Innovation Technology Opportunity Essay
The business world has become highly competitive due to gradual technological advancements (Chesbrough, 2006). Innovation and new technologies are undeniably significant in businesses. Surprisingly, some leaders are objected towards investing in innovation and new business technologies and are unprepared to meet the unfolding technological innovation, transformation, and disruption (Irwin and Wynne, 2003). Ignorance towards exploring and exploiting innovation and new technology opportunities in the market is portrayed through bad leadership behavior (Kim and Nelson, 2000). For example, lack of employees training and development, little or no coaching and inadequate team education. As a result, companies collapse and become uncompetitive in the market since technology is the key driver of new innovations and business success in the industry (Christensen, 2013).
Where the current leadership is opposed to technological innovation, transformation and disruption; the concerned company should hire technologically sensitive leaders (Nidumolu, Prahalad, and Rangaswami, 2009). In most times, conservative leaders resist change, and this threatens business failure in this technologically competitive market (Christensen, 2013). Hiring new technological sensitive leaders is a sure strategy to coping with the unfolding technological transformation, innovation and disruptions (Kim and Nelson, 2000). New leadership needs to consider innovations and new technologies as an opportunity to gain competitive edge over the rivals and a strategy of improving business performance and profitability (Kim and Nelson, 2000). Transformational leadership approaches that entail changing the way things are done needs to be practically exemplified by the new leader among the followers (Arthur, 1996).
To a good leader, innovation and adoption of new technologies helps a company to produce the desired products and services by the target market (Nonaka, 2008). A new leader needs to organize for employee training and education on the use of current business technologies in innovating new product brands as demanded by customers (Porter, 1998). Also, the development of an innovation strategy is required to guide the followers on the kind of innovations to invent in reference to the current market trends and also the allocated budgets (Nonaka, 2008).