Innovation and Its Positive Impact on the Society

Innovation and Its Positive Impact on the Society Innovation is the process through which new ideas, products and methods are introduced. This new ideas and products are believed to have a positive impact on the society. Governments from all over the world have been encouraging their citizens to be innovative, especially the youth.Advertising We will write a custom essay sample on Innovation and Its Positive Impact on the Society specifically for you for only $16.05 $11/page Learn More In order to encourage innovation among young people, governments have come up with curriculums that encourage innovation. We are all encouraged to embrace innovations that will be able to help us change our lives in a positive way. The statement â€Å"I never did anything by accident, nor did any of my inventions come by accident, but by working hard† goes to show that innovations just don’t occur by accident. People work hard and invest a lot of money and time. Innovation is a process that requires a lot of pat ience and creativity. Innovation is a process that has ups and downs. An innovative person never gives up. A good example in this case is Thomas Edison who invented the light bulb. Before inventing the light bulb, Thomas went through a hard time. He was forced to work hard and would spend some of his nights working instead of resting. He failed a lot of times but he never gave up. He kept on working hard and with time he was able to invent the light bulb. It was then that he came up with the now famous quote in which he says that he never failed and that he only discovered 10000 ways through which a light bulb cannot work. It was through hard work, patience and persistence that he was able to invent the light bulb. By inventing the light bulb he was able to change the lives of many people. Role of strategic gateways Research has shown that most companies have problems bringing in new products into the market even after spending a lot of money in the development and launching of thes e products. Research has shown that these products fail while in the market. Some of these products never even make it to the market.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More A stage gate model is a system that that is supposed to help move a new product from an idea to the launch of the product. The Stage gate model divides this process into various activities (stages) and decisions points (gates). Why and when it is used? The stage gate model is used to manage the risks that are associated with the development of new products. This is because the product development and innovation process faces a number of risks. It is through this model, that these risks can be assessed. The stage gate model also minimises the chance of something going wrong along the way. How does it work? The system works by managing the risks associated with product development and product innovation. The people in charge of the project will gather information needed to move the project from one stage to another. The information gathered will range from financial information to market information. The expenditures incurred will increase as the project moves from one stage to another. Key stages of the project are separated to help the management understand the product innovation and development process. The proposed product is carefully scrutinised at each stage and the management is advised on when to abort the project if it fails to meet the set objectives.