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Innovation the Path of Success

In: Business and Management

Submitted By saurav
Words 3238
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RESEARCH PAPER

INNOVATION IS THE PATH OF SUCCESS

SUBMITTED TO: Prof. Ramasastry

SUBMITTED BY:

AMRITPAL SINGH

ROLL NO: 01

SECTION: 1 - D

BATCH: 2009-11

|“INNOVATION IS THE PATH OF |
|SUCCESS” |
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To understand innovation, you first have to see the differences between an invention and an innovation. An invention is a new idea that is often turned into a tangible outcome, such as a product or a system. An innovation is the conversion of a new idea into revenues and profits. An idea that looks great in the lab and fails in the market is not an innovation; it is, at best, a curiosity. As Jeff Immelt once put it, “Innovation without a customer is nonsense; it’s not even innovation.”
Invention is needed for innovation to take place. But invention is not innovation. In many companies, inventions that result in patents are considered innovations. These companies are often touted as “innovative.” In fact there is no correlation between the number of corporate patents earned and financial success. Until people are willing to buy your product, pay for it, and then buy it again, there is no innovation. A gee-whiz product that does not deliver value to the customer and provide financial benefit to the company is not an innovation. Innovation is not complete until it shows up in the financial results.

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