Innovation and Economic Growth

Innovation is not a new phenomenon. Arguably, it is old as mankind itself. There seems to be something inherently ―human about the tendency to think about new and better ways of doing things and to try them out in practice. Innovation is a major factor of economic growth and performance in the globalized economy.

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Principles and Strategies of Innovation – You must Know

The great researcher and professor in the field of management and entrepreneurship, Peter F. Drucker, in his book Innovation and Entrepreneurship(1) lists several principles which should be respected by innovators. He has grouped these principles in ―Do ‘s and ―Don’ts in the process of innovation.

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What is Innovation?

Enterprises today act under a big pressure by other enterprises, which offer the same or similar production or service, or they are under the pressure of the customers who expect more and more from the product they consume. In order to face with the new conditions and situations, enterprises are made to continuously search for new ways of production, namely offering new products or enhancing existing ones. In other words, they should continuously introduce innovations. But, what in fact do innovations represent?

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