What is Innovation and how does it impact the capabilities and fortunes of any business? Peter Drucker, great management guru, called innovation a “change that creates a new dimension of performance.”
In order for something to qualify as a true innovation, it should simultaneously meet three basic criteria - must engage a creative process, be distinctive and possess a measurable impact.It’s now time that traditional businesses, entrepreneurs and startup companies come up with the innovative ideas to change the world through path breaking offerings and with their focus on improving quality, customer focus with emotional intelligence (EQ), knowledge management through process innovations and technology solutions delivery. Only with innovations, businesses today can succeed and sustain and even extend their edge over others in competition space.
With each success come greater expectations. You exceed the expectation, you push the envelop in each service offer and the customer after having being greatly pleased with better customer service, lower cost and quick delivery expects even more. This applies to everyone. This is the major challenge now facing many businesses. Delivering “more” or “better” can be done by increasing efficiency, but beyond a point, the curve begins to flatten and it becomes increasingly difficult to keep proving even more value-for-money (VOF). The only way to do so is through innovation, not just executing the same rituals more efficiently. Do something completely different to achieve the required output. Guy Kawasaki beautifully discussed some of the important things on the Art of Innovation in his blog.

Innovation requires a nurturing climate and competitive playing field - funding, culture to encourage innovation, ambiance/facilities, mentoring, coaching, professional networking, IPR, marketing.
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