As the year closes, we need to be more innovative than ever to be on the cutting edge in the coming year.
Innovation, a requirement to be on the cutting edge in today’s corporate world, has been defined in several quarters.
For example, according to Concise Oxford Dictionary, Innovation is the introduction of something new, i.e. the act of changing something established by introducing new methods.
Business DictionaryTM defines Innovation from a business standpoint as follows: Innovation is the process by which an idea or invention is translated into a good or service for which people will pay.
Summarily, innovation is the generation of tangible value from an intangible or abstract invention or idea. It is the entire process of proving and adding practicality to stated theories- the conversion of variables into valuables.
Management guru, Peter Drucker once said about the subject, “Innovation is the specific instrument of entrepreneurship- the act that endows resources with a new capacity to create wealth.”
Summarily, innovation is the generation of tangible value from an intangible or…
View original post 229 more words