According to Cortés (2022), entrepreneurial innovation is a process of change through
which the practical implementation of new ideas results in the production and introduction of
new products. In some instances, the same could lead to the partial alteration and
improvement of some goods or services as opposed to the production of entirely new ones.
There are several dimensions of innovation, including radical, disruptive, sustaining, and
incremental innovation. Firms undertake entrepreneurial innovation with the mission to attain
sustainable development and remain relevant and competitive.
The first objective of entrepreneurial innovation is the search for sustainable
development among organizations. Firms tend to consider their environments or surrounding
context alongside their operating ecosystems. In the above scenario, innovation becomes
inevitable as the corporations are part of the larger system, and they tend to change in
response to changes if one or more dimensions of the system change (Cortés, 2022). The
corresponding change allows corporations to remain sustainable in an ever-changing
The second objective of entrepreneurial innovation is the need to remain competitive
and gain a niche in the local and global market (Minatogawa et al., 2022). Apple is the best
example of a firm that retains its competitiveness by implementing an innovation strategy.
The company is well known for innovating its software, hardware, services, and outlook. In
addition to having workers become innovative constantly, Apple uses artificial intelligence as
one innovation development tool, which helps it remain a market leader in the phone and
intelligent gadgets industry (Cortés, 2022).
Conclusively, innovation is one of the significant ways in which companies retain
their competitiveness in the market. It is also an avenue that allows sustainable development
to be implemented within organizations. Consequently, managers should strategically utilize
the tool of innovation to give their business firms an edge.
Cortés, J., D. (2022). What is the mission of innovation?—Lexical structure, sentiment
analysis, and cosine similarity of mission statements of research-knowledge intensive
institutions. PLoS One, 17(8) doi:https://doi.org/10.1371/journal.pone.0267454
Minatogawa, V., Matheus, F., Izabela, S. R., Holgado, M., Garrido, D., Pinto, H., & Quadros,
R. (2022). Towards systematic, sustainable business model innovation: What can we
learn from business model innovation. Sustainability, 14(5), 2939.