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Innovation, Which Leads Commercialization
Author:J Sahu
Posted Date: 5/24/2010 4:13:47 PM
Innovation is a process by which varying degrees of measurable value
enhancement is planned and achieved, in any commercial activity. This process may
be breakthrough or incremental, and it may occur systematically or sporadically in a company or organizations; it may be achieved by:
- introducing new or improved goods or services or
- implementing new or improved operational processes or
- implementing new or improved organizational/ managerial processes
in order to improve market share, competitiveness and quality, while reducing costs.’
Innovation and competitiveness have a dynamic, mutual relationship. Innovation
thrives in a competitive environment and in turn, plays a key role in the achievement of
such an environment. Innovation generates economic value, new jobs in the economy
and cultures of entrepreneurship. By virtue of its relationship with competitiveness,
Innovation emerges as a factor in promoting economic growth.
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