What Is Innovation?

Innovation means “doing something new and different”. Although this is the meaning of the word, innovation is actually turning information into economic and social benefit. In today’s market conditions, all companies should be able to renew themselves in order to grow and survive. This renewal is called innovation.

Thursday, February 27, 2020 - 07:45

Innovation means “doing something new and different“. Although this is the meaning of the word, innovation is actually turning information into economic and social benefit.

In today’s market conditions, all companies should be able to renew themselves in order to grow and survive. This renewal is called innovation.

Innovation is to produce creative solutions to the problems in order to offer the company new commercial opportunities.

Innovation can provide commercial or social benefits.

To explain with examples; The introduction of new products to the market with the help of R&D studies that take into account the market dynamics of the companies is a kind of innovation that provides commercial benefits. Municipalities’ use of technology to improve the quality of service offered to their citizens is a type of innovation that provides social benefits.

New scientific discoveries, market needs, technology adaptations, the need for problem solving, intuition and foresights are examples of innovation.

Innovation is connected not only with the R&D studies of the company but also with other activities. Therefore, the innovation culture should cover the entire company.

Some companies and company executives fear the scientific, technological and innovative approach. The main reason why family businesses fail especially after a few generations is the anti-innovation perspective.

In today’s market, a product or service is produced by many companies, which leads to a decrease in prices and therefore profitability. The determining factor for competition in such an environment is differentiation. Companies must focus on innovation in order to be successful in the competitive environment.

It is very easy to access various products and services from around the world with the help of digital technologies. Although this is a beneficial development for consumers, it brings great risks for companies. In all this diversity, companies entered the price race, which led to unprofession. The best way to get out of the profit-free swamp is to innovate.

Emre Yılmaz
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Emre Yılmaz, the founder of Lighting Portal, graduated from Atılım University Department of Electrical and Electronics Engineering in 2013, and since then has been involved in the management and product development activities of state-supported projects in the lighting industry. He completed his master's degree at Gazi University Industrial Design Engineering Department and continues his education in the doctorate program of the same department.

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