Challenges Facing Innovation Strategy Implementation at Equity Bank of Kenya
Abstract
Implementing innovations is a challenging and high risk task for many organizations.
Therefore, it is not surprising that being innovative is generally considered to be key
drivers of organizational success. Before the potential benefits of implementing the new
idea, practice or technology can be realized, management faces the challenge of ensuring
organization members accept the innovation. A number of challenges also exist in the
process of innovating in an organization and for success to be achieved in the whole
innovation process, then a deliberate move will have to be made to address these
challenges.
The purpose of the study was to determine the innovation challenges facing equity bank.
The study adopted a case study research design in which an interview guide was used to
collect data while content analysis was used in analyzing the data. The findings show that
the bank undertakes two major types of innovation namely product and process
innovation and from the innovation strategy that it has employed, the bank has been
successful in introducing a number of products in the market that were positively
received. However, the challenges that face the organization in its innovation strategy
include, in adequate communication, market focused learning capability, scale of
entrepreneurship, lack of adequate resources and the type of leadership.
Publisher
University of Nairobi
Rights
Attribution-NonCommercial-NoDerivs 3.0 United StatesUsage Rights
http://creativecommons.org/licenses/by-nc-nd/3.0/us/Collections
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