5th report (concept of innovation)

innovare which means introducing new things and ideas

The term “innovation” originates from the Latin verb-

innovation

has permeated various domains of life, leading to diverse applications in business, politics, society, and science

invention

refers to the initial creation of a product or the introduction of a process, marking its first occurrence. It is the conception of an idea that holds the innovation potential.

relative advantage, compatibility, simplicity, triability, observability

characteristics of innovation

changing needs of people, competition, technology advancement, problem-solving, efficiency and productivity

reason of innovation

sustainability, economic growth, value creation, continuous improvement

goals of innovation

relative advantage

The innovation must be better than what people already use. If users don’t see an improvement, they won’t switch.

compatibility

The innovation should fit smoothly into people’s daily life. If it feels too different or requires big changes, people won’t adopt it.

simplicity

The easier the innovation is to learn and use, the faster people will accept it. Complicated products frustrate users and make adoption slow.

Trialability

People like to try before they buy. Testing helps them see benefits without risk.

observability

Others should be able to see the results of using the innovation. When people see benefits clearly, they’re more likely to adopt it.

changing needs of people

Innovation responds to evolving customer demands, lifestyles, and expectations.

competition

Businesses innovate to stand out and survive in competitive markets.

technology advancement

New technologies open opportunities for better products, services, and processes.

problem solving

Innovation addresses pressing challenges in health, environment, economy, and society and addresses pressing challenges in health, environment, economy, and society

efficiency and productivity

It helps organizations reduce costs, save time, and improve quality.

improve quality of life

To make people’s lives easier, safer, and more comfortable.

sustainability

To create solutions that protect the environment and support long-term growth.

economic growth

To generate jobs, income, and national progress through new industries and markets.

value creation

To provide better products or services that deliver more benefits to users.

continuous improvement

To ensure organizations, communities, and societies keep developing and adapting to change.