Innovation is the management of the entire activities involved in the process of idea generation, technology development, manufacturing and marketing of a new (or improved) product. Innovation includes both invention and diffusion.
Apple is the biggest example of an innovative company in this world.
Terms which are related to innovation are (1) Reverse innovation (2) Re- engineering
Reverse innovation means a product first developed and adopted by developing countries and is later transferred to advanced world. Developing countries reduce high costs by R &D.
- In short we can define Reverse Innovation as the innovation in country for the world.
For example :- GE has developed many light and small healthcare products for the villages of developing countries and now these products are used in household of the developed countries for the health treatment because these products are small and affordable.
Re-engineering is the basis for many recent developments. The cross-functional team of many companies works for the development of new and more efficient product. In re-engineering, engineers develop new products after the research on the present products available in the market – Re-engineering is done for the development of new facilities in the existing product and to reduce its price.