i) Innovation in business.
Innovation is the development of new values through solutions that meet new requirements, inarticulate needs, or old customer and market needs in value adding new ways.
This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society.
Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself.
Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better.
ii)Creativity in business.
As business continues to drive positive change in the world, creativity is an increasingly essential part of organizational success. Encouraging creativity is a vital function of good leadership in any organization.
Recent trends affirm the need and desire for creativity in the workplace. More and more, creativity is becoming part of job descriptions. Many of our largest companies – including Google, 3M and DuPont – expect their workers to spend as much as 20% of their time thinking creatively about new business opportunities.
Survey data from employers showcases the desire for creativity from employees. IBM asked 1500 CEOs to list the most important leadership characteristics, and creativity was ranked higher than integrity, intelligence, and a global mindset.
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