Definition of innovation:
Invention is not an innovation.
Production innovation and business review innovation
Making something better at a lower price
Innovation is producing something new
Invention is turning money into ideas and innovation is turning ideas into money. Innovation is catalyst for economic growth
If you don’t innovate the other’s wont stop to innovate hence it is necessary to keep innovating to succeed in today’s market Innovation is introduction of a new process or product, it can occur anywhere either in government or any business.
Creating a value for users, adding new way of doing things that people have not thought of before.
Innovation creates an opportunity for jobs.
Bringing tools closer to people.
Without innovation companies die.
Developing research to retail.
Innovation according to Jonathan Wareham:
Improving something that already exists or introducing something that is new.
Its not only about technology it is also about the organization.
Turning traditional way of doing thing upside down
Innovation is looking into the future.
Innovation can be described as identifying and creating new technologies example : telephone
Taking existing technologies and putting them together in a new combination ex: bicycle
Redefining the social meaning around a piece of technology and understanding how they are actually used by a group of individuals. : v fitness.
Why is innovation important:
The process of commercialisation, policy makers and business analysts have realised that it is important that procees of commercialisation that is developing a sustainable and valid business plan around technology is just as important as doing the basic research itself.
What is European gap:
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