Innovation: A Key to Success
1. Introduction
The term innovation is derived from the Latin word innovatus, which is the noun form of innovare to renew or change. Although the term is broadly used, innovation generally refers to the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets, governments, and society. Due to its widespread effect, innovation is an important topic in the study of economics, business, entrepreneurship, design, technology, sociology, and engineering. In society, innovation aids in comfort, convenience, and efficiency in everyday life. In business and economics, innovation is the catalyst to growth. With rapid advancements in transportation and communications over the past few decades, the old world concepts of factor endowments and comparative advantage which focused on an area’s unique inputs are outmoded for today’s global economy. Now, as Harvard economist Michael Porter points out competitive advantage, or the productive use of any inputs, which requires continual innovation is paramount for any specialized firm to succeed. In the organizational context, innovation may be linked to positive changes in efficiency, productivity, quality, competitiveness, market share, and others. All organizations can innovate, including for example hospitals, universities, and local governments 2. Objective: This study has tried to analyze how companies have become successful by following the path of innovation. The main objectives of the study include different types of innovation mostly practiced by companies, how to adapt a culture of innovation in a company and how to be innovative in shaky economy. Live examples of companies have been taken for this study. 3. Introduction to the study:
Organizations have long sought how to achieve a competitive advantage in uncertain and changing environments. There has been a great deal of interest in the effects of innovation, and in particular, an innovation orientation on
The term innovation is derived from the Latin word innovatus, which is the noun form of innovare to renew or change. Although the term is broadly used, innovation generally refers to the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets, governments, and society. Due to its widespread effect, innovation is an important topic in the study of economics, business, entrepreneurship, design, technology, sociology, and engineering. In society, innovation aids in comfort, convenience, and efficiency in everyday life. In business and economics, innovation is the catalyst to growth. With rapid advancements in transportation and communications over the past few decades, the old world concepts of factor endowments and comparative advantage which focused on an area’s unique inputs are outmoded for today’s global economy. Now, as Harvard economist Michael Porter points out competitive advantage, or the productive use of any inputs, which requires continual innovation is paramount for any specialized firm to succeed. In the organizational context, innovation may be linked to positive changes in efficiency, productivity, quality, competitiveness, market share, and others. All organizations can innovate, including for example hospitals, universities, and local governments 2. Objective: This study has tried to analyze how companies have become successful by following the path of innovation. The main objectives of the study include different types of innovation mostly practiced by companies, how to adapt a culture of innovation in a company and how to be innovative in shaky economy. Live examples of companies have been taken for this study. 3. Introduction to the study:
Organizations have long sought how to achieve a competitive advantage in uncertain and changing environments. There has been a great deal of interest in the effects of innovation, and in particular, an innovation orientation on