10 Reasons for Innovation

Topics: Innovation, Rate of return, Internal rate of return Pages: 4 (1447 words) Published: August 15, 2013
TOP 10 Reasons Why We Need INNOVATION by Lorraine Yapps Cohen This century has been full of innovation. New technologies, new products, new services, whole new industries have emerged. Yet the call for innovation in business has never been more intense. Why? Here is my list of the top ten reasons for why we need innovation. 10. For economic growth This is the most often cited reason for needing innovation. Innovation is the route to economic growth. Industries are maturing. Products are maturing. Innovation is the creation and transformation of new knowledge into new products, processes, or services that meet market needs. As such, innovation creates new businesses and is the fundamental source of growth in business and industry. 9. For the progression of human well-being This may be the least cited reason for needing innovation but perhaps the most important result of achieving innovation. As given in number 10, innovation creates new businesses. As such and at the same time, new businesses create new jobs. For reasons obvious, new jobs create personal income and thereby provide the where-with-all for achieving the personal well-being of humans. Innovative new products are essential to the progress of any society. Imagine if we had not progressed beyond stone-age tools and implements: we might go home tonight and do a load of laundry by banging our socks with a big stone in the neighborhood stream. New products respond to the wants and needs of the populace and stimulate higher standards of living. The processes of developing new products provide employment and economic well-being for those directly associated with them and for persons employed in supporting industries. Thus, when innovation processes are properly managed (the proper management of innovation processes is the subject of another discourse), an expanding variety of new products stream forth. These products respond to the changing needs of a society whose welfare is constantly increasing. 8. For...
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