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Innovation process and how it has transformed industries

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Explain through examples how innovation has transformed industries? Discuss innovation as a process in brief.

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The expert examines the innovation process and how it has transformed industries.

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Innovation can take many forms. It could be in the equipment used to produce the product or service or it could be in the way in which the process is organized and structured. It could be in the re-positioning of an existing idea-for example, an established product in a new market.

(Think about the cellular phone, originally sold as a business tool but with suitable packaging and advertising now sold to concerned parents as a safety aid to give to their children when out alone at night.)

Occasionally innovation can involve a complete reframing of the way in which we see the world -- a 'paradigm shift.' The transition to steam power and ...

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