More on INNOVATION…...

INNOVATION is one of my favorite areas of interest. Here are the links to some of my previous blog posts on the subject:

The latest issue of BUSINESS TO DAY dated 25th May is again in INNOVATION. So I could not resist from writing a letter to the Editor.This is what I wrote:

Dear Sir, This refers to your SIMPLY SUPERB and VERY INTERESTING Special Issue (BT 25TH May 2014) on INNOVATION. Many authors have defined Innovation in their own ways. Basically, the term Innovation refers to a new way of doing something. It may also refer to incremental and emergent or radical and revolutionary changes in thinking, products, processes, or organizations. A meaningful innovation must make people switch to new products and practices. The goal of any innovation is a positive change, to make someone or something better. It is now believed that innovation leading to increased productivity is the fundamental source of increasing wealth in any economy. A popular slogan now is Stagnate and Perish, Innovate and Flourish! ”. Innovation is becoming very important today since companies worldwide are spending more on research and development to ensure they remain competitive in a globalized world, where technology plays a very crucial role in accessing markets. Often a distinction is made between invention which is an idea made manifest, and innovation which means ideas applied successfully. The role of innovation in different fields like arts, economics, business and government policy can be different. For example, in economics, the change must increase value be it customer value or producer value.The most important contribution of any innovation is the way it changes a common man’s life. Two recent examples come to our mind. (1) Sometime in January 2012 there was a media report about a wrist watch that shocks molesters. A student of GD Goenka, Rohini, 16-year-old Manu Chopra had come up with this innovative gadget. This device can not only help ward off molesters but can also take their pictures. (2) Another much talked about innovation is about a newborn baby emailing or messaging its mother asking for a nappy change. Some scientists have reportedly developed a device which can give today’s busy parents an extra peace of mind.Finally, it is now widely believed that if you aren’t innovating, you are dead. Innovation is the key to success since the market is rapidly changing and becoming increasingly competitive. Hence there is a constant need to identify growth opportunities, increase margins and strengthen brand loyalty through innovation. Apple, Google and Amazon are too well known for their outstanding innovations! As for Indian Innovators, let’s say “Jai Ho!”–J S BROCA, New Delhi


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