INNOVATIVE BUSINESS PRACTICES, Business innovation, Successful organizations, Approaches to innovation, Planning innovation, Encourage innovation in your business, Funding innovation, innovative business. Subscribe to Vision Academy for Video Assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw

1. GOVT. FIRST GRADE COLLEGE FOR WOMEN
P.G STUDIES IN COMMERCE
HOLENARSIPURA-573211
TOPIC:- INNOVATIVE BUSINESS PRACTICES
PRESENT BY,
POOJA K
2ND M.COM
G.F.G.C FOR WOMEN
P.G STUDIES IN COMMERCE
HOLENARSIPURA .
Under the Guidance of
SUNDAR B. N.
Assistant Professor in Commerce
G.F.G.C.W. Holenarasipura

4. Business innovation is the implementation of creative ideas in order to
generate value usually in the form of increased revenues, reduced operational
costs or a combination of both. However ,it can also include other values such as
increased environmental sustainability, better relations with local communities
and better employee wellbeing.
Scott berkems defines, “Innovation is significant positive
change”. Innovative management is any
process that involves changes in planning,
ideation, technical execution and production
of resources in a way that can make a system
more functional for people.

5. Applying these 13 practices will help you create an effective innovative
management strategy that will foster creative thinking in your organization.
 Innovation as an integral value in their business philosophy.
 Taking the lead.
 Implementation of technology for collaboration.
 They exercise an innovation friendly environment.
 They measure innovation.
 They are not afraid to experiment with new ideas.
 They fund creative training programs.
 They reward creative talent.
 They have a shared definition of innovation.
 They have a leadership team that inspires ideas.
 They have an artistic workplace

7. Successful organizations know the significance of innovation in business. Apple is a
good example for the best innovative companies. Apple’s innovative business model’s

9. The world’s 10 most innovative companies

10. Use innovation to grow your business
the successful exploitation of new ideas is crucial to a business being
able to improve its processes, bring new and improved products and
services to market, increase its efficiency and most importantly improve
its profitability.
Market places-whether local, regional, national or global-are becoming
highly competitive. Competition has increased as a result of wider access
to new technologies and the increased trading and knowledge-sharing
opportunities offered by the internet.

11. This guide explains how you can make innovation a key business process and outlines
the different approaches you can take. It gives you advice on planning for innovation
and creating the right business environment to develop your ideas. It also outlines the
help and support available to innovative business.
 The business case for innovation
 Approaches to innovation
 Planning innovation
 Encourage innovation in your business
 Funding innovation

14. 90% of Indian startups will fail because of lack of innovation,
study says
India might become the third largest startups ecosystem, but it
lacks successful innovation .IBM institute for business value and oxford economics
found that 90% of Indian startups fail within the first five years and the most
common reason for failure is lack of innovation ,77% of venture capitalists
surveyed believe that Indian startups lack new technologies or unique business
models. Other reasons cited for failure include lack of skilled workforce and
funding inadequate formal mentoring and poor business ethics , according to the
study

16. Currently, India ranks 66th on the Global Innovation Index(GII)list. The GII
report said India has the ingredients needed to become a global driver of
innovation, including market potential, talent pool and an underlying culture of
frugal innovation, but “relative weaknesses exist in the indicators for business
environment, education expenditures, new business creations and the creative goods
and services production”.
Emphasizing innovations on societal problems, Nipun mehrotra, IBM
India/South Asia, said: “we believe that startups need to focus on healthcare,
sanitation, education, transportation, alternate energy management and others,
which would help deal with the issues that India and the world face”.