Innovation

Innovation distinguishes between leader and follower.

-Steve Jobs

Every product or service which we use today was an innovation once. Google search engine was an innovation. It changed our lives. We cannot imagine our life without Google. We can find everything just a click away. Whether a good restaurant in our locality, weather today, address of a college etc. The computers we use, mobile phones, email, facebook, skype, ipod, everything was an innovation. 

What is Innovation?

Innovation is application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society.

Requirements change with time. The company which senses the need before everyone, changes with the time and provides better solutions stays ahead.

What is it which you have that others don’t have? We find this question asked by customers. Why will we buy your product? Innovation is the key for the success of the company. Successful companies like Facebook, Apple, Microsoft, Google, IBM are very innovative and continue innovating.

Sometimes innovations don’t work. There are various reasons. One reason might be lack of understanding the customer needs. The product is of no use if the innovative product is not able to fulfill the customer needs. The company has to think ahead in time for the product to be considered innovative. In many industries, the product life-cycle is so short that, when company finally launches the innovative product, the product is no longer innovative. 

Reference/Source-http://www.betakit.com/wpcontent/uploads/2013/07/on_Open_Innovation.jpg