Company Innovation Reading Answers is one of our IELTS Academic Reading Practice passages designed to give an in-depth knowledge of IELTS Reading question types.
“Necessity is the mother of invention,” but that may not always be the case; many inventions have actually been inspired by curiosity rather than necessity.
A. Smaller companies are more innovative than big ones
Many believe that smaller companies tend to be more creative than large ones due to their more agile structures and ability to respond quickly to new ideas. Furthermore, their lower stakes and risk-taking culture make them more willing to push innovation further than large firms would dare.
However, large companies have proven their worth through successfully adopting innovation. Netflix stands as an outstanding example of a company that has emerged as a powerhouse thanks to embracing change through innovation.
Research indicates there is no statistical difference in innovation rates between large and small companies. This implies there is no single solution when it comes to innovation; success ultimately relies on various factors, including the industry sector of operation, privately or publicly held ownership status, and how a company manages its finances.
E. Umagic is the most successful innovative company in this new field
At Umagic Systems in downtown Manhattan, a team of computer programmers is working hard to develop websites that will enable subscribers to share all the details about their problems and receive advice from virtual versions of well-known experts like sexologists, dieticians, and fitness coaches. Though young, its potential remains difficult to ascertain. Ten years from now, consulting an AI about your diet might become commonplace, or it might appear laughable.
But these firms and others like them are becoming a source of great anxiety for larger American firms, who see these half-baked “innovative” ideas being developed as the gateway to future success for themselves and other prominent American enterprises.
F. Some companies are undertaking “intrapreneurship.”
Companies that encourage employees to work on ideas can experience significant returns. Employees will find satisfaction and self-actualization from working towards their goals, while companies will reap new products and revenue streams. Intrapreneurs don’t shirk risks but take calculated ones so as to ensure the project or idea will succeed.
The best way to support intrapreneurs is to give them clear goals and milestones that allow them to gauge their success and drive their projects without too many restrictions imposed upon them. If their ideas feel stuck, demotivation could set in, and a business leader should act as an advocate without restricting creativity – otherwise, the company could miss out on valuable innovations that would add significant value – Kodak missed out on the digital camera market because its innovations had been suppressed!