Innovation Defined!
Innovation, essentially is to have a new idea and to incorporate it to generate measureable value. Very often people confuse creativity with innovation. Creativity is the thinking process of innovative ideas. To call an idea as innovation, it needs to satisfy the following conditions:
- It needs to transform to reality
- People should benefit from it
- People should be able to incorporate it into their everyday life easily
It is innovation which has enabled us to generate food for 7 Billion people, rasie life-expectency to 90 years, reach the moon and to have to possibility to talk to anyone in the world using a small phone.
“Innovation value does not come from the Novelity, Scientific Content or idea, it comes from its success in the market”
- Peter Drucker -
Scientific research is investing money to generate new knowledge but innovation is to take that knowledge and turn it back to money and welfare for the society.
Apart from being a vital component for success, it defies how people think towards their lifestyles and future.
Transforming a liability to an assest can also be defined as innovation. In the society we live today, we often overlook the fact that the product we are buying is a ‘liability’ or an ‘asset’.
- Robert Kiyosaki, American Businessman said in his book “Rich Dad, Poor Dad” -
If you want to be rich you must know the difference between an asset and liability and you must buy assets. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability. Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.
So to understand it further, the main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation.
Innovation is this process of turing a liability into an asset i.e. a product will have more use value for the same investment.
Therefore, in our store, we promote the concept of "Nobody is Left Behind" in gaining the maximum use value from the products. People most often do not know how to monetize their money to get the most innovative and creative product in the market. That is why we bring you the products based on four basic concepts of innovation.
Together we can work for the future of our society and to define the true meaning of being innovative.
