What is Innovation and explain the elements of innovation process?
Innovation: It is the process of entrepreneurship which involves the translation of a useful idea into an application which has commercial value. It takes persistent effort on work out analytically on the details of the enterprise or service, to develop marketing strategies, to organize finances and strategize operations.
(i)Analytical Planning: Identifying the important features, its design and the resources required for the selected product or services.
(ii)Resource Organization: Arranging and obtaining the required resources, materials, technology, human or capital resources.
(iii)Implementation: Utilization of the resources in order to accomplish the plans and delivering results and objectives. Or converting the input into output.
(iv)Commercial Application: The provision of value to customers, reward employees, and satisfy the stake holders.
Elements of Innovation Process :