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Innovation Business Brief
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Innovation does not only rely on the new products but also new organizations, new
processes, new management practices, and new strategies (Keresztes & Endresz, 2020). Textron
Inc. is an American multi-industry company that initiated the conglomerate model. Textron
Inc.'s present-day core organization involves automotive, aircraft, and industrial manufacturing
segments. The company has its headquarters in Providence, Rhode Island, first established as a
textile maker in 1923. Textron automotive segment happens to be the leading plastic products
supplier in fuel tanks, instrument panels, exterior and interior trim for light trucks and cars.
Textron industrial segment manufactures so many products from gears, turf-care machinery,
fasteners, golf carts tools, aviation piston engines, and fasteners. In the year 2000, Textron Inc.
had employed about 70,000 employees and opened operations in about two dozen nations
globally. Currently, Textron Inc. is an $11.7 billion, Multi-industry Corporation that employs
33,000 talented thinkers, makers, doers, and creators globally.
According to Keresztes & Endresz (2020), even though innovation is viewed as an
entrepreneurial activity product, often the entrepreneurs are the ones involved in innovation and
commercialization of the new products and processes that provide the economic dynamism.
Textron Inc. is a multi-industry corporation that needs to exploit the latest emerging technologies
to create significant economic value as well as boost its production. This will commercialize the
company’s products, the process, and the services, achieving long-term economic growth
(Madichie, 2008). The firm is currently facing the challenge of dynamism and complexity in
innovation; therefore, most of its products are reaching the industrial design limit.
The company proposed technological innovation plan requires research based on the
company’s vision rendered by the Textron Inc. marketing department during the annual meeting
of technological evolution and new business engineering and development. To achieve the plan,
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a business environment that is conducive to entrepreneurial and innovation activity is significant
(Madichie, 2008). The proposed technological innovation strategy requires an economy that is
well planned because the company has operations in different nations globally. Therefore, the
proposal will need economic freedom because the lack of economic incentives and space will
prevent the company from increasing its innovation and technological knowledge (Keresztes &
Endresz, 2020). After gaining knowledge, it is the responsibility of the company to test the
innovations through its technology reference center to ensure the innovations are in line with the
organization.
The projected innovation plan will run for a particular period, having a maximum of three
years because of the nature of technological dynamics. The innovation strategy will develop a
planning criterion for the new technologies aligning with the organizational premises as well as
adhering to the company’s primary strategies of marketing that are aligned with the previous
technological department of planning. The proposed method will determine the technological
strategy of the organization. The subsidiaries initially will not depend on the innovation strategy
because they will be required to plan and align their activities with the technological scheduling
of the paternal corporation.
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References
Keresztes, G., & Endresz, M. G. (2020). Innovation and models of innovation: A brief insight
into the definition and different models of innovation.<Innovations,<8(2), 53-55.
Madichie, N. O. (2008). International Business: Competing in the global
marketplace.<Management Decision.
