#233 How does innovation contribute to success?
There is no doubt that innovation is one of the most important factors for the long-term survival and growth of your business. Many top companies around the world are turning to innovation as they look to compete in today’s highly competitive marketplace and remain relevant in the future. Innovation is not the only key to creating new products but also evaluating existing ones. New discoveries are made every day and often these provide the spark for new business.Here are the five contributions of innovation to successGrowth of the economyTechnological advancement is seen as a significant source of economic progress. Economic growth is defined as the increase in the inflation-adjusted market value of an economy's goods and services over time. It's usually expressed as a percentage rise in real gross domestic output.There are generally two ways to boost the economy's output:Increase the number of inputs to the manufacturing process.Create new methods for getting more output from the same number of inputs.The goal of innovation is to come up with new ideas and technologies that boost productivity and improve productivity while using the same amount of resources.When we examine the shift of the United States from a predominantly agrarian economy to an industrial one by the First World War, we can see that agricultural advancements and inventions were one of the most important contributors in bringing about the Industrial Revolution.Agricultural productivity advances had already changed the way people worked in Europe, freeing farmers to pursue other interests and allowing them to go to the city for industrial labor. Productivity rose as a result of the change from hand-made to machine-made products, which had a direct impact on living standards and growth.According to a new World Economic Forum research, roughly 133 million new employment might be generated by 2022, with AI, automation, and robotics displacingSupport the Show.Follow me on Facebook ⬇️https://www.facebook.com/manuj.aggarwal❤️ ID - Manuj Aggarwal■ LinkedIn: https://www.linkedin.com/in/manujaggarwal/ ■ Facebook: https://www.facebook.com/realmanuj■ Instagram: ...