Innovation and Entrepreneurship

In an ever changing world, it is vital for leaders to be open to new trends and market conditions. 

There is an increasing urgency to innovate in a complex and changing environment. Indeed, the new digital-Darwinism cry for businesses is “innovate or die”. But what is innovation?

 

Innovation in business can mean implementing new ideas, creating dynamic products or improving existing services – and is often seen as this. Yet it can also mean changing or creating better and more effective products and services, improving systems and processes, applying new uses of technology, better meeting changing customer demands or implementing ideas that meet market needs. Innovation can mean changing the firm’s business model and adapting to changes in the environment to deliver better products or services.

 

Is innovation the same as creativity? No. Creativity is about coming up with new ideas. Innovation adds executing the ideas, that is, converting the ideas into value with successful business outcomes.

 

Innovation can be a catalyst for growth and success of a business and can help a business adapt and expand. With a focus on innovation, all staff work towards better business practices and improving work efficiency, productivity and performance. As well as services and products, innovation can benefit all aspects of business including sales and marketing, finance, human resources and information technology – in both small and large ways.