Done By

SAIKAT SUBHRA GHOSH

ABHISEK MUKHERJEE
 HOW TO EXPAND OURSELVES ?

INNOVATION
THE WAY LEADING TO THE
EVERYTHING
STARTING FROM NOTHING
 The term innovation refers to a new way of doing
something. It may refer to incremental and emergent or
radical and revolutionary changes in thinking, products,
processes, or organizations. A distinction is typically
made between invention, an idea made manifest, and
innovation, ideas applied successfully. In many fields,
something new must be substantially different to be
innovative, not an insignificant change, e.g., in the arts,
economics, business and government policy. In
economics the change must increase value, customer
value, or producer value. The goal of innovation is
positive change, to make someone or something better.
Innovation leading to increased productivity is the
fundamental source of increasing wealth in an economy.
 WHY IT IS SO IMPORTANT ?
Innovation is an important topic in the study of economics, business,
design technology, sociology, and engineering. Colloquially, the word
"innovation" is often synonymous with the output of the process.
However, economists tend to focus on the process itself, from the
origination of an idea to its transformation into something useful, to
its implementation; and on the system within which the process of
innovation unfolds. Since innovation is also considered a major driver
of the economy, especially when it leads to increasing productivity,
the factors that lead to innovation are also considered to be critical to
policy makers. In particular, followers of innovation economics stress
using public policy to spur innovation and growth.
Those who are directly responsible for application of the innovation
are often called pioneers in their field, whether they are individuals or
organizations.
 Innovation has been studied in a variety of
contexts, including in relation to technology,
commerce, social systems, economic
development, and policy construction. There are,
therefore, naturally a wide range of approaches
to conceptualizing innovation in the scholarly
literature
Fortunately, however, a consistent theme may be
identified: innovation is typically understood as
the successful introduction of something new and
useful, for example introducing new methods,
techniques, or practices or new or altered
products and services.
"An important distinction is normally made
between invention and innovation. Invention is
the first occurrence of an idea for a new
product or process, while innovation is the first
attempt to carry it out into practice"
Innovation typically involves creativity, but is
not identical to it: innovation involves acting
on the creative ideas to make some specific and
tangible difference in the domain in which the
innovation occurs
"All innovation begins with creative ideas . We
define innovation as the successful implementation
of creative ideas within an organization. In this
view, creativity by individuals and teams is a
starting point for innovation; the first is necessary
but not sufficient condition for the second".
A convenient definition of innovation from an
organizational perspective is given by Luecke
and Katz (2003), who wrote:
"Innovation is generally understood as the
successful introduction of a new thing or method . .
. Innovation is the embodiment, combination, or
synthesis of knowledge in original, relevant, valued
new products, processes, or services.”
Corporate measurements are generally structured
around balanced scorecards which cover several
aspects of innovation such as business measures
related to finances, innovation process efficiency,
employees' contribution and motivation, as well
benefits for customers. Measured values will vary
widely between businesses, covering for example
new product revenue, spending in R&D, time to
market, customer and employee perception &
satisfaction, number of patents, additional sales
resulting from past innovations.
 Programs of organizational innovation are
typically tightly linked to organizational goals
and objectives, to the business plan, and to
market competitive positioning.
"Companies cannot grow through cost
reduction and reengineering alone .
Innovation is the key element in providing
aggressive top-line growth, and for increasing
bottom-line results"
Improved quality
Creation of new markets
Extension of the product range
Reduced labour costs
Improved production processes
Reduced materials
Reduced environmental damage
Replacement of products/services
Reduced energy consumption
Conformance to regulations
Research says that 50% - 90% of Innovational
projects made little or no contribution to
organizational goal.

Innovative ideas fail due to some Budgetary

constraint, lack of skill to implement it.

Failure of Innovation stands for waste of time

and threat to organization.
PUBLIC AWARENESS OF INNOVATION IS
AN IMPORTANT PART OF THE
INNOVATION PROCESS. OTHERWISE IT
CAN NOT BE EFFECTIVE IN DAILY LIFE

INNOVATION IS VERY MUCH NECESSARY

IN ALL THE DOMAINS OF LIFE FOR
PERPETUAL PROGRESS AND
DEVELOPMENT
 THANK YOU

ANY QUESTIONS PLEASE