Innovation Models Lead to a Sustainable Business -- Closed vs. Open Innovation Following the introduction of the concept of open innovation, the exploration in the area has increased significantly. Open innovation involves the utilization of purposive knowledge inflows and outflows to help in the acceleration of internal innovation and the expansion of external markets for innovation. On the other hand, closed innovation refers to a situation where every activity is

Innovations in Smartphone Apps Wireless technology is one of the fastest-changing phenomena in the world today. No single day passes without the telecommunication industry experiencing some new development that revolutionizes the way information is accessed and used. This technological evolution brings about improved security, increased coverage and greater throughput, and in so doing, impacts on information accessibility. Although this evolution has had an impact on almost all spheres of human

X. Pound's current size and corporate ethos. F.X. must rebrand itself as a company that cares about the community, and knows the community well. As Miller Fuels has a superior range of products, F.X. Pounds must offer superior service. It must also solidify a more compelling risk-mitigation strategy. At present, the company spends little on marketing and promotion and offers no innovative services, such as lock-in energy pricing. It focuses only

Taken together, all these factors influenced by the stage a product is in relative to the industry lifecycle; influence the business model's profitability. Overall this factor influencing a business modes' profitability is the stage in the product lifecycle a product is relative to the industry. Another significant series of factors are the extent of the supply chain integration, supply chain management and supply chain planning the company has engaged in.

The graphic shown in Figure 1 was also provided in the article (Porter, 2008). Figure 1: Five Forces Model (Porter, 2008) This model's effectiveness does not however capture the increasingly critical role of tacit and explicit knowledge in businesses. The tacit knowledge, of the type that is learned from the continual streamlining of core processes, is not easily captured and communicated. It is often called tribal knowledge as this type if intelligence

Third, the information systems implications also need to concentrate on how to manage pricing and discounting across product groups and also across payment methods. This is an area where small businesses can gain significant competitive advantage and one that is consistently ignored or not undertaken at all. For the payment card strategies in small businesses to be profitable, information systems, specifically applications, need to be created and managed to ensure