Innovation is crucial to the continuing success of any organization.
Innovation is a new idea, device or process.
Innovation can be viewed as the application of better solutions that meet new requirements, in-articulated needs, or existing market needs.
Innovation generally refers to changing or creating more effective processes, products and ideas, and can increase the likelihood of a business succeeding.
The Seven Principles of innovation as espoused by Peter Drucker, where he says any of these seven factors provide opportunity to develop something new. They are as follows:
- “The unexpected – the unexpected success, the unexpected failure, the unexpected outside event” Example is Penicillin, which was developed as an unexpected failure that turned to success.
- “The incongruity – between reality as it actually is and reality as it is assumed to be or as it’s ought to be”
- “Innovation based on process need” – perfecting a process that already exists, replacing a link that is weak, or supplying a link that is missing.
- “Changes in industry structure or market structure that catch everyone unawares”
- “Demographics” – changes in a population’s size, age, composition, educational level, employment status, or income. Demographics changes in Nigeria are some of the factors that make everyone in the world pay attention to this country as land of opportunity.
- “Changes in perception” – when the customer goes from seeing the glass as half empty to seeing it as half full.
- “New Knowledge” – and not just technical or scientific breakthroughs, but the innovative use of this knowledge to create a new product or service.
(Culled from The Entrepreneur as a Nation Building by Sir Demola Aladekomo)