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PRIVATE SECTOR: KEY ISSUES
•
Innovation for profit making enterprises is central to success
• Innovation is not = R&D
• Innovation requires investment, takes place over time through an
uneven process involving risk and uncertainty
• Innovation does not guarantee competitive success
• Innovative enterprises have people who are confident, free to
experiment and have their learning supported.
• Effective innovators have processes for integrating learning across all
functions and for aligned learning with overall business strategy.
• The nature of the innovation process is highly influenced by context,
therefore large enterprises operating in the formal sector perform
innovation routines differently from those in the informal sector
•
Innovation strategies are key to performance and can be improved over
time, requires continuous renewal