Done By SAIKAT SUBHRA GHOSH ABHISEK MUKHERJEE

HOW TO EXPAND OURSELVES ? INNOVATION THE WAY LEADING TO THE EVERYTHING STARTING FROM NOTHING .

Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy. The goal of innovation is positive change. in the arts. to make someone or something better. business and government policy. In many fields. ideas applied successfully.The term innovation refers to a new way of doing something. In economics the change must increase value. not an insignificant change. A distinction is typically made between invention. or producer value. or organizations. and innovation.g. e. something new must be substantially different to be innovative.. processes. an idea made manifest. products. It may refer to incremental and emergent or radical and revolutionary changes in thinking. economics. customer value. .

followers of innovation economics stress using public policy to spur innovation and growth. and engineering. . and on the system within which the process of innovation unfolds. However. Since innovation is also considered a major driver of the economy. Those who are directly responsible for application of the innovation are often called pioneers in their field. especially when it leads to increasing productivity. economists tend to focus on the process itself. from the origination of an idea to its transformation into something useful. the factors that lead to innovation are also considered to be critical to policy makers.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. Colloquially. In particular. whether they are individuals or organizations. business. to its implementation.

. social systems. commerce. including in relation to technology. or practices or new or altered products and services.Innovation has been studied in a variety of contexts. for example introducing new methods. and policy construction. naturally a wide range of approaches to conceptualizing innovation in the scholarly literature Fortunately. therefore. techniques. economic development. however. There are. a consistent theme may be identified: innovation is typically understood as the successful introduction of something new and useful.

"An important distinction is normally made between invention and innovation. 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" .

In this view. 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 . .Innovation typically involves creativity. We define innovation as the successful implementation of creative ideas within an organization. the first is necessary but not sufficient condition for the second". creativity by individuals and teams is a starting point for innovation.

. or services. . relevant. combination.” .A convenient definition of innovation from an organizational perspective is given by Luecke and Katz (2003). Innovation is the embodiment. processes. who wrote: "Innovation is generally understood as the successful introduction of a new thing or method . valued new products. or synthesis of knowledge in original.

number of patents. additional sales resulting from past innovations.Corporate measurements are generally structured around balanced scorecards which cover several aspects of innovation such as business measures related to finances. customer and employee perception & satisfaction. Measured values will vary widely between businesses. time to market. . innovation process efficiency. covering for example new product revenue. spending in R&D. as well benefits for customers. employees' contribution and motivation.

"Companies cannot grow through cost reduction and reengineering alone . Innovation is the key element in providing aggressive top-line growth.Programs of organizational innovation are typically tightly linked to organizational goals and objectives. to the business plan. and to market competitive positioning. and for increasing bottom-line results" .

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. lack of skill to implement it.90% of Innovational projects made little or no contribution to organizational goal. Failure of Innovation stands for waste of time and threat to organization.

PUBLIC AWARENESS OF INNOVATION IS AN IMPORTANT PART OF THE INNOVATION PROCESS. 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 .

THANK YOU ANY QUESTIONS PLEASE .