Innovation And The Growth Of International Competition Innovation

1956 Words8 Pages

Innovation has been in existence since the beginning of time. Like anything else, innovation started growing at a slow pace. The penetration and acceptance of various innovations began to accelerate with the gradual collaboration of science and industry, especially in the 19th century. The partnership between science and industry allowed scientists to produce practical, reproducible technologies, which businesses could reasonably afford. Because of this cooperation, innovation grew very quickly. One thing that is relevant to all sects of business is innovation. Without innovation or innovators within a company nothing new would ever be produced. Innovation can be broadly defined as new products, new processes, new organizations, new management processes, and new strategies. Innovation is typically a result of trial-and-error experimentation. Innovations are being made in production and business processes which are leading to an increase in the productivity of labor and capital, which are boosting economic growth rates. With the growth of international competition innovation is becoming more and more vital to the life of companies.
Innovators are those who “think outside of the box” when it comes to their business, and they are willing to “experiment” with the market. They are what keeps a company or organization alive. Innovators come up with ideas by paying attention to the world around them. They are always observing, networking, and asking questions. An
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