As the world continues to compete in the highly demanding business environments there is one most critical need that they are missing out on, Innovation. The organizational culture of many of the businesses today should embed innovation into its core values, to drive the change. This is the central theme of Bill Gate’s blog “Accelerating innovation with Leadership”[i]. The need for creative innovation in energy to generate reliable and clean energy sources, can be done by backing up researchers in the same field of study. It is not a one-time strategy it a process that is needed to be repeated over a course of time through things such as product innovation and process innovation.
Taken From :https://www.google.ca/search?q=innovation+images+in+energy&espv=2&biw=1307&bih=723&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiiwrzN96TQAhUB8mMKHXe_AXcQ_AUIBigB#imgrc=TBJxaCBDPWUhXM%3A
Risk-taking private firms are constantly engaging into research and development to come out with radical innovation, some of them are a masterpiece such as the iPhone, that lead to Apple gaining 18.2% market share[ii] worldwide in the smartphone industry whereas some innovations are lost as they are progressive enough like blackberry. Innovation could be one of the key reasons why the lives of many of us have improved, it is the value proposition of many firms to provide service that improves lives and solves the root problems in the society. Taking an example of a pharmaceutical company. The constant need to innovative in terms of making medicines to support lives of many is their value proposition. It could also be a strategic decision to market this to show the corporate social responsibility taken by certain firms. The payoff of the innovation may not be instant or certain since there is a lot of potential risk involved but if successful it could provide an exponential gain for firms in revenue, profits, cost reductions and establishing more customers
Some governments build a special budget to satisfy the changing needs of the population and by doing so they do a favour to the world. Yet, there are governments who fail to do so.[iii] As a result some of the potential jobs are lost by people. At the point when these thoughts shape a more advantageous future, and all the more capable, it will be on account of world pioneers ventured up to do the earnest and the critical in the meantime.
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References
[i] Gates , By Bill, and | October 6, 2016. “Accelerating Innovation with Leadership.” Home. N.p., n.d. Web. 11 Nov. 2016. <https://www.gatesnotes.com/About-Bill-Gates/Accelerating-Innovation>.
[ii] President, BCG Senior Vice. “Apple IPhone Market Share 2016 | Statista.” Statista. N.p., n.d. Web. 11 Nov. 2016. <https://www.statista.com/statistics/216459/global-market-share-of-apple-iphone/>.
[iii] Asit K. Biswas and Kris Hartley. “India and the Culture of Innovation.” The Diplomat. The Diplomat, 30 Mar. 2015. Web. 11 Nov. 2016. <http://thediplomat.com/2015/03/india-and-the-culture-of-innovation/>.
