Innovation
Innovation
Innovation is the conversion of new knowledge into new products and services. Innovation is the process of making changes, large and small, radical and incremental, to products, processes, and services that results in the introduction of something new for the organization that adds value to customers and contributes to the knowledge store of the organization. It is the ability to apply solutions to problems and opportunities to enhance or to enrich people’s lives. Innovation is a process by which entrepreneurs convert opportunities into marketable ideas (Howell&Higgins,1990). Innovation is the specific instrument of entrepreneurs, the mean which they exploit change as an opportunity for a different business or a different service(Drucker,1985).
The terms entrepreneurship and innovation are often used inter - changeably, but this is misleading. Innovation is often the basis on which an entrepreneurial business is built because of the competitive advantage it provides. On the other hand, the act of entrepreneurship is only one way of bringing an innovation to the marketplace. Technology entrepreneurs often choose to build a start up company around a technological innovation. This will provide financial and skill-based resources that will exploit the opportunity to develop and commercialize the innovation. Once the entrepreneur has established an organization, the focus shifts toward its sustainability, and the best way that this can be achieved is through organizational innovation. However, innovation can be brought to market by means other than entrepreneurial start ups ; it can also be exploited through established organizations and strategic alliances between organizations.
An innovation must add value to customers to make them purchase or consume the product or service or perceive an improvement. An important part of the exploitation process is ensuring that the innovation adequately full fills prospective customers’ needs. The better the
Innovation is the conversion of new knowledge into new products and services. Innovation is the process of making changes, large and small, radical and incremental, to products, processes, and services that results in the introduction of something new for the organization that adds value to customers and contributes to the knowledge store of the organization. It is the ability to apply solutions to problems and opportunities to enhance or to enrich people’s lives. Innovation is a process by which entrepreneurs convert opportunities into marketable ideas (Howell&Higgins,1990). Innovation is the specific instrument of entrepreneurs, the mean which they exploit change as an opportunity for a different business or a different service(Drucker,1985).
The terms entrepreneurship and innovation are often used inter - changeably, but this is misleading. Innovation is often the basis on which an entrepreneurial business is built because of the competitive advantage it provides. On the other hand, the act of entrepreneurship is only one way of bringing an innovation to the marketplace. Technology entrepreneurs often choose to build a start up company around a technological innovation. This will provide financial and skill-based resources that will exploit the opportunity to develop and commercialize the innovation. Once the entrepreneur has established an organization, the focus shifts toward its sustainability, and the best way that this can be achieved is through organizational innovation. However, innovation can be brought to market by means other than entrepreneurial start ups ; it can also be exploited through established organizations and strategic alliances between organizations.
An innovation must add value to customers to make them purchase or consume the product or service or perceive an improvement. An important part of the exploitation process is ensuring that the innovation adequately full fills prospective customers’ needs. The better the