Innovation and Us

Innovation and its aspects in the corporate world:-

Innovation is the  process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.

Innovations are divided into two broad categories:

  • Evolutionary innovations (continuous or dynamic evolutionary innovation) that are brought about by many incremental advances in technology or processes.
  • Revolutionary innovations (also called discontinuous innovations) which are often disruptive and new.

Innovation is synonymous with risk-taking and organizations that create revolutionary products or technologies take on the greatest risk because they create new markets.

Understand your users. You can visualise the wealth created by a startup as a rectangle, where one side is the number of users and the other is how much you improve their lives. As in science, the hard part is not answering questions but asking them: the hard part is seeing something new that users lack.

Today, we are positioned in a fast-paced environment where technology is advancing and globalization is increasing. This means that distances only get shorter, and as a result, competition is increasing, customer expectations are more demanding, and disruptions in the economy is more likely to occur. For a business or an organization to realize competitive advantages, it should be able to adapt and innovate the to the changing trends and new generations. Innovations apply for management and organizations on all levels, sizes and in operating in all industries.

In order to realize innovation, leaders should be open-minded and collaborative. Feeling comfortable with uncertainty and manage changes are behavioral components to innovate. Innovative leaders are curious and are optimistic since they dare to take risks. No one knows where innovation will bring the organization or individual.

On the other hand, everyone is an innovator because the innovative ability is in all of us. Since we were born, we innovate by learning by doing. The pitfall is that school have formatted by proving us knowledge us and has diminished our ability to innovate, while the ability to innovate is higher valued because innovation cannot be learned or taught.

Given the noticeable effects on efficiencyquality of life, and productive growth, innovation is a key factor in society and economy. Consequently, policymakers have long worked to develop environments that will foster innovation and its resulting positive benefits, from funding Research and Development to supporting regulatory change, funding the development of innovation clusters, and using public purchasing and standardisation to 'pull' innovation through.