Sunday, July 30, 2006

Focus on Innovation

Innovation is the latest buzzword everyone seems to be talking about. Various Studies have also show that Leders today are more focused on the essentails of coming up with Innovative solutions and ideas to remain in Business.

Daniel Scocco opines that people are using Innovation as a magic word for filling there speech with the term and not concerned at all in understanding the dynamics behind the phenomenon.

The first confusion to dismiss is the difference between invention and innovation. The former refers to new concepts or products that derive from individual’s ideas or from scientific research. The latter, on the other hand, represents the commercialization of the invention itself. It is important to have this difference clearly outlined because an invention may have little economic value, if at all. In order to monetize an invention it is necessary to transform it into innovation, and such transformation is possible once we find a target customer, application or market.

It’s true that the Innovation is the mantra when it comes to Business Strategy. On the brighter side this hype has also brought more focus and serious academic , Institutional interest in the subject. So what was considered sacrosanct and unquestionable practice few years ago is now subject to discussion and new approaches. It’s bound to make the organizational culture more flexible and open to new ideas thoughts and processes for improving efficiency.

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