Why Innovation Is Critical To Success?

Innovation can be said as introduction of new ideas, new processes, new ways of accomplishing tasks and most importantly revolutionising the ways of doing things which has been done before. Innovation requires disruptive changes, thinking which may be ridiculous or most outrageous so always requires walking those extra miles to defy conventional boundaries of the past and present.

Rightly said by Thomas Edison:-

“To invent, you need a good imagination and a pile of junk”

Innovative businesses break themselves from the clutches of cutthroat competition by making vital new market space by creating product or services for which there are no direct competitors. This is done by fishing in unoccupied territories by different competitive mind set and systematic ways. These ways are critical for the start-ups as well as success and affluence of large corporations of the world.

How can we forget the greatest contribution made by the walkman in the profitability of Sony’s in past decades which dominated the personal stereo market for almost two decades and has cascading effect on Sony’s other products everywhere in the world. Apple’s rapid growth in 2004 led by iPod, who can forget that and there is no stop to innovation from Apple. Its iPhones, iPads and Macs came with record number of sales and flabbergasted the analyst all around the world markets by its most recent quarter’s results.

Innovation is never ending process and it needs regeneration, which leads to success which is discussed in two examples above. There are hundreds and thousands of business houses which thrived on innovation and tasted the fruits of success. Innovation sometimes comes with a heavy price and sometimes success is blurred so it needs to fail in early stages and rectify mistakes by repeated trials to enhance the area of knowledge. If we look back in the past, we remain amazed by the number of innovation, experiments, discoveries and inventions which led to development, success of human race from a monkey man to its present day. Innovation leads to change, which is vital for the development of business and the world we live in.

“The real measure of success is the number of experiments that can be crowded into 24 hours”

By Thomas Edison.