Creative Destruction and Global Innovation!

IIPM MANAGEMENT INSTITUTE

When change is a must, global behemoths must be ready with one tool – innovation!

Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. – Peter Drucker

The five essential entrepreneurial skills for success are concentration, is crimination, organization, innovation and communication. – Michael Faraday,

Austrian economist Joseph Schumpeter (1883–1950), long associated with entrepreneurship and innovation, is credited with the first use of the term 'creative destruction' to describe free market capitalism. In his view entrepreneurial innovation is the force that makes long-term economic growth possible even as it destroys the value of established companies.

No one will disagree that innovation is essential to a business’s success, whether it is an established business or new one. And it is not difficult to see that innovative businesses directly affect a nation’s current and future economic well-being. "Innovation will be the single most important factor in determining (a country’s) success in the 21st century. Where once we optimized our organisations for efficiency and quality, now we must optimise our entire society for innovation.” [US Council on Competitiveness] Is it possible to measure the innovativeness of a country? The INSEAD business school in Fontainebleau, France, thinks so.

For Complete IIPM Article, Click on IIPM Article

Source : IIPM Editorial, 2007

An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative

Rashmi Bansal Publisher of JAMMAG magazine caught red-handed, for details click on the following links.

• Hindustan Times Article - Publisher goes underground
• Rashmi Bansal (Editor of JAMMAG)
• Rashmi Bansal (Publisher of JAMMAG)