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HOW TO EXPAND OURSELVES ? INNOVATION THE WAY LEADING TO THE EVERYTHING STARTING FROM NOTHING .
e. business and government policy. customer value. ideas applied successfully. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.g. A distinction is typically made between invention. an idea made manifest. It may refer to incremental and emergent or radical and revolutionary changes in thinking. and innovation. .. or organizations. not an insignificant change. In economics the change must increase value. economics. or producer value.The term innovation refers to a new way of doing something. processes. In many fields. products. to make someone or something better. The goal of innovation is positive change. something new must be substantially different to be innovative. in the arts.
the factors that lead to innovation are also considered to be critical to policy makers. followers of innovation economics stress using public policy to spur innovation and growth. Colloquially. sociology. economists tend to focus on the process itself. especially when it leads to increasing productivity. and on the system within which the process of innovation unfolds. and engineering. to its implementation. business. In particular. Those who are directly responsible for application of the innovation are often called pioneers in their field. . from the origination of an idea to its transformation into something useful. design technology. Since innovation is also considered a major driver of the economy.WHY IT IS SO IMPORTANT ? Innovation is an important topic in the study of economics. However. whether they are individuals or organizations. the word "innovation" is often synonymous with the output of the process.
Innovation has been studied in a variety of contexts. and policy construction. however. or practices or new or altered products and services. for example introducing new methods. There are. . naturally a wide range of approaches to conceptualizing innovation in the scholarly literature Fortunately. social systems. techniques. economic development. including in relation to technology. commerce. a consistent theme may be identified: innovation is typically understood as the successful introduction of something new and useful. 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.Innovation typically involves creativity. 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". In this view. We define innovation as the successful implementation of creative ideas within an organization. .
relevant. . or services. Innovation is the embodiment. processes. who wrote: "Innovation is generally understood as the successful introduction of a new thing or method . or synthesis of knowledge in original. valued new products. . combination.A convenient definition of innovation from an organizational perspective is given by Luecke and Katz (2003).” .
customer and employee perception & satisfaction. spending in R&D. Measured values will vary widely between businesses. innovation process efficiency. number of patents. employees' contribution and motivation. 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. . time to market. covering for example new product revenue. as well benefits for customers.
and to market competitive positioning. Innovation is the key element in providing aggressive top-line growth. and for increasing bottom-line results" . "Companies cannot grow through cost reduction and reengineering alone .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 .
.Research says that 50% . 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. Innovative ideas fail due to some Budgetary constraint.
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.
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