In the wave of modernization, it becomes extremely important for a corporate company to move along with the wave of modernization. The process in which these companies implement innovative ideas into their existing innovation culture is called corporate innovation. According to the Lab42 Innovation Survey, 84% of the survey respondents believe that they would prefer to buy from an innovative company.
According to a survey by PwC’s innovation benchmark, 61% of the respondents of the survey embraced open innovation for the generation of new ideas at the workplace. The statistics clearly underline the significance of innovation for employees; afterall, employees are the true treasure of a company. Innovation fuels the employees to be more competitive and increases their efficiency in the dynamic business environment.
In today's world, "adapt or die" becomes a crucial approach for businesses' success. Therefore, innovation acts as a significant role in businesses as it helps in growth, keeps the business relevant, and helps businesses stand out with a unique personality. So, innovation is basically the replacement or improvement of something. Innovation is the particular instrument of entrepreneurs with the help of which an individual exploits the changes as a chance for a different business.