Done By SAIKAT SUBHRA GHOSH ABHISEK MUKHERJEE

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

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

Colloquially. design technology. . 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. and engineering. sociology. However. to its implementation. In particular. the word "innovation" is often synonymous with the output of the process. especially when it leads to increasing productivity. from the origination of an idea to its transformation into something useful. Since innovation is also considered a major driver of the economy. whether they are individuals or organizations. 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. followers of innovation economics stress using public policy to spur innovation and growth. and on the system within which the process of innovation unfolds. business.

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

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

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

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

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

90% of Innovational projects made little or no contribution to organizational goal. lack of skill to implement it. . Innovative ideas fail due to some Budgetary constraint.Research says that 50% . 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 .

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