Innovation

 

Old ideas and technologies are not accepted by the modern world. We need something new and different which can satisfy our wants. With the advancement of the technologies, idea gets change, way of thinking and working also gets change. In totality, we need better and developed goods. This is possible only through innovation.

is a development process of creating new things with modern tools and techniques. is the main function of an entrepreneur. alone is just like a lock without any key. It totally depends upon creativity. Creativity is the ability of the human mind to combine ideas in such a way which can solve a problem. Therefore, when an innovator utilise creative ideas for some productive purposes, it becomes an innovation.

The reason behind innovation is wealth creation. Wealth may be created either by creating new wealth producing resources or by enhancing potentiality of the existing resources for creating wealth. A good creative mind can bring forth lots of innovative ideas, methods, processes, techniques, etc. Finding a new market for the existing products, finding new methods for industrial reconstruction, searching for new sources of supply, launching a new product in the markets, finding new production methods, creation of a new commodity from the existing one’s, etc are the results of innovation. can be of different types likes systematic innovation, technological innovation, knowledge-based innovation and scientific innovation. However, with the change in the requirements and needs, the type of innovation applied by an entrepreneur gets changed.

 

is something which can be applied anywhere and everywhere, by anyone. Lets take some examples :-

A housewife can renovates her house with her creative thoughts and modern techniques which can change the total look of the house. A chief can make some changes to produce a new dish to his customers. An engineer can design a new engine from the parts of the old machines. A scientist can invent a new gadget with his innovative mind.

All these are examples of innovations in our practicle life. Knowingly or unknowingly all of us innovate something new in our life.