Innovation involves the introduction of novel practices, ideas, and products, which are not only useful, but they also improve the quality of life. It is an excellent indicator of progress. Normally, innovation is considered as the summation of creativity and commercialization. Innovation is driven by courage and passion for improve the quality of life. Likewise, the most elemental metric for measuring the success of an innovation is its commercialization.
Human history attests to the fact that innovation has changed the trajectory of history as well as enabled humanity to make quantum leaps in technological progress.
When to Innovate
Innovation occurs during times of crisis or need. Usually, innovation is driven by unmet needs. There are various types of needs, and this means that there are different kinds of innovations, some of which are explained below.Innovation is meant to solve a problem. When an existing product is flawed, product innovation enables the innovator to introduce improvements in the product, which ultimately enhances the functional characteristics of that product.
Thus, innovation aids technological progress. When a particular service delivery method is ineffective, process innovation enables the innovator to improve the efficiency of the service delivery method (Tidd & Bessant, 2015). Marketing is at the core of the modern economy. Some marketing methods are ineffective, and this calls for marketing innovation that would improve the marketing process by leveraging the marketing mix elements. Organizations need effective management, and social innovation enables the innovator to improve the operational efficiency of such organizations.
Furthermore, business model innovation enables the innovator to enhance the market value of his or her particular business (Tidd & Bessant, 2015).ConclusionInnovation aids in problem-solving during times of need. This way, innovation improves the quality of life and enhances technological progress. Moreover, it enhances the marketing process hence improving both the local and national economy; and this ultimately contributes to a healthy global economy. Therefore, a single innovation does impact the value of the global economy.
Tidd, J., & Bessant, J. (2015). Innovation and …