Alexa

SCIENCE AND TECHNOLOGY

Competition Tickles the Creative Bone, Leads to Grand Innovation

Competition Tickles the Creative Bone, Leads to Grand Innovation
The Siliconreview
05 October, 2021

“In today’s highly competitive environment the goal of each organization is to defeat the competition and win new customers. Individuals who are holders of knowledge represent a tool for the generation of innovations. Thanks to their personal creativity, their knowledge, skills and abilities it is possible to generate new innovative ideas that will help organizations to achieve a competitive advantage.”

Business rivalry predominantly leads to improvements and unleashes new talent. At the same time, it awakens new opportunities. When a big corporation takes on its ruthless rivals in a particular segment, along the way, it learns about its new potential. Amazon, Google, etc. have expanded their service offerings over time, adding their newly-found services to their original list. This all is possible provided companies of any size compete and push their natural boundaries. In other words, running a tight ship under pressure is a feat itself, and encouraging this behavior requires sharp people processes.

A business, let’s say a start-up, conducts a series of meetings to figure out how to outdo its competitor as tickling the creative bone needs this consistent touching. Unquestionably, these endless brainstorming sessions, coupled with drawing new roadmap plans, adopting new technologies, etc. keep rivals on tenterhooks, while leaving room for further remodeling innovation models. 'Where there’s a will, there’s a way.' Pushing harder and breaking limits require a potent will.

In a nutshell, from superior innovation to polishing raw talent, competition among rivals is a cornerstone of their grand success. This is a capitalist concept and it has been in place since the end of communist regimes and the cold war in 1989. Healthy competition between businesses comes up with an X-Factor that nobody loses, eventually. Only innovations take place, making the world a better place. It’s safe to mention that competition leads to superior innovation over time.   

The paper ‘Competitive Advantage Achievement through Innovation and Knowledge’ by Hana Urbancova sheds light on how competition impacts innovation. Ms. Urbancova currently works at the Department of Economics, Czech University of Life Sciences, Prague.

“In today’s highly competitive environment the goal of each organization is to defeat the competition and win new customers. Individuals who are holders of knowledge represent a tool for the generation of innovations. Thanks to their personal creativity, their knowledge, skills and abilities it is possible to generate new innovative ideas that will help organizations to achieve a competitive advantage.”

The quote used in this was extracted from the said paper.