Innovation and entrepreneurship are essential ingredients in building a successful commercial venture. The ways in which these two concepts fuel enterprise are something entrepreneur's never stop exploring.
There is no doubt that innovation were, are will be extremely important for the individual and society. Today, people increasingly realize that innovations are even more critical that in the past. Thus, industrial competition is increasingly cruel and companies must continuously bring innovative products and services to the global market. To survive, companies need creative and inventive employees whose novel ideas are, to a certain extent, a necessity for the companies continued existence and future success. Consequently, modern society indeed requires highly able citizens who can produce innovative solutions to current challenges and contribute new ideas that aid in the development and growth of the market for a particular product or service. Contemporary society, without doubt, is highly reliant on innovations. The future will be synonymous with innovation. Despite the quite evident importance of innovations in the life of any organization, one should acknowledge that the phenomenon of innovation is far from well understood.
"Executing an idea which addresses a specific challenge and achieves value for both the self and society. Innovation is a never ending process
Many people think of innovation but don't execute, but if someone has an amazing idea, it changes the world and that's that. True innovation is much more complex.
Karsanbhai Patel did not invent detergent. Instead his innovation in distribution, money back guarantee and appealing price point is what translated into Nirma story where an Indian entrepreneur took one the MNCs and rewrote the rules of the business.
India has long branded itself as the world's leading outsourcing destination for global companies, particularly for those in the technology sector-but in the Fourth Industrial Revolution, the time is ripe for the world's most populous country to reinvent itself.
There is a burgeoning start-up and innovation culture, as shown by the Global Innovation Index, where India has improved its ranking from 81 to 52 between 2015 and 2019.
Look around you. Artificial Intelligence is no longer just a futuristic notion, it's here right now—such as software that senses what we need, supply chains that "think” in real time, and robots that respond to changes in their environment. 21st century pioneer companies are already using Al to innovate and grow fast. The bottom line is this: Businesses that understand how to harness Al can surge ahead. Those that neglect it will fall behind. Which side are you on?
"Connective advantageous interaction-human-human, machinehuman, human-machine - will keep on thickening."