Internal Innovation is the variation. Internal Innovation specifically covers approaches that focus on the resources, ideologies, processes, and people within a company.
Internal innovation is important because it enables businesses to set themselves apart from the competition. Many leading technology companies work with incumbents so as to spread the cost of research and development, attract venture capital and grow.
Internal Innovation refers to approaches that focus on a company's resources, ideologies, processes, and people, which could include harnessing and exploring HR, R&D, company policy, employee engagement, management structures, legal conventions, and more.
Research and development is the most common type of internal process for technology and innovation in organisations. R&D is the search for and development of new technologies, products, and/or processes within a company through creative efforts.
R&D has the disadvantage of being slower and more expensive, and it can be disrupted by the departure of key personnel.
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