Innovation is one of the key aspects of our economy. There are many definitions but Innovation can be defined as a step forward by introducing new products, processes or ideas in a particular industry. It can also be used to describe a period of time when something new and better are being produced by the introduction of innovative ideas and new practices. Innovation can be the result of scientific, technological or organizational efforts. In business innovation can refer to different types of activities. They can be new processes, new marketing approaches or new information technologies.
Innovation has contributed significantly to the development of society. It has contributed to the economic growth and job creation. It has also brought about dramatic changes in the way business is conducted. Innovation has changed how businesses conduct their daily operations. In business, innovation has led to the adoption of various new ways of getting new products, services, techniques and models to make things run more smoothly.
What does it take to bring about innovation? There are a lot of questions that might arise in your mind like what drives innovation, how do you define innovation, creating a need for innovation, establishing the need for innovation, creating new ideas and so on. All of these questions could easily prompt you to start your research to know more about what is innovation. If you think there are still things about what innovation really means to you and how it can help your business, then the following paragraphs below may help you further in your quest for knowledge.
Innovations occur when new ideas are brought about by either unplanned or unexpected combinations of factors. Innovation can take place in a number of different forms and each form may have different implications. Innovations can be both disruptive and incremental. A disruptive innovation is one that creates a large change that is not well received by the original or existing consumer market. On the other hand, an incremental innovation happens slowly over time and its effect is subtle.
Entrepreneurship has enabled many innovators to create new products or services that serve as a catalyst for an innovation. However, an entrepreneur needs to have sufficient capital, skilled workers, competitive advantage, and a strategic business plan in order for an innovation to occur. These three aspects are all needed to establish the necessary conditions for an innovation to occur. If these conditions are present, then we have an instance of what is called a disruptive innovation, where there is a threat of direct competition and the business cannot gain a competitive advantage through innovations.
Although, innovations do not always create new value or create new opportunities in any given industry or geography, they do reshape the economy, and therefore, society at large. An example of this reshaping of an industry is the internet, which has allowed manufacturers to sell more products to more customers all over the world. The invention of the internet changed the industries and geographic boundaries that bounded companies. In addition, innovation also provides an opportunity for new graduates to enter into business, increasing the overall supply of high quality