This action might not be possible to undo. Are you sure you want to continue?
HOW TO EXPAND OURSELVES ? INNOVATION THE WAY LEADING TO THE EVERYTHING STARTING FROM NOTHING .
business and government policy. processes. or organizations. In economics the change must increase value. an idea made manifest.The term innovation refers to a new way of doing something. to make someone or something better. or producer value. something new must be substantially different to be innovative. . and innovation. A distinction is typically made between invention.. e. not an insignificant change. customer value. ideas applied successfully. in the arts. The goal of innovation is positive change. economics.g. products. It may refer to incremental and emergent or radical and revolutionary changes in thinking. In many fields. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
especially when it leads to increasing productivity. the factors that lead to innovation are also considered to be critical to policy makers. and engineering. from the origination of an idea to its transformation into something useful. Colloquially. business. In particular. Since innovation is also considered a major driver of the economy. whether they are individuals or organizations.WHY IT IS SO IMPORTANT ? Innovation is an important topic in the study of economics. the word "innovation" is often synonymous with the output of the process. sociology. design technology. to its implementation. However. followers of innovation economics stress using public policy to spur innovation and growth. Those who are directly responsible for application of the innovation are often called pioneers in their field. economists tend to focus on the process itself. . and on the system within which the process of innovation unfolds.
commerce. however. There are.Innovation has been studied in a variety of contexts. therefore. social systems. or practices or new or altered products and services. for example introducing new methods. naturally a wide range of approaches to conceptualizing innovation in the scholarly literature Fortunately. economic development. a consistent theme may be identified: innovation is typically understood as the successful introduction of something new and useful. including in relation to technology. . and policy construction. techniques.
Invention is the first occurrence of an idea for a new product or process. while innovation is the first attempt to carry it out into practice" ."An important distinction is normally made between invention and innovation.
creativity by individuals and teams is a starting point for innovation. We define innovation as the successful implementation of creative ideas within an organization. the first is necessary but not sufficient condition for the second".Innovation typically involves creativity. . but is not identical to it: innovation involves acting on the creative ideas to make some specific and tangible difference in the domain in which the innovation occurs "All innovation begins with creative ideas . In this view.
. combination.A convenient definition of innovation from an organizational perspective is given by Luecke and Katz (2003). or synthesis of knowledge in original. . relevant. who wrote: "Innovation is generally understood as the successful introduction of a new thing or method . valued new products. processes. Innovation is the embodiment.” . or services.
. Measured values will vary widely between businesses. customer and employee perception & satisfaction. employees' contribution and motivation. spending in R&D. number of patents. innovation process efficiency. additional sales resulting from past innovations. as well benefits for customers. covering for example new product revenue. time to market.Corporate measurements are generally structured around balanced scorecards which cover several aspects of innovation such as business measures related to finances.
and for increasing bottom-line results" . Innovation is the key element in providing aggressive top-line growth. and to market competitive positioning. to the business plan. "Companies cannot grow through cost reduction and reengineering alone .Programs of organizational innovation are typically tightly linked to organizational goals and objectives.
Improved quality Creation of new markets Extension of the product range Reduced labour costs Improved production processes Reduced materials Reduced environmental damage Replacement of products/services Reduced energy consumption Conformance to regulations .
Research says that 50% . . Innovative ideas fail due to some Budgetary constraint.90% of Innovational projects made little or no contribution to organizational goal. lack of skill to implement it. Failure of Innovation stands for waste of time and threat to organization.
OTHERWISE IT CAN NOT BE EFFECTIVE IN DAILY LIFE INNOVATION IS VERY MUCH NECESSARY IN ALL THE DOMAINS OF LIFE FOR PERPETUAL PROGRESS AND DEVELOPMENT .PUBLIC AWARENESS OF INNOVATION IS AN IMPORTANT PART OF THE INNOVATION PROCESS.
THANK YOU ANY QUESTIONS PLEASE .