entrepreneurial and constantly innovative by exploring new target markets. Collaboration is made up of a Continuous innovation and marke t exploration as building blocks. New technology-based firms like Origin Energy, particularly those that manage and operate their business around a new technological know how, are likely to be affected by globalization, in terms of both competition pressure and innovation pace. In that case Origin Energy is one of them because new technology regarding the energy industry keeps on emerging, which include production of affordable and safe sources of energy. Being formed as a result of a demerger demonstrates a good entrepreneurial step in readiness to take risks and in order to survive in the market. The New Nature of Innovation gives a helpful over view on how dynamic innovation has evolved in recent past. It also provides insightful thinking on how countries should act to these constant changes. (Dirk Pilat, 2010) Major drivers for innovation which have also been demonstrated by Origin Energy include Co-creation of value with customers and tapping knowledge about customers Co-creating involves an economic strategy that brings a group of people together for example customers to produce a mutual outcome. This is always amanagement initiative. This includes what users are comfortable using like providing them with energy saving tips, knowing about their energy solutions that will favor their businesses. They must listen carefully to customers and address needs based on the customers terms not the companys. This activity enables the customers to put out their issues and need and get solution based on the customer and not the company. Global knowledge sourcing or collaborative networks- Getting ideas globally so as to come up with other innovative methods of production and thus engaging themselves in binding innovation partnerships. It is difficult to come by a business regardless of its size that will have all the know how and resources needed to innovate on its own. Origin Energy will have to access and combine globally-dispersed knowledge on a larger scale to succeed. Universal challenges This can be a driver of innovation, researching to know problems facing industries not only in Australia but around the world. This will give Origin Energy a scope of what to do so as to improve its production. This will include climate changes, social needs and political stability around the world. Public sector This is another challenge when it comes to progress with innovation. The desire for innovation in the public service would appear distinct but people view the private sector as being of high quality. The major challenge is that most public sectors are faced by political pressures thus difficult to innovate. Types of innovation at Origin Energy: Incremental Innovation This kind of innovation uses the existing innovation strategies through technology to increases value of its current customer expectations in the market. Origin energy is giving its customers tips on how to save on energy by coming up with energy saving innovations like the solar energy. Its aim is to improve the systems that already exist, making them better, faster cheaper. Sustaining Innovations improves current product by developing generations until the product reaches its end life. This is greatly influenced by the companys sustaining efforts like feature additions, cost reductions like in this case Origin Energy introducing use of solar panels, product line proliferation like giving customers a wide range of products to choose from. Disruptive innovation is a simple low cost solution to ones customers problems. It involves making simple products that the customers can use or rather coming up with measures of making sure they are comfortable with using them. Innovators should also be careful not to come up with products that are too cheap hence compromising quality .Origin Energy has come up with ways of assisting its customers with their financial problems including helping them cut on energy costs. Therefore when coming up with disruptive ideas one should consider removing as much costs as possible to make end price affordable for users, making the solution the very best for the customers, focus on simplification and removal ; one job to be done rather than many. Norms that promote creativity and innovation Organizational culture plays an important role innovation measure, either by promoting or hindering innovation-enhancing norms. This can be achieved in creating a culture of rewarding, supporting, and assisting in generating and putting up of new ideas. Such system uplifts everyone in the company to develop authentic proposals. Themanagement of culture is important in creating organizational ideas. Grieves J., 2010 says its Crucial in this efforts is the establishment and continuous encouragement of behavioral norms that refer to the social expectations that guide the acceptance of attitudes and behavior in the work setting. Open communication in the forum of intra and extra debates should be created by the managers who are creating and building the creative environment. Maintaining such an open information flow is important. Provision of minimum or no information is important as this would reduce creativity in the organization and therefore, to encourage open discussion, constructive conflict, fair evaluation of ideas and fast approvals is encouraged. (Bessant J., Tidd J., 2009). Continuous learning in a working environment promotes creativity and this will make employees curious come up with new ideas. It also involves risk taking thus managers should encourage risk taking behaviors by avoiding controlling the employees too much. Setting positive examples also promotes creativity and managers should lead by example. Monch A., 2006 explains that the culture should support uncertainty, promote and reward positive attitude towards change and also encourage employees to frequently change their status quo and explore new ways of finding creative solutions. Creative surroundings encourage team work and efficient functioning of groups. This can be achieved by either fixing each team on a project or engaging the employees of Origin Energy on various projects to promote fresh perspectives which will help them realize new talents. Employees need to be emphasized on the importance of comminucation and working collaboratively to achieve common goals (Leskov L. et al., 2009b). Enterprises also need to consider their financial budgets, to make sure it covers the culture of creativity and innovation, Rapport between employees - in any organization rapport should be promoted amongst the employees and in this case emphasis put between the technical innovators and the marketing department, as is an essential ground rule for culture of creativity and change to be successful. Sometimes conflicts can arise between the two departments, this, should not be a determent to open communication and further criticism. Andriopoulos C., Dawson P., 2010 encourages companies to bring together these two functions informally and formally. Though such a relationship does not solve the tensions between cost control and experimentation, concept feasibility and ideas creativity should provide a balance. Conclusion: Origin energy has experienced major challenges from product innovation to its customer base but from the paper above we notice that nothing is constant. Customers will always change their tastes and preferences and thus the company should learn to roll with the same. Origin needs to learn how to utilize the contextual factors to their advantage in order to meet its mission and vision as they have an important impact on the business market globally and locally. Furthermore, organizations like Origin need to focus on analyze, estimate and mitigate all the risk factors for coming up innovation strategies. Origin energy has intention of investing in the future energy sectors which include better competitive segments in power generation, production and retailing. Origin has the customers needs at heart as they plan to meet their present needs and future energy solutions. References: Andriopoulos C, DawsonP., 2010, Managing Change and Innovation,SAGE Publications Lt Beerel A, 2009, Leadership and Change Management, : SAGEPublications Ltd.,Londond, Lon Berchicci L., 2009, Innovating for Sustainability,MPG Books Ltd.,Bodmin,London;don Bessant J. TiddJ., 2009,Innovation and Entrepreneurship,John Wileyand Sons Ltd.,Chichester,England FrappaoloC. 2006. Knowledge Management. Chichester : CapstonePublishing Ltd., 2006. ISBN 1-841112-705-1 GrievesJ.,2010, Organizational Change. Themes and Issues,OxfordUniversity Press,London;