Innovation as a Cure - Essay Example

Innovation as a cure Innovation Innovation is the introduction of something new; a new idea, method or device (Innovation - What Is Innovation? 2006)Discoveries and invention are entirely different. Some people quiet often misuse the words innovation and discovery without knowing the actual meaning of these words. The word discovery is associated with the knowledge of already existing things whereas innovation is something which did not exist in the world till that time. For example Columbus discovered America. It is wrong to say that Columbus invented America since the American continent was already there till the beginning of earth and Columbus was the first one who observed it. On the other hand Wright brothers invented aeroplane since it was a quiet new concept to the world till the Wright brothers invented it. Thus invention is the introduction of some new idea method or device. An invention is a private property till the inventor decides to make it public. Evolvement of innovation “If the invention improves some product, process or service for the public, then that invention transforms into an innovation.” (Innovation - What Is Innovation?, 2006) For example, motor vehicles normally fuelled by either diesel or petrol. But recently cars working on electric power with rechargeable batteries are introduced by some manufacturers. Though the basic shape, purpose and design has not changed much, electric cars can be considered as an innovation rather than a modification. The oil resources are exhausting and hence we have to find out alternate energy sources for our future energy requirements and hence the invention of electric cars can be considered as a significant one. “Innovations are often thought of in terms of technical achievement, but can also be a design. The type, industry and style of innovation are irrelevant; an innovation’s impact determines its qualification.” (Innovation - What Is Innovation? 2006) Innovation and businesses The Industrial Revolution is a story of inventions and inventors. (WHERE HAS INNOVATION AND MODERN INDUSTRY EVOLVED FROM: The Industrial Revolution, p. 62) “The future of many businesses depends upon their ability to innovate. Competition is fierce. Knowledge spreads quickly. The ability of a company to not only keep up with its current business practices, but to exceed its own – and its competition’s – expectations are critical to survival.” (Innovation - What Is Innovation?, 2006) Innovation is one of the core elements which decide the success of a business. For example, we have lot of mobile phones in the market. When it is introduced first the basic mobile phone was useful only for the verbal communication. Moreover the size and weight of the mobile phones were big during the introduction period. But later cell phones were used for taking photographs, video recording, internet surfing etc as the technology advanced. The size of the mobile phones also considerably reduced now days. The mobile manufacturers invented many things in connection with mobile phones in order to capture the business in mobile market. As per the current trends it is difficult to sustain in the mobile market with a traditional mobile phone. Those who innovate and incorporate more facilities to the mobile phones will lead the market. “Innovation is the specific instrument of entrepreneurship... the act that endows resources with a new capacity to create wealth. - Peter Drucker. Real” Innovation is accomplished consistently and systematically, given the true voice of the customer and a process for delivering solutions. Companies that innovate successfully do so using an efficient and repeatable methodology. Success is not dependent upon genius – it emerges from the disciplined application of a proven innovation methodology (Innovation - What Is Innovation? 2006) Innovation and regions Innovation is essential for the development of not only the businesses, but it is essential for regional developments as well. The collective efforts of different countries in a region are essential for the regional development. For example, India, Pakistan, Afghanistan and Sri Lanka have internal and external problems related to terrorism. Only through collective efforts and dialogues between these countries, terrorism can be effectively countered. Innovative strategies are required to tackle with terrorism. This region can be developed only if the terrorist activities are controlled. Innovating Regions in Europe (IRE) has a unique, tried-and-tested approach to the promotion of innovation. “Its five simple steps are: initiating regional dialogue, direct involvement of all relevant organizations in shaping innovation policy, analysis of regional innovation needs and capacities, selection of priorities for innovation support, development of action plans and pilot projects.” (Regional Innovation Strategy Projects, 2009) Innovation and universities So far we have discussed the importance of innovation in the development of a region, a nation and a business. The skills for innovation must be learned during the studies and hence universities also have a definite role in shaping a future generation with innovative ideas. Firstly, innovative work involves sustained intellectual effort at the highest level. The need for rigour and thoroughness is no less in work aimed at practical application than in fundamental science. Secondly, innovation is a highly multi-disciplinary activity.  The luxury of being able to specialise in a small area, and to pursue such research in great depth, is seldom available to the innovator. Thirdly, innovative activities involve interactions outside the university, giving rise to many opportunities and benefits for all the participants in the process. Fourthly, successful innovation can result in large financial benefits.  At a time when universities are being entreated to find greater proportions of their support from outside, this can only be positive.  However, great care must be taken not to let the prospect of financial benefit get in the way of open communication between participants. Fifthly, and perhaps of most satisfaction to me, I have found that work aimed at practical applications inevitably stimulates new developments in fundamental research. (Professor Collins, 1997) Innovation and nations Radical innovation is crucial to the growth of firms and economies. Firms at the leading edge of innovation tend to dominate world markets and promote the international competitiveness of their home economies. Thus, radical innovation simultaneously drives market growth, firms’ success, and nations’ economic growth. (Tellis, Prabhu, & Chandy, 2009)The growth of a nation depends on the growth of business and economies of the country. In order to stimulate business and economy growth, innovation is essential. For example, Microsoft has innovated new operating system windows for personal computers around two decades before. They were succeeded in monopolizing the world software market. The growth of Microsoft as a software giant contributed immensely to the American economy and also to the growth of America as a powerful nation. “The systemic approaches to innovation will continue to constitute a decisive framework for empirical studies in the economics of innovation literature, especially in the context of highly industrialized and newly industrialized countries” (Balzat & Hanusch, 2004) In conclusion, innovation is essential for universities, businesses, nations and regions. Innovative methods, strategies and devices are essential for market leadership which is essential for the growth of a business. Universities are contributing the talents and hence the innovative methods and concepts must be developed from the university level itself. The growth of business increases the economic growth and hence the nation also will be benefitted from that. The growth of adjacent nations will be resulted in growth of the region and hence innovation is the basic element for the development of a country or region. References 1. Innovation - What Is Innovation?(2006), Retrieved on May 15, 2009 from http://www.realinnovation.com/content/what_is_innovation.asp 2. Professor Collins Dick, (1997) Innovation and the Universities Retrieved on May 15, 2009 from http://www.ate.co.nz/innovation/dickcollins.html 3. Tellis Gerard J., Prabhu Jaideep C. & Chandy Rajesh K., (2009) Radical Innovation Across Nations: The Preeminence of Corporate Culture Retrieved on May 15, 2009 from http://www.marketingpower.com/AboutAMA/Pages/AMA%20Publications/AMA%20Journals/Journal%20of%20Marketing/TOCs/SUM_2009.1/radical_innovations_across_nations.aspx 4. Regional Innovation Strategy Projects, (2009) Retrieved on May 15, 2009 from http://www.innovating-regions.org/network/presentation/projects.cfm?project_id=1 5. Balzat Markus & Hanusch Horst (2004) Journal of Evolutionary economics, Recent trends in the research on national innovation systems, Springer-Verlag 2004 6. WHERE HAS INNOVATION AND MODERN INDUSTRY EVOLVED FROM: The Industrial Revolution, MODULE 15, Science, Technology and Innovation Read More