Innovation as Risk Taking

by B Vijayalakshmi, Hedda Pahlson-Moller, Evalueserve
Evalueserve is a Knowledge Partner of the Summit for the Future - May 3-5, 2006

Innovation: The DNA for Growth
You can't solve a problem on the same level that it was created. You have to rise above it to the next level - Albert Einstein

This quote by Albert Einstein clarifies the common misconception about innovation. Innovation is not only about developing a product or service from scratch but is also about adding value to an existing product or service. Organisations across the world have focussed on innovation in order to achieve the competitive advantage required for creating and sustaining growth. The effect of globalisation on the world economy has also played a significant role in fostering innovation. Organisations soon realised that without innovation they faced the possibility of extinction.

Research and development (R&D) and innovation go hand in hand; however, R&D is only one aspect of innovation. While innovation is about introducing a new idea or process to the end customer or developing and improving an existing product or service, R&D is about conducting original investigations to gain new knowledge for improving products or services.

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