Innovation

Innovation

                             Author Ayesha Irshad Malik

                                                                              Innovation

 Innovation in its modern meaning is a “new idea, creative thought and new imagination and it is an important concept to understand as a manager and for an organization as a whole. Innovation can give an organization to competitive advantage they need to be success in their market. Modern economics are often referred to as innovation economies.  It can be defined as the implementation of new created new ideas for generating business value. Innovation is the creation, evolution, exchange and application of new idea into marketable goods and services, leading to the success of enterprise; it aims to increase nation’s economy and the advancement of society.  It’s mean as generation of novel ideas and their implementation to create new products and services to gain competitive advantages and achieve new height in the market. Simply we can say innovation is the work of knowing rather than doing.

 1:- Josiah Wedgwood: The world’s greatest innovator

Josiah Wedgwood was an English potter and entrepreneur. He was born on 12 July 1730 in United Kingdom. He was the founder of Wedgwood Company, and he was the leader in the industrialization of the manufacture of European pottery.  He found the idea to improve pottery by a long process of systematic experimentation. He was the world’s greater innovator, and he was a product innovator. He was constantly searching for innovation in the materials he used and design forms of his pottery seeking out collaboration with other companies, artist and industries. He invested extensively in the training and skills developing of his employers and introduced a remarkable number of marketing and retailing innovations. He helped to create a dynamic regional industry pioneered new export market.

2: Joseph Schumpeter’s Gales of Creative Destruction

 Joseph Alois Schumpeter was an Australian political and economist, he was born on 8 February 1883 in Moravia, and he served as Finance Minister of German-Australia, later he emigrated to the US and, in 1993, he obtained American citizenship.  He adopt his succinct summery of the free market’s ceaseless churning echo capitalism’s critics in acknowledging that lost jobs ruined companies, and vanishing industries are inherent parts of the growth system.  His ideas and theories show how innovation is creative and beneficial and its bringing new industries, wealth and employment. Innovation is essential for competitive survival, and he discussed various models and theories of innovation and his most of innovations brought incremental improvements in new industries.

3: London Wobbly Bridge: Learning from Failure

According to London Wobbly Bridge: Learning from Failure that there is much progress in science and Engineering, but innovation is built upon failure, it is because of risk and uncertainties that there is so much failure in innovation, but failures also provide valuable opportunities for future improvement’s. It encourages organizational and personal learning, but it requires strong relationship to outweigh the potential negative out comes.  There is a long debate on the impact of innovation.

4: Stephanie Kwolek’s New Polymer; From Lab to Riches

Stephanie Kwolek was born on 31 July 1923 in United State; she was an American chemist who is known for inventing Kevlar. She was an organic chemist and best known for inventing Kevlar in 1965, Kevlar is a strong plastic. She discovered the first of a family of synthetic fibers of exceptional strength and stiffness: poly-paraphenylene terephthalamide, she awarded for her remarkable discovery. The innovation usually involves the combination of ideas derived from many different places, and it is also affected by wider, social, cultural, political and economic factors.

5: Thomas Edison’s Organizational Genius

  Thomas Alva Edison was an American inventor and businessman who have been considered as America’s greatest inventor. He was born on 11 February 1847 in Milan (United Nation). He developed many devices in field of electric power generation, mass communication, sound recording and motion pictures. He worked to show how he pioneered a highly structured way of organization innovation. He innovate the phonograph electric light bulb, and electric power distribution, and improved the telephone, telegraph, and motion picture technology, as well as founding numerous companies including General Electric. He was a strongest and hardworking man, and always tried to developed new things, further examples of other business using Edison’s ideas on work place, structure, people, creativity, and technology include IDEO, 3M and Tesco.

6: Building a smarter planet

 Smarter planet is a best and cooperate innovation of information Technology Company called IBM, within just a year after IBM’s smarter planet initiative was launched, and its aims  to grow global economy with growing technological connectivity via phones, computer etc. It is considers the future challenge and opportunities for innovation, and its creating new source of wealth from ideas. Innovation is very essential or important to cope with climate, and it provides better water and food. IBM is a best developer of smart planet, phones and computer.