The Importance of Innovation in Entrepreneurship

Innovation is important in entrepreneurship. In the highly competitive world that we live in, innovative ideas are what will separate you from the rest. Your goal is not to build just an average startup, right? In order to create an outstanding product, strong brand and to build your customer network, you need to innovate. Innovation doesn’t always mean to create something new: innovators often take something that already exists, improve it, change it, make it better and make it the best for their customers. Innovative ides are what will make a startup competitive.

Being innovative doesn’t happen overnight: it requires time and effort to create something truly innovative that will make difference. Innovation and creativity walk hand in hand when we talk about entrepreneurship. Here you can find seven great ways to look at innovation in order to understand its importance in entrepreneurship, education, ideas execution, knowledge and more.

Innovation and education

Since we live in an age of innovation, a practical education must prepare a man for work that does not yet exist and cannot yet be clearly defined. – Peter Drucker

Knowledge, information and innovation

Innovation is fostered by information gathered from new connections; from insights gained by journeys into other disciplines or places; from active, collegial networks and fluid, open boundaries. Innovation arises from ongoing circles of exchange, where information is not just accumulated or stored, but created. Knowledge is generated anew from connections, that weren’t there before. – Margaret J. Wheatley

Money and innovation

Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it. – Steve Jobs

Ideas and innovation

Just as energy is the basis of life itself, and ideas the source of innovation, so is innovation the vital spark of all human change, improvement and progress. – Ted Levitt

Idea execution and innovation

Innovation is the process of turning ideas into manufacturable and marketable form. – Watts Humprey

Patience, persistence and innovation

Innovation by definition will not be accepted at first. It takes repeated attempts, endless demonstrations, monotonous rehearsals before innovation can be accepted and internalized by an organization. This requires “courageous patience. – Warren Bennis

Learning and innovation

Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow. – William Pollard