In the case of innovative projects however, investors must be willing to take great risk even if there is no guaranty the innovation will be a breakthrough innovation (Crawford & Di Benedetto, 2008).
Financial crisis, which have become more frequent since 1970’s, are creating an unorthodox set of challenges for companies all over the world.
The non-probability sampling procedure, known as the snowball method, has been used to separate the usable information from the unusable information.
The topic of this bachelor thesis is innovation and the sub topic has been designed at the moment enough knowledge and data was gathered to be useful for research.
According to Nielsen (2009): “Instead of dealing with the challenges of managing growth and expansion many companies are now faced with the challenge of maneuvering in a highly volatile competitive landscape characterized by increased uncertainty, increased turbulence, and a general downward trend in many aspects of the economy.” The distinguishing feature of innovation has become crucial in today’s fast changing economy which suffers of financial crisis now and then.
According to Fischer (2004), it is scholars’ liability to protect innocent countries and their citizens by mitigating the impact of financial crisis.Books and academic papers are the most used source of information for this thesis.Scientific literature, like journals and books (secondary sources), are the bases of this study.Ages ago we were working on the field and exchanging goods for other goods to survive.Lords, kings and other high class people had the opportunity to get luxury goods due to their position.The first chapter will briefly introduce the topic of this thesis, followed by the problem statement and research questions.The second chapter contains de definition of innovation and strategies that are characteristic for innovation related to competitive advantage.They have been collected from the Library of Tilburg University and the Library of Radboud University Nijmegen.Specifically journals are gathered by JSTOR, Abi/inform, Wiley, Science Direct, Web of Sience, Elsevier and more.Innovation can be defined as the commercial or industrial application of something new, such as a new product or process, a new type of organization, a new source of supply or product market (O’Sullivan, 2006 & Schumpeter, 1996; 66).Innovative companies are those that have the ability to see connections, to spot opportunities and to take advantage of them. Innovation is an expensive process whose outcomes are uncertain (O’Sullivan, 2006).