"Hey You can innovate products and services only when you have annual budget of millions of dollar"
These are the most common phrases which I hear most of the time when I am talking about innovation, most of the people misinterpret innovation with invention which in reality is totally different thing.
If we are talking about the definition
Invention: It is some thing like of creating some thing new which is previously non exists in the society. Most popular example of it " Electric Bulb:
Innovation: It is said to be creating something new by changing the prospective of others and/or of owns to create a new, using existing things from the society.
I don't remember but some economist once said that Businesses can't earn abnormal profit for long period until and unless they create bridge to support the abnormal profits. In this case innovation is the bridge to you and barriers to other players which will also ensure that you will earn a substantial amount of profit.
Small business can also innovate as it is nothing to do with money or funds, it is more towards businesses owners pro activeness to see the problem in the market and to provide solution of it either in the form of product or services.....
Akhil
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