Essay on Innovation | Meaning & Importance in Life

Innovation is synonym of change that is used in various contexts. This short essay will explore the real meaning and importance of innovation in our daily life

Essay On Innovation | Meaning, Types And Effects

Short Introduction

Process of creating something new is called innovation or making our upgrading exiting product for efficient and effective working. The act of introducing something new or improving the way something is done for better working with accuracy. it also refer to a new way of working, thing and acting.

Innovation or revolution has always been a major part in the history of human being. from the development of tool and weapon to the creation of new philosophies and religions, innovation has always been responsible for several advances in our world, and still it is playing a vital role for shaping the worlds economy and our society as a whole.

If you study you will know about different  types of innovations each one has its challenges and several benefits. Some types of innovations  have more social implications and some are more likely to lead economical growth. No matter what types of innovations are but must be done carefully with thoughtful manner in order to negative consequences and waste of time.

We might face increasingly both social and global challenges but we must continue to purse innovations in order to make a better future for ourselves and for our children and through this progress we can easily work for development for human being.

1. True Meaning Of Innovation

Innovation is very important in order stay ahead the competition. The definition of innovation is subjective but it refer to new improved ways in a short definition. It let us doing things easily with multiple methods. Innovation is a positive things, it makes one to be able to lead inventions and businesses but same time it has some negative impacts on environment because it may damage ecosystem through pollution.

Innovation play a vital role for our economy and it has its own importance in technology sector because new types of technological assessments can change way of our living, working and playing. Through innovation we can obviously create new job and business ideas. in fact it is recently stated by Bureau of Labor Statistics, that that employment growth in the technology sector is increases by 20 percents over the next decade.

2. Types Of Innovation

There are many different types of innovation, and each has its own meaning and purpose. Following are five types of innovation that are particularly relevant to business owners:

1. Product innovation: It mean the innovation of a new product or service. Its range is from small to completely new products or design. It very important for a company to gain an edge over its competitors. This type of innovation also called product new design innovation.

2. Service innovation: When a company offer new service to its customers for better living  is called service innovation. For example, the computer mouse is pioneered by Apple for using a computer much easier then before. It simply mean develop new things through technology.

3. Process innovation: Changing the way an existing is done is called process innovation. For example “lean manufacturing” method was developed by Toyota which revolutionized how cars are made and helped the company become one of the world’s leading automakers.

4. Organizational innovation:Changes that made by an organization itself is called organizational innovation such hiring new staff or introducing new policies for achieving their goal with efficiency and success.

4. Market innovation: Improving the the marketability of a product or service is called market innovation. It is also involve in creating or improving new or existing products for developing their new marketing strategies

3. How it is Engineered?

Off course innovation is not easy but quite a difficult process to come up with something new and different. However this process makes a innovation unique and special. To innovate something you must have clear about whatever you to innovate also you must have ability and knowledge to put your ideas into action. Finally you should have ability to communicate your idea to others, these are very essential elements for the process of innovation.

Innovation is also born out of necessity because the necessities people to come up with new ideas for changing their life style and solve problems. For example if one need to clean and design his home, he must come up with new ideas in order to do these things with efficiency. In short definition the process of innovation requires to find new ways, things and ideas in order to succeed.

It is also believed that is born of pure creativity. It simply mean that the man who innovate something with completely new and different idea from any thing else that has never introduced before.

4. The Effects of an Innovation

Innovation has the ability to change our life style through new types of services and products or by something that is monumental such as the creation of news types of technology. It offer businessman to change the way of their business and it also shift the way of our thinking. There are many different effects that an innovation can have on economy and society.

Few Common Effects Of Innovation

1) It Can Cause Economic Growth:

Innovation is a single and important key that increase our economic growth. When a company innovate new product or service, they create jobs that increase income for their employee. This is especially true for small businesses, which often have less resources to invest in research and development (R&D). In fact, R&D is one of the main reasons why countries like India and China are so successful economically.

2) It Can Cause More Competition

When businesses start innovating, they often find new ways to compete with their rivals. This competition leads to better products and services at lower prices, which is good for consumers.

5. Conclusion

By sharing this essay, I explored what innovation means to us and how it has helped people grow beginner to be a  businessperson. I believe that every person should try to innovate because it is necessary to step toward success, but also it is one of the most fundamental aspects for all human being.