“Innovation is the specific instrument of entrepreneurship - the act that endows resources with a new capacity to create wealth,” said Peter Drucker, the Father of Modern Management.
Advances in computing and telecommunications, changes in sociopolitical environment, globalization, increased competition, and fickle whim of the consumers have transformed the business landscape. In this ever-changing market, what works today might not necessarily work tomorrow.
I believe that innovation that breaks through traditional thinking, methodology, and architectures to deliver commercially viable and highly differentiated products is fundamental to create a long-term, successful, profitable business that can survive in a constantly evolving industry.
When talked about innovation for success, it is a process of taking insights and new ideas, investing in knowledge and capabilities, and converting them into solutions and services that satisfy customer needs. Many consider innovation as invention. I believe innovation is a “commercialized creativity” and a continuous process that enhances business performance.
In short, innovation is the engine that drives corporate growth. Significant, monumental innovation resulting in commercial success must be part of the executive vision and be embraced by the innovators. However, customers do not value only innovation, but the possibilities enabled by innovation that make it a commercial success.
Nurturing innovation in science and technology helps ensure that discoveries and breakthroughs occur; however, the social and economic benefits of an innovation that contribute to the standard of living and quality of life of the people is the substantial innovation that leads to success.
