Answer:
a. Individuals as innovators
<u>Advantages</u>
1. Individuals have no limits (no hard rules) as to whom they can sell their innovation to.
2. An individual can be able lead a successful career with their innovation is any company
<u>Disadvantages</u>
1. Capital is a major limit for most individuals who may not be able to market their innovations.
2. Lack of Knowledge in Patenting innovation ideas have led to most individuals losing their innovation to others.
b. firms as innovators
<u>Advantages</u>
1. Successful innovation can help a firm improve its processes and increase its revenues.
2. Innovation in a unique product can often lead a firm to monopoly as the product becomes a necessity
<u>Disadvantages</u>
1. Firms have more rivalry such that others can copy the innovation or produce another close substitute which can render all efforts to a loss.
2.It takes so much time for the innovation to be approved in a firm as some structures of authority have to be followed and also depending on the culture of the firm towards innovation.
c. universities as innovators
<u>Advantages</u>
1. Universities are better able to raise capital through the Research Funds granted to them by stakeholders.
2. Innovation increases a University`s reputation and improves it rankings.
<u>Disadvantages</u>
1. High dependence on government agencies for funding by Universities means Innovation successes are easily affected by the fiscus.
2. Universities are not effective at marketing Innovations on their own.
d. government institutions as innovators
<u>Advantages</u>
1. The government can increase revenue by improving processes and cutting costs.
2. Innovation can improve transparency and help improve governance and administration.
<u>Disadvantages</u>
1. Adoption of innovation is usually slow as it has to pass so much bureaucracy.
2. Most personnel prefer working in private institutions hence the personnel to drive innovation in governments may be unavailable or inadequate
e. nonprofit organizations as innovators
<u>Advantages</u>
1. There is so much option for funding of innovations ranging from Individuals, Companies and Government
2. Most innovations are driven by Human Need hence their increased success.
<u>Disadvantages</u>
1. The innovation may not be able to generate the revenue to cover the costs.
2. The organizations are usually lacking personal's to drive innovations as people prefer to be paid more for their work.
Explanation:
Innovation is defined as the creation, development and implementation of a new product, process or service. The aim of innovation is to improve efficiency, effectiveness or competitive advantage. Innovation presents advantages and disadvantages to various players as listed above.
