The Importance of Innovation in Todays Changing Economy Essay Example for Free

The Importance of Innovation in Todays Changing Economy Essay In today’s cutthroat society, companies and organizations in various sectors s constantly need to improve their practices and strategies to cope with the changing times and the increasing competition. People—as individuals or in groups—always have to think about attracting new customers and keeping the old; fielding new methods while incorporating the best strategies from previous practices; and delivering quality outputs to thrive in world where things could change with the turn of a page or a click of a mouse.    Stagnation is detrimental to the health of companies and organizations because now, more than ever, thinking out of the box is crucial to make one stand out and deliver something substantial to an even more meticulous crowd. Steve McKie (2004) defined two types of innovation based on Bellon and Whittington’s description in Competing Through Innovation: Essential Strategies for Small and Medium-Sized Firms: â€Å"new-old† and â€Å"new-new†.   In new-old innovation, one uses his current resources then improves and extends them.   New-old innovation would include â€Å"business models, processes, products, and services† that one is presently employing in his business endeavors. On the other hand, new-new innovation deals with jumping from what one already has into a pool of something that is really new.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Innovation generally deals with providing a solution to a problem.   When people innovate, they make the most of current resources and utilize them to generate better resources and assets for the future.   When individuals and groups begin to become more successful and better off with their innovations, a domino effect of such would boost the entire economy.   Innovation is beneficial to both individuals and groups because currently available products and services may no longer be the answers to dilemmas in the future.   Innovation paves the way for a more stable future for it allows the generation of ideas, products, and services that would meet the needs and demands of a world where, as the clichà © goes, â€Å"change is the only constant thing†. Reference: McKie, Steve.   â€Å"Let Innovation Thrive.† Intelligent Enterprise Magazine. 2004. Intelligent Enterpise. 15 Feb. 2007 http://www.intelligententerprise.com/040101/ 701feat2_1.jhtml