In a simple way Innovation can be defined as a new idea, device or method . Innovation is a key to quality of life, it is the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. Innovation can be as something original and more effective and, as a consequence, new, that “breaks into” the market or society. Two main dimensions of innovation were degree of novelty (patent) (i.e. whether an innovation is new to the firm, new to the market, new to the industry, or new to the world) and type of innovation, i.e. whether it is process or product-service system innovation.
Innovation as a tool for development is usually focused on developing countries, but a burgeoning literature has relevance for innovation as a tool for development in developed countries too, particularly with respect to poverty. For any developing country, the future depends on its ability to innovate new solutions for old problems and for Indian perspective only innovation can solve India’s lots of problems
India has a host of challenges to solve. The country needs new ideas, innovations, new business models and new technologies. At this stage, we are at a point where the people have become aware of the importance of innovation as possibly the only way to tackle the problems we face today. The country needs a virtuous cycle of investment, innovation and value creation backed by policy change. Economic historians point out that while in the 17th century innovators had their ears cut off instead of winning accolades, today everyone globally is a worshipper of ideas and innovation. Our Prime Minister Narendra
Modi stressed that there is a need to “Innovative More”. He said there is a need to use technology more and innovate more.
Actually We live in a technology driven era. Technology and innovation are powering so many positive changes. Overall, to promote Innovation, we need a complete eco system of Talent, mentors (technical as well as commercials), funds and willingness to implement it backed by rewards for every stakeholder. We should also create and promote innovative environment in our education system through schools, colleges and universities.
With best wishes
Dr. Ashok Kumar Gadiya
(Chief Editor, Technical Today)