Oscar Wilde said “When you assume, you make an ass out of u and me”.
The word innovation is from the Latin word innovatus which means stemming from. In other words innovation is an improvement of something. In the world of business, the innovative products are an improvement of an existing product. All of the innovations we see today are derived from the needs of customers, this is called market innovation. An example of innovation is the business model of Michael Dell. It used to be that computers are sold as a package. You buy the whole thing from the maker and you can not choose the part that comes with it. Michael Dell realized that there are customers who want to customize the parts of their computers based on their needs and budget. So in his dorm room, he started selling “Build you Own” computers.
For an idea to be considered an innovation, it must make the life of the user easier compared to what he or she is currently using, and accepted by the general market.
Panorama 