Date of Award


Document Type

Master Thesis

Degree Name

Master of Business


School of Business

First Advisor

Dr. Angela Wright


In the global economy, competition and market pressures push the majority of company managers to drive with more efficiency by improving processes, optimizing performance and reducing costs. Companies are increasing shareholder value by improving cash flow' and cutting costs. How many cost savings can finance departments reproduce and for how long? Is this enough to lead their markets to deliver better services to their customers? Is it enough to build customer loyalty? The 11 industry fails to escape these constraints, operating in an intensely competitive market. To compete in this environment, companies need to face frequent new product launches and price reductions. Business models in the digital world evolve at a fast pace: companies therefore need more innovation. Innovation is a pillar of success in business. The European Commission's Business Innovation Observatory' aims to capture trends in innovation-related activities in EU businesses. Building knowledge and practice for innovation is becoming an essential activity for many businesses and countries. Management, R&D, Product Development and Marketing are concerned by innovation and how to develop the required capacity that w ill fuel the future stream of revenue. Some companies have been developing a model for innovation based on the methodology of Design Thinking. This innovation model has been attracting businesses from all over the world and there is desire from other businesses to implement it successfully. This study aims to provide the core components of this model and the possible critical success factors.

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