2. Definition :
a process whereby new & improved products, processes,
materials & services are developed & transferred to market
where they are appropriate.
Innovation = Theoretical Conception
+
Technical Invention
+
Commercial Exploitation
3. Innovation = Invention + Exploitation
-- Innovation , an act of :
- creating a new product,
taking it to the market
and selling it to people.
Innovation involves leading a firm from :
- existing processes & products to
better and more valuable ones
Innovation is proactive and encourages
creativity
&
risk-taking
4.
Wolfgang Drechsler (born June 6,
1963 in Marburg, West Germany) is a
Public Administration, Political
Philosophy and Innovation Policy scholar.
He is Professor and Chair of Governance, and
one of the founders and directors of
the Technology Governance program, at
the Tallinn University of
Technology, Tallinn, Estonia. Currently he
is also Vice Dean for International Relations at
its Faculty of Social Sciences.
5. Drechsler says that :
Innovation is not all about being
creative its all about thinking…
successful innovation is lucrative
“Drechsler said that entrepreneur creates
innovation to make profit in short span”
Dual nature:
i)business economy
ii)individual society
“innovation is public sector have to
privatized”
6. Schumpeter theory
“According to Schumpeter ,it is the introduction of
new product and the continual improvements in the
existing ones that lead to development”
According to Schumpeter theory
He say that majority effects economic graph
Government sectors should balance the private
sector
7. An innovations may consist of:
1.The introduction of a new product
2.The introduction of new method of production
3.The opening up of a new market
4.The conquest of a new source of raw material
5.The carrying out of a new organization of any
industry like the creation of monopoly.
8. Public sector needs to reflect the reality of
life
Innovation how regulate in public sectors
How far it could help to create long term
sustainability
How far it helps to sustain in global
market
9. Breakthrough Innovations
Nokia-- Switched business from tyres to
Mobile Phones
Mineral Water Bottle
Flower Bouquets
Cable TV
Virtual Classrooms
MS Office, Google
Aero plane,
Air Conditioner, Refrigerator, Digital Camera
Nuclear Energy
