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WHAT IS INNOVATION?
Innovation is an act of implementing something new, or it can simply be defined as turning “creativity into reality.” It is a process of transforming unique, creative ideas into new realities, which may turn into greater benefits, depending on their impact on the business organization, government, and society.
Innovation is a hot topic in business magazines, training and development programs, and thought leadership. Why? There are several reasons, one being that the market place is flattening and customers have become accustomed to high-quality innovative products and services.
INNOVATING FOR THE FUTURE
Mastering innovation is a strategic imperative. Peter Druker said, “The enterprise that does not innovate ages and declines. And in a period of rapid change such as the present, the decline will be fast.” Innovation is a growth multiplier. Millennial companies have claimed that innovation is a definitive driver of rapid and profitable revenue growth. In fact, they consider it a “competitive necessity” for their organizations. According to PwC’s 2013 study “Unleashing the Power of Innovation,” 74 percent of CEOs regard innovation as equally important to the success of their company as operational effectiveness, if not more. This is the first time in recent history that innovation has been on a par with operations in the C-suite.
A misconception is that innovation is only about introducing a new product. but we can innovate our customer services, partnerships, business models, marketing methods, and more. Indeed, opportunities for innovation exist at all levels in many ways. So stop restricting yourself and let your ideas come into reality. The world is in search of creative and innovative people. What is stopping you from starting?
BITCOIN
While I was writing this page there is one digital currency that comes to mind that has become very well known in innovation circles; it’s the Bitcoin (BTC). It is a consensus network that enables a new payment system and a completely digital currency. Powered by its users, Bitcoin is a peer-topeer payment network that requires no central authority to operate. On October 31, 2008, an individual or group of individuals operating under the pseudonym “Satoshi Nakamoto” published the BTC Whitepaper and described it as “a purely peer-to-peer version of electronic cash, which would allow online payments to be sent directly from one party to another without going through a financial institution.”
