Innovation Essay Example | Topics and Well Written Essays - 1750 words

Innovation - Essay Example (Thompon, 88-119) "The role of innovation i to provide new and alternative way of addreing common and recurrent challenge. Within the governance paradigm, which i itelf multi-faceted, innovative ytem and olution do not appear in predictable form. Innovation i more commonly aociated with reearch and development intitution, and buine development unit in the private ector, than it are with the public ector". The competitive challenge for the future caue low-cot producer and low-cot innovator. A we al know innovation i putting new idea into practice and achieving commercial ucce with them. It contain efficient idea that lead to brand new product or ervice like a new flu drug or mobile phone and efficient idea which improve the way thing happen. Innovation i not jut about new technology, it i about new idea. New idea can improve all apect of the way in which firm work uch a ervice giving, financial management and manufacturing procee. In that ene there are many innovative factor which improve the operation of firm, intitution and ociety. An organization' effort in innovation hould be integrated and form a trong foundation to build. There are many innovative firm which are managing technology and exhibiting growth in area uch a information technology and biotechnology and many other ector. The previou appreciation of innovation which baed on the concept of reearch and development and trading of new product and implementing new technologie, i not ufficient now. A wider definition and identification of innovation for any kind of organization i needed, it had better to know about the contribution of ervice and information baed indutrie to the economy. (Thompon, 88-119) Innovation reult not only from the application of Reearch and Development activitie but alo meeting and fulfilling cutomer demand, problem-olving and adapting to the