What does innovation and managerial ability in accordance of setting up of business means ?
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Answer:
Innovation management is a means of supporting an understanding of an organisation’s operating environment and enables the organisation to create and manage innovations more systematically throughout a system’s life-cycle. This chapter introduces innovation management and co-creation in general, and details the methods of design thinking and business model canvas, thereby enabling organisations to professionalise their collaboration with customers and manage complex supply chains. Through co-creation organisations potentially improve their ability to innovate, optimise processes, adapt products and services to customer’s actual needs, encourage stronger customer buy-in, hence creating a more sustainable market position through a more flexible organisational culture