Without a doubt, these days the world is turning out to be progressively competitive and it is increasingly challenging to stand out from the crowd. Innovation does make an extraordinary difference to all kind of companies – from small family businesses to highly competitive international companies. By not changing our products and services and the way we create and deliver them, we are subjecting ourselves to the risk of being overtaken by others who do. At the present time, in order to thrive in the competitive business environment, one must tirelessly innovate to achieve success, and companies that do not innovate eventually die ( Kodak, Polaroid, Nokia, etc.). In today’s world, where the only constant is change, the task of managing innovation is vital for companies of every size in every
Drucker, an American management consultant, professor and writer, states that innovation is the process of finding a new resource or endowing an existing resource with a new capacity to produce wealth, defining the word innovation as “a change that creates a new dimension of performance” (Peter Drucker, 1991). In Innovation and Entrepreneurship, he says that innovation is the specific tool of entrepreneurs and the means by which they exploit change as an opportunity for a different business or a different service; innovation is capable of being presented as a discipline and it can be learned and practiced.( Peter Drucker , Innovation and Entrepreneurship , p.34) Innovation can also be defined as the application of new ideas to the products, processes, or other aspects of the activities of a firm that lead to increased value (Christine Greenlagh, Innovation, Intelectual Property and Economic Growth, p.23). David Gann, professor of technology and innovation management at Imperial College in London, stated that innovation is a “successful implementation of new ideas – or in a business context, successful commercial exploitation of new