Innovation
Description:
Innovation is a change in the thought process for doing something, or the useful application of new inventions or discoveries. It may refer to an incremental emergent or radical and revolutionary changes in thinking, products, processes, or organizations. Following Schumpeter (1934), contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice. In many fields, such as the arts, economics and government policy, something new must be substantially different to be innovative. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
Consultancies have been working as sources providing innovative ideas to client companies. However, companies such as Apple, Google, P&G, 3M are operating organizations for innovations.
It is important to understand how innovation in the future will be happening.
Enablers:
1. Growth of the companies
2. The rapid spread of information technology (IT) and the internet
3. Growth Saturation in local market
4. Worldwide sports event such as Olympics, Worldcup football
Inhibitors:
1. Global Political instability
2. Increase of natural disasters
3. Strong regulations
4. Language barriers
Paradigms:
Competition among consulting firms increase. Global consulting firms compete in every country. It becomes very hard for local boutique firms to survive.
Experts:
Thomas L. Friedman http://www.thomaslfriedman.com/
Timing:
British industrial revolution in the 19th century
Bretton Woods conference, (July, 1944) - the agreements were signed to set up the International Bank for Reconstruction and Development (IBRD), the General Agreement on Tariffs and Trade (GATT), and the International Monetary Fund (IMF).
Web Resources:
[1] http://en.wikipedia.org/wiki/Innovation
[2] http://news.bbc.co.uk/2/hi/in_depth/business/2007/globalisation/default.stm