Why Innovation is Critical to Success

Topics: Creativity, Universe, Market Pages: 1 (254 words) Published: May 1, 2012
Creativity is the process of generating and expressing novel ideas that are likely to be useful. Innovation is the process of developing these creative ideas into new business value. “I do not sell products. I sell an entire civilization in a jar." - Shahnaz Husain It started when she realized the harmful effects of chemicals on human body. She then studied Ayurveda and believed that it is the best alternative to chemical cosmetics. In an innovative move, Shahnaz Husain has started work on formulations that astronauts could carry with them in their extraterrestrial sojourns to protect their skin from the ravages of space travel and slow down the ageing process. She has sent National Aeronautics and Space Administration (NASA) free samples of her moisturizers, hoping that they will be used on space expeditions. Today, her company Shahnaz Husain Herbals has not just captured the World but also the Universe. With rapid changes in business environment and technology, newer products coming from new competitors and shorter product lifetimes, there is a need to replace the products sooner. The products available in the market place are becoming increasingly difficult to differentiate. Customers are more sophisticated, segmented and demanding, and expect more in terms of customization, novelty, quality and price. With markets and technologies changing fast, and good ideas quickly copied, there arises a need to devise new and better products, processes and services. Innovation is thus vital for both success and sustainability of business. Innovation leads to faster growth, increased market share and better corporate positioning.
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