Question

What is Innovation and explain the elements of innovation process?

Answer 1

The Four Key Elements of Innovation: Collaboration, Ideation, Implementation and Value Creation. Innovation requires collaboration, ideation, implementation and value creation.

Answer 2

Ans. a. Analytical planning: Carefully identifying the product or service features, design

as well as the resources that will be needed.

b. Resource organization: Obtaining the required resources, materials, technology,

human or capital resources.

c. Implementation: Applying the resources in order to accomplish the plans and

delivering results.

d. Commercial application: The provision of value to customers, reward

employees, and satisfy the stake holders.