Innovation is inescapable for businesses that strive to be successful and lead the market and industry. However, the impact of the aforementioned concept can vary according to the quality of a company’s advancement. Overall, the direct relationship between business competition and innovation is apparent. What is more, creations of any sort also enhance human interaction within the working space.
To begin with, the competition in the market is strongly related to innovation in the companies. To elaborate, businesses opt to advance their operating structure, technology, items, or services to lead the market (Awards, 2017). Therefore, competition with similar corporations forces brands to add new elements to their company for a competitive advantage (Onileowo et al., 2021). Innovation in an organization also prompts its competitors to think about incorporating new ideas into their operations (Marshall & Parra, 2019). In fact, the concept is also strongly tied to human interaction, considering that the creation of new ideas is impossible without human collaboration within the company (Bullock & Colvin, 2017). However, human interaction, such as brainstorming, can define the need for innovation and its further incorporation into the business structure (Morin, 2020). Still, such a strong relationship between innovation and the two aforementioned spaces, business and social, leads to them being dependent on one another. Teamwork is essential for the company to create an outstanding strategy and remain flourishing in the market.
In a nutshell, innovation is strongly dependent on the competition in the market since it is mainly needed to gain a competitive advantage. Furthermore, the advancement heavily relies on teamwork and collaboration between employees since, during brainstorming, workers can create new ideas for improving a company. Naturally, human interaction and business competition relate due to the contribution of the staff to creating benefits for the business that makes it better than its competitors.
References
Awards, E. (2017). Does competition drive innovation? Edison Awards. Web.
Bullock, A. N., & Colvin, A. D. (2017). Technology, human relationships, and human interaction. Social Work.
Marshall, G., & Parra, L. (2019). Innovation and competition: The role of the product market. International Journal of Industrial Organization, 65, 221–247.
Morin, K. B. (2020). Effects of technological innovations on social interactions. Samuel Centre For Social Connectedness. Web.
Onileowo, T. T., Muharam, F. M., Ramily, M. K., & Khatib, S. F. A. (2021). The nexus between innovation and business competitive advantage: A conceptual study. Universal Journal of Accounting and Finance, 9(3), 352–361.