What is Innovation?
•Innovation is not just generating a new idea or technology but also “bringing it to the market”.
•Unless an invention is used in the public domain, it will be useful only to the inventor.
INNOVATION = INVENTION / NEW IDEA × COMMERCIALIZATION
•If the invention results into new or improved products, services and processes which are useful to the society and it significantly influences the way in which the things work, it is termed as innovation.
•Innovation is generally the result of “out-of-the-box” thinking by the people who are motivated to create something different and new.
•Business efficiency alone cannot sustain competition and growth, although it is an essential part of the business.
•Without innovation, business cannot survive the competition.
•Innovation leads to revenue growth and in turn results into wealth creation.
•Innovation has become the backbone of any organization to be successful.
How Innovation Happens?
•There are various factors which influence innovation.
•The factors which have a significant influence on innovation are both tangible and intangible in nature.
•Factors are not pertained only to internal but are also external to the organization.
•These innovation factors are not linear but are multidimensional and complex.
•The characteristics of various factors which have a significant influence on innovation also vary.
So it is always essential to assess your position in the innovation curve. With an extensive research, Dr Vishwanath Pai Muroor has developed a tool to measure the innovation capability of an organization. A statistical analysis and a mathematical model are used to assess the innovation potential using the responses received through our online assessment process from the organization.