Innovation comes out of great human ingenuity and very personal passion". *Innovation in its modern meaning is "a new idea, creative thoughts, new imaginations in form of device or method". *It is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
It is synonymous with risk-taking and organizations that create revolutionary products or technologies take on the greatest risk because they create new markets.The best new products and services frequently offer a number of innovative characteristics/features/attributes, and customer “touchpoints” in combination.
*Bases for new products and services innovation can be ground-breaking and revolutionary, resulting from major new technologies such as 3D printing or nanotechnology, or small, simple, and seemingly obvious, like turning a ketchup bottle upside down, adding a 4th ball to a tennis ball can, or offering bright colors to items previously only white, black, or monochromatic. *The majority of businesses believe that innovation is a priority. * The importance of innovation is increasing, and increasing significantly.It has been acknowledged that innovation leads to wealth creation. *INNOVATION is seeing what everyone has seen and thinking what nobody has thought.
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