To understand what innovation is we have to realise the idea into a service that creates worth. The idea must reflect at an economical cost and must satisfy a specific need. In business, innovation often results when ideas are applied by the company to satisfy the requirements of the consumer. One should aim at introducing something new, establishing anything better. This will help businesses and the economy to achieve a great position. The introduction of new things makes work efficient and easy. Above all Diffusion is a very important part of modernisation which refers to spread. If something that is newly invented has not gone through the diffusion process then it will not be easy to spread the wings of business.
Fernando Suarez, the newly appointed Jean C. Tempel Professor of Entrepreneurship and Innovation in the D’Amore-Mckim School of Business of the Northeastern University, considers himself an “innovation management expert”. He has his sights set on building upon innovation-focused programs.
It is also important to examine the socio-cognitive dynamics of industry evolution. What makes certain category labels more successful than others? Take an example, why smartphones are running more successfully in the market in comparison to tablets. It is important to study what is the feedback consumer is giving. Suarez enthusiastically points out that interest in innovation has increased significantly in the business world in the last decade or two. Innovation has moved from the confines of research and development departments to be at the forefront of companies’ strategies. The students of the new generation who aspire to start their own companies or make their companies’ innovation decisions someday, they might face failures. It needs a lot of dedication and hard work to make a business stand.
Suarez says “Innovation is a little bit of an art and a little bit of a science. You should take courses on innovation and entrepreneurship, but you also need to be aware that you will not get all the answers. Some of the answers you will have to find on your own, by experimenting. Because of that, you have to prepare yourselves to tolerate failures… and have the tenacity to start again”.