An empirical study of interdependency among the identified innovation factors

Abstract

Innovation is the need of the hour for an organization to stay ahead of the competition. It's a critical factor that can make or break an organization's success. The factors influencing innovation, whether tangible or intangible, are complex and multifaceted. The factors that drive innovation need further research as proper tools are unavailable to determine the quantum of influence the factors have on innovation. Building on their previous research, the authors identified key factors that significantly influence innovation through a comprehensive literature review. This study, however, took a different approach, conducting an empirical investigation using a survey as a measuring tool. The study then performed statistical analysis on the data, identifying and shortlisting the factors that play a crucial role in driving innovation within an organizational context. The study employed a statistical analysis, including a large sample z-test for proportions and hypothesis testing for each of the 25 factors. This approach led to the shortlisting of 13 factors that significantly influence innovation. Furthermore, the study used Correlation analysis to understand the interdependency among the innovation factors, adding another layer to the research. Further research may be directed toward devising a mathematical model for the innovation index for use as a measuring tool to assess an organization's innovation potential.