Innovation is important for many reasons. The Conference Board of Canada (2014), defined the innovation process as extracted knowledge for social and economic value through development and implementation of ideas to produce new/improved strategies, products or services. The 2013 Global Competitiveness Report wrote that countries that are innovation driven are developing cutting-edge products and processes the uphold an international competitive edge.

Why innovation is important on a global market for nations, companies, leaders and employees first identifies a problem/idea, second generates ideas to address the problem/idea and third create value with competition and creation from the problem or idea.

Innovation affects nations, companies, leaders and employees by:

The State of the Global Market: Improve trade barriers especially where economies are independent. Help improve and create economic and political reform.

Development of Technologies: Identify new opportunities to developed/ing markets. Create a collaboration between countries, business, leaders and individuals helping flourish any recession. Increasing innovation and competition worldwide.

Business Shift: Growth and productivity that create new businesses having impact on existing industries, customers and employees that want to learn, grow and change for the future. Creating new job opportunities for employees.

Innovation is a risk for any business or individual, but it is gained knowledge with research and initiatives.

The Conference Board of Canada. Innovation defined. (2014). Retrieved from:

http://www.conferenceboard.ca/cbi/innovation.aspx

Global Competitiveness Report. (2013). Retrieved from:

http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2013-14.pdf

Module 1 DQ2:

Provide a definition of innovation based on researching the topic.

When researching what innovation means, I have found several different websites that define innovation. According to the business dictionary (2020), innovation is defined as the process of translating an idea or invention that customers will want to pay for. In the business realm innovation repeatedly represents results that are enforced by the company to better satisfy the customers needs and expectations. However, in a social context, innovation assists in creating new arrangements for an alliance creation. I have also learned that innovation is broken down into two extremely broad categories, such as evolutionary innovations and revolutionary innovations.

Business Dictionary. (2020). Innovation. Retrieved from http://www.businessdictionary.com/definition/innovation.html