Innovation In Business Studies

Innovation can be defined as the generation of new ideas and their implementation into a new product, service, or a process, constituting to a dynamic growth of the economy of a company, increase of employment, as well as the creation of profits for any innovative business enterprise (Urabe, 1988, p.3). In its nature, innovation is never a one-time phenomenon. Rather, it is a long cumulative process that involves many organizational decision-making processes, which range from the phase of idea generation to the implementation phase of that very idea. The process includes, information gathering altogether with entrepreneurial vision. Innovation enables the development and commercialization of an idea into a marketable product. One real-life management example of innovation is the fabrication of smartphones so that they can react to normal touch or even sound. Such innovation also reflects the use of creative intelligence.