An innovation can increase profitson the value side (customers valuean innovation enough to pay more for it) . . .
. . . or the cost side (the company produces a product offering in a more efficient way). Either way, value is created for the firm and the consumer.
The famed New York Times columnist, ThomasFriedman, wrote a column in which he said Americaneeds more jobs—Steve Jobs. He meant that innovationand creativity must be nurtured and encouraged to helpthe countries emerge from the global recession.
An invention is different from aninnovation at any particular time in that it doesn’t have commercial value but . . .
Think of invention as the laying of an egg, innovation as the laying, incubation and hatching. Now there is no shortage of ideas and inventions in the world. The challenge is to introduce these successfully to a market.Only then can the idea/invention be called an innovation……..
“Don’t be someone who asks “what happened?”— make things happen. Change yourattitude, and you’ll find that things really canimprove. The year ahead is full ofopportunity, and it’s yours if you want it! ”