This document discusses innovation and its importance for business success. It defines innovation as the implementation of new ideas through new or improved goods/services. Innovation provides competitive advantages through uncertainty by allowing businesses to get ahead. While risky, innovation demands change that can gain advantages over "good enough." The document provides examples of famous innovators and concludes that innovation, ingenuity, and focus are essential for success in today's complex world. Hiring diverse people encourages challenging ideas to inspire risk-taking and ensure future growth.

1. An Article on Innovation that
plays an important role in
every aspect.
Presented by:
Harshita Sravya Thotakura,
Intern at SparksFoundation.

2. Innovation is a Key Success for
Business and Economy

3. What is Innovation?
Innovation is the practical implementation of ideas
that result in the introduction of new goods or
services or improvement in offering goods or
services. ISO TC 279 on innovation management
proposes in the standards, ISO 56000:2020 to
define innovation as “ a new or changed entity
creating or redistributing value”

4. • Innovation is significant for all business entities, the
different levels to which this significance applies not
withstanding. Bringing this about also requires the
implementation of features like training, incentives
and education whose roles in triggering innovation are
widespread.
• Innovation takes different shapes in organization as
the nature of these organizations triggers for
innovation. Fostering innovation, however, can be
challenging. In more recent years, the pull approach
to innovation has increased in popularity. This
approach is characterized by allowing outsiders to
create solutions to problems.

5. Why Innovate?
• Abstract as much as we desire control and predictability, uncertainty is
a permanent fixture in business. While conditions may seen unfair at
times, it’s important to remember that most people are exposed to the
same effects. Constant and evolving influences are putting pressure on
decision-makers to act in much shorter timescales than most leaders
would like. The ‘interconnectedness’ of business, driven by globalization,
means that something happening in one part of the world can have an
immediate impact on organizations elsewhere.
• Thus innovation comes into play. Entrepreneurs and business leaders are
constantly striving to get ahead. One of the major tools in the toolbox
of every business leader is innovation. Innovation often provides a much
needed competitive advantage. That is because we recognize that
innovation demands change and change is always challenging. Change is
especially difficult when things seem to be “good enough”, because
changing “good enough” requires us to take a risk. That said, it is true
that innovating is risky business. In the face of making a change, we
must let go of “good enough” to potentially gain a competitive
advantage.

6. Innovation management is about more than just planning
new products, services, brand extensions, or technology
inventions. It’s about imagining, mobilizing, and
competing in new ways, “says Idris Mootee, author of
Design Thinking for Strategic Innovation.”

7. Ten ways to Innovate :
 Look for opportunities.
 Be courageous.
 Look for new ventures.
 Find a better way.
 Base it on values.
 Outsmart the
competition.
 Solve a problem.
 Recycle and Reuse.
 Maximize scarcity.
 Create a brand.

8. Examples of famous innovators :
• Steve jobs starting developed
the smartphone world with the
iPad.
• Nikola Tesla worked on the
production, transmission, and
application of electric power.
• Leonardo DaVinci, among many
other things, invented the
parachute.
• Josephine Cochrane invented
the first mechanical dishwasher.
• Alexander Graham Bell invented
the first telephone.

9. Conclusion
• Innovation, ingenuity, and focus
these are the three essentials of
innovation. In this competitive world
where complexity & uncertainty
increases every day, the only way to
survive is to manage the innovation
with the help of creativity &
innovation. Today innovation is the
final way to land on the airplane of
success and growth which can only
be used by the fullest and optimum
use of Innovation management.
• To innovate successfully one must
hire, work with & promote people
who are unlike to him who make one
uncomfortable because only those
will challenge him for his decision
and . The need is to encourage every
type of innovation in an organization,
to inspire people for taking risks &
to make them know that whatever
they are doing is not the best. Thus
by building an innovative
organization, companies can ensure
their future growth and success.