The Importance of Innovation in Todays Changing Economy Essay Example for Free

The Importance of diversity in Todays ever-changing Economy EssayIn todays cutthroat society, companies and organizations in various sectors s ever more need to improve their practices and strategies to cope with the changing times and the increasing competition. Peopleas individuals or in groupsalways have to think ab emerge attracting new customers and keeping the old fielding new methods slice incorporating the best strategies from previous practices and delivering quality outputs to thrive in world where things could change with the turn of a summon or a click of a mouse. Stagnation is detrimental to the health of companies and organizations because now, more than ever, thinking out of the box is crucial to make matchless stand out and deliver something substantial to an even more meticulous crowd.Steve McKie (2004) defined two types of innovation based on Bellon and Whittingtons description in Competing by Innovation Essential Strategies for Small and Medium-Sized Fir ms new-old and new-new. In new-old innovation, one uses his current resources then improves and extends them. New-old innovation would include billet models, processes, products, and services that one is presently employing in his business endeavors. On the other hand, new-new innovation deals with jumping from what one already has into a pool of something that is really new. Innovation generally deals with providing a solution to a problem. When mickle innovate, they make the most of current resources and utilize them to generate better resources and assets for the future. When individuals and groups begin to become more made and better off with their innovations, a domino effect of such would boost the entire economy. Innovation is advantageous to both individuals and groups because currently available products and services may no longer be the answers to dilemmas in the future. Innovation paves the way for a more stable future for it allows the generation of ideas, products, and services that would meet the needs and demands of a world where, as the clich goes, change is the only constant thing.ReferenceMcKie, Steve. Let Innovation Thrive. scintillating Enterprise Magazine. 2004. IntelligentEnterpise. 15 Feb. 2007 http//www.intelligententerprise.com/040101/701feat2_1.jhtml