It has introduced the concept of Innovation from Everyone, from Everywhere and for Everyone that has proved to be a runaway winning idea.
People pursue good health and will do anything new that will help them to live a better life. Corporates too do the same by pursuing strategies for improvements and breakthroughs that create new products and new markets. This is a continuous exercise and any let-up, in health or corporate endeavors will invite a decline. This then is the engine that persuaded the corporates to innovate.
There is a delicate difference between innovation and invention although one leads to the other. Innovation is the first happening or germination of an idea for a new product or a process while the first attempt to make it or practice it is what invention is all about. Innovation is, therefore, the creation of a new value and invention is the creation of a new product or service that offers this value to the customer.
Sometimes additions to existing products are also called innovations as they enhance the value or are value creators and generate revenues. But a better way of describing an innovation is the discontinuation of an old value and replacing it with the new value. As a consequence discontinuation becomes a source of an innovation.
Another name given to technological innovations is Discontinuity. Such technological breakthroughs help to create entirely new products or even new industries. This is the way the rules are re-written. It is part of corporate strategy to find new ways and means to improve products and services and discontinuation of one preceded the other. It is the brain-wracking exercise that brings about breakthroughs and they arise unexpectedly with experiments. Such results can bring about new or improved technologies.