**No less than 400 words*** 4. An innovation cluster is a loose knit community o
ID: 385075 • Letter: #
Question
**No less than 400 words***
4. An innovation cluster is a loose knit community of independent organizations. Porter (1998) describes a cluster as an interconnected geographic concentration of companies and institutions in a particular industry sector or field. Such a cluster rarely shares innovation of a detailed nature across a dedicated portal; rather they offer information through simple websites and a network of relationships, mainly between individuals. Some key attributes of innovation clusters include geographic concentration, a high degree of specialization, large numbers of small to medium-sized enterprises, ease of entry and exit, and a high rate of innovation and change. As the cluster develops, the collective innovative capacity increases. This often results from the consequences of people moving between organizations within the cluster, leading to knowledge transfer and the identification of potential synergies that might be exploited. Utilizing the textbook for guidance and the LIRN database for research, discuss an industry that has successfully integrated this innovation concept and identify what communication venue and type of information they shared to increase their innovation capacity. (Lesson 22)Explanation / Answer
One can say it without doubt that the firms that are trying to be innovative are the only ones who have a scope to sustain in the long term markets. One such company is TESLA. It is a company that has been constantly innovating since a very long period. TESLA ROADSTER is an example of innovation of the company. The company has managed to look into the future and identify the availability of fossil fuels. Thus, devised ways to exploit alternative sources of energy. It has been able to produce ROADSTER (a high end electric vehicle) which has both the potential of a supercar with good looks. Also, its unique features (mileage and engineering) attracts people towards it. It not only fulfils the need of the hour (alternative fuels) but also is providing comfort to people in terms of driving and other aspects in vehicle.
TESLA has been very successful in developing high end lithium-ion storage batteries which last long and have high life.
Some other milestone innovation of the company is its semi-autonomous driver assist technology (TESLA autopilot including lane departure warning, adaptive cruise control) and TESLA glass (solar cells for cars) to act as alternative source of energy.
Further TESLA is working on other creative projects like hyper-loop which are an ultimate source of inspiration to everyone.
One can say that TESLA has been continuously innovating and bringing out creative products which not only are as per the current requirements but also ease the human efforts.
TESLA has been successful to reach to people because of the mediums of communication it used. TESLA knows which medium to be used to attract most of the people. Since, the best communication channel available today is the internet, TESLA has successfully used it to reach to the people. It has successfully used networking (blogs, social media, websites) to reach masses. It has also used print media (newspaper and magazines) to reach the people.
The information it shared is the raw concepts which attracted the responses of people in form of the ideas which were further used.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.