Done By SAIKAT SUBHRA GHOSH ABHISEK MUKHERJEE

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

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

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

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

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.

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

” . relevant. . Innovation is the embodiment. . or services. combination.A convenient definition of innovation from an organizational perspective is given by Luecke and Katz (2003). 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. processes.

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

and to market competitive positioning. "Companies cannot grow through cost reduction and reengineering alone . and for increasing bottom-line results" . 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.

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 .

Innovative ideas fail due to some Budgetary constraint.90% of Innovational projects made little or no contribution to organizational goal. Failure of Innovation stands for waste of time and threat to organization. lack of skill to implement it.Research says that 50% . .

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 .

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