Company innovation reading answers

Find the Company innovation reading answers below. Assess your knowledge by taking the reading test again with this reading passage.

28. F
32. F
36. False
40. D

29. C
33. E
37. True

30. G
34. Not Given
38. C

31. B
35. Not Given
39. A

If you want to do well on the IELTS reading section of the exam, you need to put in a lot of practice time. You can find the ‘Company innovation reading answers’ for three different reading question types.

In the IELTS reading test, you’ll encounter 13 distinct questions. Here are three different IELTS Reading question types that you’ll need to answer after reading the passage.

IELTS Reading Locating Information
IELTS Reading True/False/Not Given
IELTS Reading Multiple Choice Question

Tips for solving “Company innovation reading answers”

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It is more important to make note of the years, numbers, locations, etc. while you put your solutions in the answer sheet.
Having experience with this type of reading passage will help you grow intellectually, mentally, linguistically, and so on which eventually makes you to get the high band score in IELTS.
Company innovation reading answers and the passage has three different question types which helps you to understand the format of the reading question types and the technique to identify the answer in the passage.
Company innovation reading passage discusses a recent invention at one company that combines with their geographic location. Practise reading the passage to understand the core of the given passage so that it will be easier for you to find the answer.
You should take practice tests to gauge your level of readiness. So, use this reading answer article as your practice material because that’s the best way to hone all of your abilities.
You can also use the given ‘company innovation reading answers’ pdf to make your practise better without getting any distraction.

Review the IELTS reading tips before you attempt to complete the Company Innovation Reading Answers.

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IELTS Reading Passage – Company Innovation Reading Answers

Find the company innovation reading passage and answers below. If you want to do well on the following questions, you’ll need to give careful attention to the passage you’re about to read.

Company Innovation

A. In a run-down office in downtown Manhattan, 30 AI (artificial intelligence) programmers from Umagic are trying to copy the brains of a famous sexologist, a famous dietitian, a popular fitness coach, and a bunch of other experts. Umagic Systems is an up-and-coming company that creates websites where clients can get advice from the virtual versions of those figures. Users put in information about themselves and their goals, and then it’s up to Umagic to advise as a star expert would. Even though marketing has always paid attention to the neuroses of American consumers, it’s hard to tell what the future holds for Umagic (who knows what it will be like in ten years? It could be normal or crazy to ask a computer about your sex life. But companies like Umagic1 are starting to make big American companies nervous because these young companies see half-crazy “creative” ideas as the key to their success in the future.

B. Innovation has become the buzzword of business management in the U.S. Companies have realized that they are running out of things that can be outsourced or re-engineered (worryingly, by their competitors too). Companies like Dell, Amazon, and Wal-Mart that have come up with ideas or products that have changed their industries tend to do well in American business today.

C. In the last 15 years, the top 20% of firms in Fortune magazine’s annual innovation survey have earned twice as much for their shareholders as their peers, according to a new book by two consultants from Arthur D. Little. A large part of the merger boom we’re seeing right now is fueled by companies’ desperate need for new ideas. The same goes for money spent on licensing and buying the intellectual property of others. According to data from the Pasadena-based Patent & Licence Exchange, the amount of money traded in intangible assets in the United States went from $15 billion in 1990 to $100 billion in 1998, with small businesses and individuals getting a larger share of the money.

D. And that scares big companies because it seems like innovation doesn’t work with them. Some big, well-known companies that are known for their “innovative ideas,” like 3M, Procter & Gamble, and Rubbermaid, have been stuck in a creative rut lately. Peter Chernin, who runs the Fox TV and movie empire for News Corporation, says, “In the management of creativity, size is your enemy.” It’s impossible for someone working on 20 movies to be as involved as someone working on 5. So, he’s tried to divide the studio into smaller parts, even though it might cost more.
Ideas are more likely to succeed outside of big companies these days. In the past, a smart scientist who had an idea and wanted to make money from it would first take it to a big company. But now that there is so much cheap venture capital around, he might want to sell it himself. Umagic has raised $5 million so far and is on its way to raising another $25 million. Even in businesses that need a lot of money, like pharmaceuticals, entrepreneurs can do early-stage research and then sell out to the big companies when they have to do expensive, risky clinical trials. About a third of a drug company’s total income now comes from licensing in technology.

E. Ideas are more likely to succeed outside of big companies these days. In the past, a smart scientist who had an idea and wanted to make money from it would first take it to a big company. But now that there is so much cheap venture capital around, he might want to sell it himself. Umagic has raised $5 million so far and is on its way to raising another $25 million. Even in businesses that need a lot of money, like pharmaceuticals, entrepreneurs can do early-stage research and then sell out to the big companies when they have to do expensive, risky clinical trials. About a third of a drug company’s total income now comes from licensing in technology.

F. When it comes to stealing and incorporating the scores of small businesses, some major corporations, such as General Electric and Cisco, have been impressively victorious. Other grants, on the other hand, are concerned about the amount of money available and how to retain the geniuses who came up with the idea. Everyone wishes to generate more ideas within their organizations. Procter & Gamble is currently shifting their entire business focus from countries to products; one of the goals is to get the entire company to accept the innovations. In other places, the desire for innovation has fueled a frenzy for intrapreneurship, which involves transferring power, establishing internal idea workshops, and tracking inventory to retain talent.

G. Some people don’t think this kind of reorganization is enough. Clayton Christensen says in a new book that the many benefits that big companies have, like taking care of their current customers, can get in the way of the innovative behaviour that is needed to deal with new technologies that change the market. Because of this, there has been a trend of cannibalization, which brings about businesses that compete with and threaten the ones that are already there. For instance, Bank One has made Wingspan, an online bank that competes with its real branches.

H. Innovation is a big deal. But do big companies have to be this pessimistic? Industry Week recently looked at the top 50 innovations in America and found that ideas are just as likely to come from big or small companies. Big companies can use new ideas when they are mature enough and the risks and rewards are clearer.

I. Mr. Sanders had to dispel the notion at Kimberly-Clark that jobs working on new products were for “those who couldn’t make it in the real industry.” He has attempted to transform the culture not only by preaching nebulous notions but also by creating concrete incentives, such as raising the rewards for those who come up with great new ideas and avoiding punishing those whose attempts fail. The genesis of one of the company’s current bestsellers, Depend, a more dignified incontinence garment, may be traced back to a prior failure, Kotex Personals, a type of disposable underwear for women who are menstruating.

J. Will huge businesses become more innovative due to all this creative destruction, cannibalization, and cultural tweaking? The founder of Umagic, David Post, is skeptical: “The only successful entrepreneurs are ones who quit and become entrepreneurs.” To which he cheerfully adds, “of course, they could have been correct,” he remembers with amusement the blank stares he had three years ago when he tried to sell his “virtual experts” notion to the ideal laboratories of businesses like IBM. Computers can’t give advice on sex, parenting, or fitness, but they can help you with innovation.

Company Innovation Reading Questions

Questions 1-6

Reading Passage 3 has nine paragraphs, A-I.
Which paragraph contains the following information?
Write the correct letter, A-I, in boxes 1-6 on your answer sheet.

(NB You may use any letter more than once.)

1) An approach to retain the best employees.
2) Safeguarding expenses on innovative ideas.
3) A certain counter-effect produced by integrating outside firms.
4) An example of three famous American companies’ innovation.
5) An example of one company changing its focus.
6) An example of a company resolving financial difficulties itself.

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Questions 7-10

Do the following statements agree with the information given in Reading Passage 3?
In boxes 7-10 on your answer sheet, write

TRUE if the statement is true
FALSE if the statement is false
NOT GIVEN if the information is not given in the passage

7) Amazon and Wal-Mart exchanged their innovation experience.
8) Umagic is the most successful innovative company in this new field.
9) IBM failed to understand Umagic’s proposal of a new idea.
10) New ideas holders had already been known to take it to small companies in the past.

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Questions 11-13

Choose the correct letter, A, B, C or D.
Write the correct letter in boxes 11-13 on your answer sheet.

11) At the end of this passage, what does the author think about innovation?

Umagic success lies on the accidental ‘virtual expert’.
Innovation is easy and straightforward.
IBM sets a good example on innovation.
The author’s attitude is uncertain on innovation.

12) What does Peter Chernin think about new ideas?

Small companies are more innovative than big ones.
Film industry needs more innovation than other industries.
We need to cut the cost when risks occur.
New ideas are more likely going to big companies.

13) How does the author feel about new ideas in paragraph C?

It only works for big companies.
Fortune magazine has a globally huge influence.
It is becoming increasingly important.
Its effects on American companies are more evident.

Click to know more about IELTS Reading Multiple Choice Questions.

Company Innovation Answers with Explanations

You can figure out your mistakes and what you need to know to score better using the below company innovation reading answers with explanations.

(Note: The text in italics is from the reading passage and shows the location from where the answer is taken or inferred. The text in the regular font explains the answer in detail.)

1. F

Explanation: The 8th line of Paragraph F states, “the desire for innovation has fueled a frenzy for intrapreneurship, which involves transferring power, establishing internal idea workshops, and tracking inventory to retain talent.”

2. C

Explanation: The 1st line of Paragraph C states, “In the last 15 years, the top 20% of firms in Fortune magazine’s annual innovation survey have earned twice as much for their shareholders as their peers, according to a new book by two consultants from Arthur D. Little.”

3. G

Explanation: The 4th line of Paragraph G states, “ there has been a trend of cannibalization, which brings about businesses that compete with and threaten the ones that are already there. For instance, Bank One has made Wingspan, an online bank that competes with its real branches.”

4. B

Explanation: The 3rd line of Paragraph B states, “Companies like Dell, Amazon, and Wal-Mart that have come up with ideas or products that have changed their industries tend to do well in American business today.”

5. F

Explanation: The 5th line of Paragraph F states, “ Procter & Gamble is currently shifting their entire business focus from countries to products.”

6. E

Explanation: The 1st line of Paragraph E states, “In the past, a smart scientist who had an idea and wanted to make money from it would first take it to a big company. But now that there is so much cheap venture capital around, he might want to sell it himself.”

7. Not Given

Explanation: The relevant information is not given in the reading passage.

8. Not Given

Explanation: The relevant information is not given in the reading passage.

9. True

Explanation: The 2nd line of Paragraph J states, “The founder of Umagic, David Post, is skeptical: “The only successful entrepreneurs are ones who quit and become entrepreneurs.” To which he cheerfully adds, “of course, they could have been correct,” he remembers with amusement the blank stares he had three years ago when he tried to sell his “virtual experts” notion to the ideal laboratories of businesses like IBM.”

10. False

Explanation: The 2nd line of Paragraph H states, “Industry Week recently looked at the top 50 innovations in America and found that ideas are just as likely to come from big or small companies. Big companies can use new ideas when they are mature enough and the risks and rewards are clearer.”

11. D

Explanation: The 7th line of Paragraph J states, “Computers can’t give advice on sex, parenting, or fitness, but they can help you with innovation.”

12. A

Explanation: The 4th line of Paragraph D states, “Peter Chernin, who runs the Fox TV and movie empire for News Corporation, says, “In the management of creativity, size is your enemy.” It’s impossible for someone working on 20 movies to be as involved as someone working on 5. So, he’s tried to divide the studio into smaller parts, even though it might cost more.”

13. C

Explanation: The 6th line of Paragraph C states, “According to data from the Pasadena-based Patent & Licence Exchange, the amount of money traded in intangible assets in the United States went from $15 billion in 1990 to $100 billion in 1998, with small businesses and individuals getting a larger share of the money.”

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Conclusion

This “Company Innovation Reading Answers” article contains information that will assist you in finding the solutions, keywords and spot the location from the given reading passage and also the pattern of the question types.