Invention, Innovation, Innovative Practices: A Reason to Study
16 Pages Posted: 15 Apr 2013
Date Written: April 15, 2013
Innovators internationally, create most of the wealth, new or a proportionate jump from the existing, while the managers and others tend to safeguard it. Much of the growth comes from entrepreneurs and this leads to creation of employment. They bestow new value to old assets. Create entirely new fountains of wealth. Take the example of Reliance, Infosys, HCL, HDFC bank, Wipro, Bharti enterprises and many more who have created wealth with barely any base. Many large companies have also been successful in creation of wealth, like the HLL, Telco, TCS and many more companies of its kind. The trend is similar around the world. The question is if Innovation & Entrepreneurship restricted to start-up companies or small companies? The answer is no. Some of the larger companies do also engage in creation of wealth and that is the basis of their profitable existence. However, adolescent companies engage in this process more frequently than the older and larger counterparts. Thus it is necessary to research why some companies are able to create more value than others! How do some sectors create more wealth than others? Why certain nations do better than others and what is the underlying cause for such successes in creation of wealth? These questions do need a lot for the researchers to ponder upon. Are Innovations and the Innovative Practices the answer?
Keywords: Invention, Innovation, Innovative practices, entrepreneurship, Strategy
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