Innovation In Business: The All-Important Ingredient

To progress and prosper, organisations have to continuously innovate and promote 'intra-preneurship'. When things go smoothly, there is a tendency on the part of institutions to slip into a comfort zone and believe that their model is sustainable forever.

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In today's fast-changing business environment, innovation is not just important but also essential for the survival and progress of any organisation. There are any number of examples of global giants that ruled the roost for years or decades but perished because they did not or could not adapt to change fast enough. Two of the most well-known case studies often cited by management experts are, of course, those of Nokia and Kodak. While the former did not see the tech world moving from hardware to software, the second did move from analog to digital but the transformation was not swift enough to keep the competitors from chipping away at its once-enviable market share.