Done By SAIKAT SUBHRA GHOSH ABHISEK MUKHERJEE

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

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

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

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

"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" .

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

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

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

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

90% of Innovational projects made little or no contribution to organizational goal. Failure of Innovation stands for waste of time and threat to organization. Innovative ideas fail due to some Budgetary constraint. . 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 .

Sign up to vote on this title
UsefulNot useful