Innovation is anything that improves an entity’s existing resources, processes or values, or creates new resources, processes or values, while generating greater common good. The ability to systematically stimulate and capitalize on innovation has been the key driver of economic growth and national competitiveness in recent times. Typically, developed nations have been the forerunners in innovation. The traditional model of developing new products and processes is quietly reversing course. Scholars have termed this as ‘trickle-up innovation’, where ideas take shape in developing markets first, then work their way to the advanced economies. Bangladesh has already offered a great example of this with Grameen Bank’s micro-finance program. There needs to be more. A deeper understanding on what is innovation, how have others leveraged innovation, and how best to think about and capitalize on innovation is a critical first step. And with that note, pi STRATEGY presents the first volume of the Insight Series – Demystifying Innovation.
Other volumes of the Insights Series are available here:
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