Innovation: Advantages of Innovation

Meaning and Definition of Innovation

Innovation defined as “new idea, creative thoughts, new imaginations in form of device or method”. However, It often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

The term “innovation” can be defined as something original and more effective and, as a consequence, new, that “breaks into” the market or society. It tend to be produced by outsiders and founders in startups, rather than existing organizations. It is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention to make a meaningful impact in the market or society, and not all innovations require an invention. It often manifests itself via the engineering process, when the problem being solved is of a technical or scientific nature. The opposite word of innovation is exnovation.

According to Kanter___ “Innovation includes original invention and creative use and defines innovation as a generation, admission and realization of new ideas, products, services and processes”.

Advantages of Innovation

  1. It create bigger opportunities and are critical for the survival, economic growth, and success of a company.
  2. Innovating helps developing original concepts and is a driver of optimizing operations. Companies that innovate are able to set the organization in a different paradigm in order to identify new opportunities and best methods to solve current problems.
  3. In order to realize innovation, leaders should be open-minded and collaborative. Feeling comfortable with uncertainty and manage changes are behavioral components to innovate. Innovative leaders are curious and are optimistic since they dare to take risks.
  4. On the other hand, everyone is an innovator because the innovative ability is in all of us. Since we were born, we innovate by learning by doing. The pitfall is that school have formatted by proving us knowledge us and has diminished our ability to innovate, while the ability to innovate is higher valued because innovation cannot be learned or taught.