Respond to at least two of your colleagues’ postings in one or more of the following ways:

Innovation is essential for any business that wants to capitalize on new and unique competitive advantages. Some businesses innovate whereas others try to match the innovations of others. This discussion will examine innovation at the Business Owners Benefits Association (BOBA), including its strategy for success. It then analyzes the impact of geographic location on innovation and strategy development. Finally, it ends with an explanation of the importance of researching the global implementation of innovative business ideas with examples of successful implementations that help us further understand innovation as a business strategy. 

Innovation at BOBA

Dr. Eric Barton is the founder and owner of BOBA. BOBA offers opportunities to entrepreneurs and small business owners that want to reduce the costs associated with operating their business or organization (Laureate, 2016c). The association combines the spending powers of members so they can reap the same benefits of a much larger corporation. The strategy is innovative because it allows small businesses to save money and compete with big businesses that have more capital. Business associations may provide a range of collective and individual benefits to members, facilitating business growth and strengthening social relationships between the participants (Newbery, Gorton, Phillipson, & Atterton, 2015). While providing business advice and solutions to small companies, BOBA utilizes this successful method to grow Dr. Barton’s business and others. It is an ingenious way to build a network of independent companies that rely on each other to promote each other’s development. 

Geographic Location and Strategy Development

          Any leader serious about innovation understands that ideas do not only originate from within the research and development department, but new innovative ideas can come from anywhere. In the pursuit of innovation as a strategic source of differentiation, fostering collaboration across geographic and functional responsibilities is an integral part of the agenda (Chandrasekhar, & Schaan, 2014). The participants must be willing to learn from one another and encourage transparent sharing of information, which initially invites risks that some leaders may not be inclined to accept. Innovative strategy development takes transparency, sharing, empowerment, and collaboration inside and outside organizational boundaries (Edmonson, & Harvey, 2016). Collaboration is much easier when the contributors are near one another, but with new and faster ways to communicate, proximity may no longer be a concern. Ben Letaifa and Rabeau (2013) noted that geographical proximity promotes and makes cooperation easier between local players and therefore enhances individual and regional capacity to innovate using trust, interdependence, intuitional norms and knowledge such as in the case of Silicone Valley. 

Global Innovation Implementation

          Innovation is even more critical in crowded elements of the market where customers have many choices with similar offerings. Customers must then choose a product based on other factors such as brand recognition or price even if the products are virtually identical as it may appear in breakfast cereals. In the early 2000s, General Mills Canada improved the value proposition of their Cheerios box by selling unused space for advertising, which was successful and quickly copied by competitors (Mark, & Mitchell, 2014). This example is a successful idea, created through innovation and imitated by rivals trying to regain market share. Researching ideas such as this one can help leaders to comprehend how the impact of thinking outside of the box can contribute to a strategy of innovation instead of a strategy of followership. It is important to assess competitors with similar business models, firms upstream and downstream of the product chain, and rivals that have the potential to steal existing customers (Styles, & Goddard, 2014). A competitor analysis helps to gain insight and to create a business strategy based on what works well in the market.  

Conclusion

          Dr. Eric Barton and his management team created a uniquely profitable business idea that helps small business owners save money on services they already use. He proved that a strategy of innovation could benefit businesses and business leaders by reducing operating expenses. This discussion analyzed the impact of geographic location on innovation and strategy development. It then explored the importance of researching global implementation of innovative business ideas and how they can help further the understanding of innovation as a business strategy. Business leaders should encourage innovation from sources inside and outside their organization because a strategy of innovation is a great competitive advantage to possess.   

References

Ben Letaifa, S., & Rabeau, Y. (2013). Too close to collaborate? How geographic proximity could impede entrepreneurship and innovation. Journal of Business Research, 66(10), 2071–2078. doi:10.1016/j.jbusres.2013.02.033

Chandrasekhar, R. & Schaan, J. (2014). Electrolux AB: Managing innovation (Case No. W14500). London, Ontario: Richard Ivey School of Business Foundation. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270434/71270448/5d7c637606315b34df839fa550b47a2f

Edmonson, A. C. & Harvey, J.-F. (2016). Open innovation at Fujitsu (A) (Case No. 9-616-034). Boston, MA: Harvard Business School Publishing. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270434/71270444/f080db357a72aff8d1b493dcc9c98d8c

Laureate Education (Producer). (2016c). Business strategy and innovation: Introduction to BOBA [Video file]. Baltimore, MD: Author

Mark, K., & Mitchell, J. R. (2014). General Mills Canada: Building a culture of innovation (A) (Case No. 9B14M015). London, Ontario: Richard Ivey School of Business Foundation. Retrieved from https://cb.hbsp.harvard.edu/cbmp/pl/71270434/71270450/96880c300313a9f70f57d0a18bd7c652

Newbery, R., Gorton, M., Phillipson, J., & Atterton, J. (2015). Sustaining business networks: Understanding the benefit bundles sought by members of local business associations. Environment and Planning C: Government and Policy, 34(7), 1267–1283. doi:10.1177/0263774X15608850

Styles, C., & Goddard, J. (2014). Spinning the wheel of strategic innovation. Business Strategy Review, 25(4), 76–80. doi:10.1111/j.1467-8616.2014.01130.x

Alicia Banks 

Merriam-Webster defines innovation as “the introduction of something new, a new idea, method, or device”. Innovation is need in the business world. The reason is that innovation allows for an organization to come up with new ways to meet the needs of customers. Innovation also allows for organization to develop new ways to market the product(s) that they are trying to sell to their customers. 

BOBA’s Innovation

A description of BOBA’s innovation, including the underlying strategy and specific context for its current success

            BOBA’s innovation in the business world has really help them as an organization and other businesses that have partnered with. Laureate Education (2016c) states that BOBA is in  business for entrepreneurs and small businesses. BOBA’s innovation focuses on making sure that businesses that partner with them are making sound decisions. Their underling strategy is that they have the motto: We are better together. BOBA want to ensure that helping the businesses that partner with them to be successful. BOBA does not want businesses that partner with them to bite off more than they can chew. BOBA ensure that they provide good research to businesses that partner with them.  One reason that BOBA is successful is they are trying to help businesses. Another research that BOBA is successful is they have spent eight years preforming research to help entrepreneurs and small businesses to get to that next level.   

Geographic Location and Strategy Development

An analysis of the impact of geographic location and surrounding business communities on innovation and strategy development  

The geographic location and surrounding business communities are important on innovation and strategy development. The reason is what good does it do for an organization to have a new product that it wants to release to customers and customers cannot get to the location of the store to see the product(s). An organization needs to ensure that they have a location that they their customers can get to without a problem. When an organization is surrounded by other businesses it provides healthy competition. Businesses are in competition with each to provide the product(s) that their customers need at the best price. Businesses are ensuring that their price is the lowest and that they are providing wonderful customer service.   

Global Change Agent

As a global change agent, explain the importance of researching global implementation of innovative business ideas or strategies from the research literature. Be sure to include relevant scholarly examples of successful or unsuccessful global implementations and how they can further influence the understanding of innovation as a component of business strategy.

            The reason is because of the saying: “History always repeat itself”.  As a global change agent, I need to perform research so that I can learn from history. I can perform research and see what steps that we taken to allow an implantation to be successful. When performing research, I can research the risk that comes with implanting a new idea (Innovation Risk: How to Make Smarter Decisions, 2013). I can say to myself, if these steps got this business successful results, I should follow these results to get the same successful results.  Martin (2013) describes that there are two choices to make in strategy. When I must decide, I have two choices: successful implantation or unsuccessful implantation.  I want to want to pick the successful implantation. I want to make the business world a better place.  

References

Laureate Education (Producer). (2016c). Business strategy and innovation: Introduction to BOBA [Video file]. Baltimore, MD: Author