INNOVATION WILL GET THE ECONOMY MOVING. COMMENT
I am satisfied with this statement that innovation can and will get the economy moving but before that we have to understand in actual what is innovation?
INNOVATION refers to the creation of better or more effective products, processes, ideas or technologies that are accepted by markets, governments and society. Innovation means to renew or change.
Innovations are divided into two broad categories: (1) Evolutionary innovations are brought about by numerous incremental advances in technology or processes and are of two types (a) Continuous evolutionary innovations result in an alteration in product characteristics instead of in a new product, and do not require any user-learning or changes in his or her routine. Examples are the shaving razor, fluoride toothpaste, and laptop computers. (b) Dynamic continuous evolutionary innovations require some user-learning but do not disrupts his or her routine. Examples are fax machines, instant photography, and handheld computers.
Revolutionary innovations (also called discontinuous innovations) require a good deal of user-learning, often disrupt his or her routine, and may even require new behavior patterns. Examples are photocopier (xerography) machines, personal computers, and the Internet. Innovation is synonymous with risk-taking and organizations that introduce revolutionary products or technologies take on the greatest risk because they have to create new markets. A less risky innovation strategy is that of the imitator who starts with a new product (usually created by a revolutionary-innovator) having a large and growing demand. The imitator then proceeds to satisfy that demand better with a more effective approach. Examples are IBM with its PC against Apple Computer.
DISCUSSION
Innovation will get the economy moving as in context to economy innovation is a major factor of economic growth and performance in the globalised economy. Innovation can bring change in our environment as new technologies; new ideas will be adopted in it this will help in addressing global challenges. Innovation should be taken as an opportunity. Innovators are people who carried out the innovation as these are the people who are passionate about new ideas and excited with possibilities.
According to Professor Emeritus “The way I see it we have very little time to organize the country to make that transition to the high-income, high-productivity, high-value economy that the Prime Minister has so diligently put together. We are, indeed, fortunate to have a leader who is forward thinking and innovative in his approach. A world will be a far different place than we can envisage now.
We do face daunting task because every sector of the economy needs to be renewed and revamped. Education is among this category. The country’s future is tied to our ability to design and create human capital that is wired to the future. But the education system is still anchored on compliance and conformity. It is not designed to create human capital well-equipped with the talent and skills to manage the innovation that is cascading down from countries speeding ahead with new discoveries
Our country should have a different shape of economy and that can only be done with the innovations. An economy that is being driven by exports, powered by low carbon, fueled by innovation and rich with opportunity. There should be a vision where we export more, we waste less and we innovate in what matters we produce and deploy more of what we invent. This will ensure that economy will actually works for a working family There are many companies of India who have achieved success by adopting innovations and these innovations have not only leaded to their personal benefit but a benefit and a move in our economy too. These companies are
· AIR DECCAN
· MAHINDRA AND MAHINDRA
· TATA MOTORS
· RANBAXY LABORITIES
· DABUR
· HDFC
· INFOSYS AND MANY MORE
Innovation can be a threat too as it can also destroy lives as sometimes people are not prepared for it and they get most resistant. So it can be taken as an opportunity for some and threat for some other.
CONCLUSION
From above discussion we came to the conclusion that innovation should taken as an opportunity to an extent. Innovation should take place in all the sectors so that economy can move at a good pace which will help in solving many problems and which will even make our economy free from some major problems but it should take place by keeping in the mind that it can also be taken as a threat. But if as a threat also it can make our economy move than we can apply the changes.
REFERNCES
WIKIPEDIA
GOOGLE.COM
SUBMITTED TO –
GURDEEPAK SINGH
SUBMITTED BY
ALISHA CHHABRA
MBA SEM 1(A)
QUESTION NO - 5
I am satisfied with this statement that innovation can and will get the economy moving but before that we have to understand in actual what is innovation?
INNOVATION refers to the creation of better or more effective products, processes, ideas or technologies that are accepted by markets, governments and society. Innovation means to renew or change.
Innovations are divided into two broad categories: (1) Evolutionary innovations are brought about by numerous incremental advances in technology or processes and are of two types (a) Continuous evolutionary innovations result in an alteration in product characteristics instead of in a new product, and do not require any user-learning or changes in his or her routine. Examples are the shaving razor, fluoride toothpaste, and laptop computers. (b) Dynamic continuous evolutionary innovations require some user-learning but do not disrupts his or her routine. Examples are fax machines, instant photography, and handheld computers.
Revolutionary innovations (also called discontinuous innovations) require a good deal of user-learning, often disrupt his or her routine, and may even require new behavior patterns. Examples are photocopier (xerography) machines, personal computers, and the Internet. Innovation is synonymous with risk-taking and organizations that introduce revolutionary products or technologies take on the greatest risk because they have to create new markets. A less risky innovation strategy is that of the imitator who starts with a new product (usually created by a revolutionary-innovator) having a large and growing demand. The imitator then proceeds to satisfy that demand better with a more effective approach. Examples are IBM with its PC against Apple Computer.
DISCUSSION
Innovation will get the economy moving as in context to economy innovation is a major factor of economic growth and performance in the globalised economy. Innovation can bring change in our environment as new technologies; new ideas will be adopted in it this will help in addressing global challenges. Innovation should be taken as an opportunity. Innovators are people who carried out the innovation as these are the people who are passionate about new ideas and excited with possibilities.
According to Professor Emeritus “The way I see it we have very little time to organize the country to make that transition to the high-income, high-productivity, high-value economy that the Prime Minister has so diligently put together. We are, indeed, fortunate to have a leader who is forward thinking and innovative in his approach. A world will be a far different place than we can envisage now.
We do face daunting task because every sector of the economy needs to be renewed and revamped. Education is among this category. The country’s future is tied to our ability to design and create human capital that is wired to the future. But the education system is still anchored on compliance and conformity. It is not designed to create human capital well-equipped with the talent and skills to manage the innovation that is cascading down from countries speeding ahead with new discoveries
Our country should have a different shape of economy and that can only be done with the innovations. An economy that is being driven by exports, powered by low carbon, fueled by innovation and rich with opportunity. There should be a vision where we export more, we waste less and we innovate in what matters we produce and deploy more of what we invent. This will ensure that economy will actually works for a working family There are many companies of India who have achieved success by adopting innovations and these innovations have not only leaded to their personal benefit but a benefit and a move in our economy too. These companies are
· AIR DECCAN
· MAHINDRA AND MAHINDRA
· TATA MOTORS
· RANBAXY LABORITIES
· DABUR
· HDFC
· INFOSYS AND MANY MORE
Innovation can be a threat too as it can also destroy lives as sometimes people are not prepared for it and they get most resistant. So it can be taken as an opportunity for some and threat for some other.
CONCLUSION
From above discussion we came to the conclusion that innovation should taken as an opportunity to an extent. Innovation should take place in all the sectors so that economy can move at a good pace which will help in solving many problems and which will even make our economy free from some major problems but it should take place by keeping in the mind that it can also be taken as a threat. But if as a threat also it can make our economy move than we can apply the changes.
REFERNCES
WIKIPEDIA
GOOGLE.COM
SUBMITTED TO –
GURDEEPAK SINGH
SUBMITTED BY
ALISHA CHHABRA
MBA SEM 1(A)
QUESTION NO - 5
Alisha a good try but title not as per guidelines and poor referencing. Conclusion is good....
ReplyDelete