Reading Summary Essay Example | Topics and Well Written Essays - 250 words - 3

Reading Summary - Essay Example to identify changing customers’ requirements, identify adjacencies that may complement its existing products and in general, developed new products that anticipate customers’ needs. The networked solution generates pool of creative ideas that are tested for their relevance and undergo comprehensive R&D, marketing research, marketing and other functions before they are launched. It has given P&G significant competitive advantage in the market. ‘Tapping the World’s Innovation Hot Spots’ informs one about the different ways firms innovate in order to meet their strategic goals. The authors have broadly identified five major models of innovations that are used by firms: focused factory; brute force; Hollywood; large-scale ecosystem; and system integration. Focused factory model concentrates on few tasks or fields using talent pool to innovate. Brute force utilizes large number of ideas to develop highly useful and creative products. Firms forge alliances with universities and academia to tap new ideas. Hollywood model helps create special place like Silicon Valley where smart entrepreneurs gather and thrash out new ideas for innovation. Large-scale ecosystem is developed as response to emergencies or external environment like economic breakdown. Initiatives are often taken by national governments that give incentives to domestic agencies. System integration refers to services including R&D facilities and infrastructure that may be used by other firms to align their corporate strategies with models of innovation that best complement their competencies or requirements. The article is important as it expands on firm’s innovation