D
efining
Innovation
In a sentence, innovation
could be defined as new
creations put into practice,
which generate the
intended result. Though innovation has
become the management and business
buzzword of the decade, it is a simple age-
old concept, which has been naturally
followed time and again throughout the
process of human evolution. Fire, for
instance, has been the turning point in
human evolution. Man did not invent fire.
He merely put the same fire, which was
already present in nature, to his use.
Innovation, therefore, can be considered
new creations for some intended purpose,
which could be in the form of products to
solve a new demand/use, or a process to
improve the existing or future scenario.
Innovation could also be in the form of a
strategy to start or expand a business. It can
also be referred to as creating something
like a product, service, plan, process, etc.
that did not exist before.
Large industries have a fair idea of their
markets, products and customers’ needs
and therefore, try to innovate; whereas
numerous micro, small & medium-scale
industries mainly focus on their established/
current product & practices and seldom
consider other possibilities or opportunities.
Predominantly, innovation in India is a
reactive process rather than being a
visionary and proactive one. Manufacturers
feel the need to innovate only when they
are losing ground to their competitors.