Innovation in Competitive Environments

Essay from the year 2022 in the subject Economics - Innovation economics, grade: 1,8, University of Greenwich, language: English, abstract: The specific innovation I analysed in my presentation was the innovation of hybrid cars. The technology of hybrid cars combines an internal combustion engine and one or several electrical engines, which is or are powered by a small battery that recharges itself during driving. To reflect on my preparations as well as on my delivery of the recorded presentation, I will implement the Gibbs Reflective Cycle. This reflective model uses a six-step approach, which firstly looks at the description. It will further address feelings, an evaluation, an analysis, a conclusion and finally an action plan. As an innovative sector, I chose the sector of vehicles. The Oxford Dictionary of English explains the etymological background of the word 'vehicle'. Its origin is Latin, comes from the word 'vehere', and its English meaning is 'to carry' (Soanes and Persall, 2005). Therefore, a vehicle can be anything that carries either goods or people.