Innovation, a Necessity for Firms
Innovation is becoming a crucial factor in company survival because of the evolution of the competitive environment. Modern organizations are under ever increasing competitive pressure to maintain market share, enhance product range, improve efficiency and reduce cost. The ability of an organization to grow is dependent upon its ability to generate new ideas and to exploit them effectively for their long-term benefit of the organization.
Technology based innovations coming in rapid sequence, have been seen as the crucial source of prosperity, fundamental to business success and the remedy of all business problems.