From Schumpeter to Open Innovation Thesis Example | Topics and Well Written Essays - 1000 words

From Schumpeter to Open Innovation - Thesis Example To some people who have not grasped the true import of design in innovation, design is still descriptive of the superficial polish of neater appliances and cleaner graphics. This, however, is far from the truth (Sandberg, 2011). Today’s business trends are dictated by customers. It is an established fact that today’s buyers are not interested in procuring products but will spend money to purchase ‘meanings’. There are different ways in which people use the things they buy; most of these are due to socio-cultural, psychological, or utilitarian reasons. Innovation, in today’s business scene, is inextricably connected with design. The whole subject of design has grown to be a significant benefit for numerous industries. It also functions as an important tool in warding off commoditization. Business analysts have discovered in past researches that all manufactured goods and services being traded in industrial markets have an inherent meaning (Verganti, 2009). Companies, therefore, ought to focus on more than just functions, features, and the performance of manufactured products and seek to comprehend the true meanings given to products and services by consumers. Such meanings cannot be innovated but have to be recognized by manufacturers. User-centered viewpoints have brought about powerful methods for appreciating how consumers give meaning to the products that they purchase. There are companies that have used design to revolutionalize their entire way of doing business while also accruing massive profits. Corporations such as ‘Google’ and ‘Apple’ are now way ahead of their business rivals as a result of their efforts in placing design at the forefront of their corporate objectives of innovation (Lockwood, 2009). The researchers that make products for these firms actually seem to be able to read the minds of their consumers even before the consumers themselves are aware of what they will