Innovation refers to the combination of two new things. Innovation is a multi-stage process, where companies take two existing products and try to introduce something new in order to improve the product even more. Innovation is one of the most important concerns for each organization and its development.
2. “Innovation is taking two things
that already exist and putting
them together in a new way.”
-Tom Freston
3. INVENTION VS INNOVATION
Invention is a creation and
innovation is improving the
creation. Innovation is other
word for technological
advance because it means
technical improvement.
Whereas invention is
launching the product for the
first time ever.
4. STRATEGIES FOR INCREASING YOUR
INNOVATION
• Establish the clear sense of direction
• Open communication.
• Reduce bureaucracy.
• Instill a sense of ownership.
• Make sure recognition and rewards are
consistent.
• Eliminate projects and processes that don’t
work .
5. CONCLUSION
It is found that innovation is important that
everyone has to accept it in order to survive in
this fast pace world.
