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19147691-Innovation-2

19147691-Innovation-2

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Published by: Balaji Chandrasekaran on Sep 03, 2010
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06/21/2011

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Done By SAIKAT SUBHRA GHOSH ABHISEK MUKHERJEE

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

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

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

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

"An important distinction is normally made between invention and innovation. while innovation is the first attempt to carry it out into practice" . Invention is the first occurrence of an idea for a new product or process.

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

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

spending in R&D. time to market. number of patents. innovation process efficiency.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. as well benefits for customers. additional sales resulting from past innovations. Measured values will vary widely between businesses. employees' contribution and motivation. . covering for example new product revenue.

to the business plan. 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. "Companies cannot grow through cost reduction and reengineering alone . and to market competitive positioning.

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% . . lack of skill to implement it. 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.

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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