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Innovation and Entrepreneurship

Before proceeding into details, let me clarify what is the meaning of Innovation. Like the fuzzy word quality, innovation is defined many ways by different people. For me it is "Successful implementation of new and useful idea". If a new and useful idea is implemented and it has some result then it is called Invention. But when impact is generated through success of invention then we call it innovation.
Our Small and Medium Scale Organisations (SMOs) can be either traditional based or innovation driven. Innovation can be of three types.
According to Peter Drucker, management expert, "Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service".
Japanese organisations are best known for incremental innovation. They follow KAIZEN(continuous improvement) to improve existing products or services. Introduction of silicon chip is an example of radical innovation. Photocopy of documents by xerox corporation is radical innovation. Innovation of one domain if applied to other domain is an example of lateral innovation. Laser cutting used in machining field( subtractive process) is used successfully in additive manufacturing (selective laser sintering).
Incremental Innovations
  • Milk Mantra of Odisha packages milk in tetrapack 
  • MIT offering online courses in addition to regular course
Radical Innovations
  • Uber provides taxi service without owning any vehicle
  • 3D printing of customised product
  • Byju's provides E-learning tutorials
  • Ipod by Apple

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