In our world of constant changes and technological advancement, everything individuals, organizations, corporations, industries, and institutions requires constant innovation.
Innovation refers to the process of creating new ideas, products, services, etc. It is also a process of changing or creating more effective processes, better solutions that meet new requirements or existing market needs.
Innovation founds wide applications in diverse field of human endeavors such as business, politics, science, technology, economics, agriculture, governance, etc.
In business, innovation is the catalyst for improvement and growth. It it the positive changes in efficiency, productivity, quality, competitiveness and market share.
According to Peter Drucker, the father of modern management, he writes that: ” Innovation is the specific application of entrepreneurship…” Every entrepreneurs are good innovators. They create new products and services to solve human needs and wants.
Innovative thinking and process is the means by which entrepreneurs create new wealth producing resources that enhances there potential for generating constant wealth.
Innovation helps to save time, money and gives you a competitive edge to grow and solve new problems. Take for example, products such as laptops, mobile phones, and various electronic gadgets are undergoing tremendous innovation, in that, there are better electronic gadgets available for use in the 21st century than in the 18th century.
The development of any nations, organizations, institutions and corporations anchors on innovation. Gone ware the days when human beings does virtually everything in an organization, but now we have high tech machines used in industries for mass production of products, and the newest is the invention of robots that can do what human does.
Remember, innovation is the trend of the 21st century.
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