Innovation Essay

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INNOVATION FOR SUSTAINABLE GROWTH INTRODUCTION Innovation (Latin innovare: “to change”) is the development of new ideas that help us to meet new needs as well as cater to the existing needs of customers in new ways. Innovation may be in the form of better and more effective products, practices, processes, technologies than the one that is already available and in use. Let us try to understand the importance of innovation through the example of the telephone, which has become so indispensible to our lives. Alexander Graham Bell invented the telephone in the mid-1870s. It relied on the basic principle of transmitting and receiving sound. Over the years, new ideas came forward which gave us the first landline, a better version of the first telephone. And it didn’t stop there. Eventually we were blessed with the mobile phone, one of the most important innovations of the 21st century. Finally, we have now entered the era of smartphones. We are provided with endless applications other than just making calls- we can send text messages (SMS), listen to music, take photographs, surf the internet to name a few. Looking back, we might get amazed to find out that we have brought so many new ideas into the original technology that we choose to call it an invention. But in true sense, we have incorporated new ideas into the original one. That is the power of innovation. INOVATION vs. INVENTION vs. IMPROVEMENT Before we indulge ourselves further into the depths of innovation as a means for sustainable growth, let us first try to understand its meaning and compare it with invention and improvement. Invention is the creation of a wholly new idea or method, whereas innovation is the incorporation of different methods in an already original idea. Invention means to create something new whereas innovation is change into something different and more effective. The telephone by

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