Innovation Innovation Important Q34263372

What is innovation and why is innovation important?

Expert Answer

Innovation is searching and exploiting new ideas by which a newproduct, services or processes are created. The main objective ofinnovation is to get new idea in a productive position. Thisimproves the quality services and process. Further the innovationincreases the value of the product. Because of the innovation thecompany may get competitive advantage into the market because it isthe only one which is using the technology or product or somethingwhich is it has been innovated. So innovation is also helpful ingetting the monetary award. If there is no monetary reward ininnovation then