Innovation is an idea that must be cost-effective and must gratify a precise need. Innovation includes careful application of information, imagination and creativity in stemming greater or different values from resources, and includes all processes by which new ideas are generated such as brainstorming and converted into useful products. http://www.businessdictionary.com/definition/innovation.html PPS is an exclusive organisation of graduate professionals, which provides exceptional insurance benefits and a range of financial services to members, their families and associates, to create wealth, peace of mind and security for members during their working lives and in retirement (PPS 2017)
Entrepreneurs use many tools to propel their endeavors. One of the tools that many entrepreneurs use is the innovation concept. The innovation concept is the development of new disciplines and practices within the frame work of the concept. Entrepreneurs bring about innovation through opportunities that are caused by change. Technology innovation, processes innovation, service innovation and product innovation are some of the ways that the opportunities within the innovation concept can be found. Each of these ways of finding opportunities happen in different ways.
Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a
Innovation: An initiative, practice, or objective that is modern by individual or other elements of acceptance (Rogers, 2003).
innovation is the introduction of methods that are new and improve to help do things.
Innovation. To some this word means a new idea or product. To me innovation means an improvement on the way that the world views something and inspires change. An innovation is as simple as the wheel or as complex as discovering how to map the human genome. Innovations have the power to impact the world in major ways. Even ideas or movements are considered innovations. The civil rights movement changed our country by opening the eyes of our citizens to the racial inequality that was occurring. It ignited change in the way we viewed each other as human beings.
An innovation is described as something new or different being introduced into a situation. In healthcare an innovation could be useful or wasteful. There are many ideas that have come into play but only a few ideas really made a difference in the healthcare field. The innovation that I believe made a real difference in the healthcare field is the electronic medical records (EMR). Electronic medical records have recently been introduced in the health care field and so far have been getting a positive feedback.
Innovation is either a new idea a more effective device or a more efficinet process. Innovation is viewed as an application of better solutions that can meet new needs, requirement, or currently existing market needs. This can be accomplished through more streamlined procedures and processes.
The word ‘innovation’ is derived from Latin word ‘innovare’, which means “to change something to new”. In other words, we may say that ‘innovation’ means changing the regular way of doing things and involves doing the regular things in a novel way.
Disruptive innovation process is for all businesses and in health care it is proved to be the most useful innovation because it helped in making healthcare available for all and affordable for all. The well design model of business administration used by big industries to cut down the cost and making the expensive technological services and goods available to mass is called "Disruptive Innovation''. This process used in health care has changed the affordability and make it accessible to all general people.
Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.
Disruptive innovation is when there is now a way to serve the people or market that has not been previously served.
Innovation is the process by which ideas are created, selected and implemented to bring about profitable change to organisations. Innovations come as a result of an identified need for organisations to change their current processes, activities or operations. Andriopoulos and Dawson (2009) explain that organisational change is ‘new ways of organizing and working’. They explain that change occur in two dimensions – movement of state and scope of change.
Innovation refers to an idea, practice or object that is perceived as new by an individual or other unit of adoption. In this case, the innovation is the idea of sanitation which is perceived as new by this specific population.
Innovation refers to the change or creation of more effective products, ideas and processes which increases the prospects of the business thriving. This encourages more proficient work processes, enhanced productivity and performance. Innovation is not defined as inventing. It can also mean changing the business model and adapting to environmental changes to generate improved products or services. Invention and innovation is a continuous process as products are drastically improved compared to the first marketable models due to the incorporation of numerous of various inventions and innovations. Implementing original ideas, improving existing services or manufacturing dynamic products can all be a catalyst for the success and growth of
Innovation is hardly a new term. The word, which derives from the Latin noun innovatus, meaning renewal or change, appeared in print as early as the 15th century, according to Robert Leonard, chairman of Hofstra University's linguistics program.