Done By SAIKAT SUBHRA GHOSH ABHISEK MUKHERJEE

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

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

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

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

"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" .

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

combination. valued new products. relevant.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 . or synthesis of knowledge in original. processes. Innovation is the embodiment. .” . or services.

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

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

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 .

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

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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