Need for Innovation and Value Addition — Flashcards

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Innovation is the process of transforming creative ideas into useful products, services, or methods of operation. Its real test is success in the marketplace, not novelty alone.

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Innovation is quickly becoming a survival skill because businesses need a competitive edge to face global competition and changing customer needs. Without innovation, a business can fall behind its co…

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An idea is centered on a product or service that can be offered in the market for financial gains. It is the starting point of business thinking, but only feasible and viable ideas can become a busine…

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To invent is to develop a new thing that did not exist before. An invention is a unique or novel device, method, composition, or process. Examples include the Wright Brothers' aircraft, the Integrated…

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Invention is the creation of something new that did not exist before. Innovation is the commercialisation of that invention or idea into useful products, services, or methods that succeed in the marke…

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Creativity is the source of innovation. Creativity leads to new ideas, and innovation turns those ideas into useful results and value addition. Creativity, innovation, and invention are closely connec…

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It means creativity is not limited to ordinary thinking. It means producing new, useful ideas and finding fresh ways to solve problems or use opportunities.

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Innovation generally includes three concepts: creativity, improvements, and inventions. Creativity produces new ideas, improvements make existing things better, and inventions create new things or met…