Systems Innovation is the restructuring of social, economic, and technological systems. The term has been floating around for a while vaguely but is gaining more prominence. It is not just about a specific aspect or end product but the whole system which needs to be improved or replaced. New ideas and innovative methods of accomplishing new tasks and challenges are most important.
A successful business calls for both creativity and innovation. For all to work well, one needs to ensure that both are well incorporated in the process of business making. Both require the inclusion of new thoughts, processes and ideas to make an impact on a venture. Both play a crucial role in the success of every business. Creativity alone is incomplete without innovation and vice versa.
Over the past century, we have observed a leap in medical advances: from novel drug discoveries and diagnostics to the digitalization of various health services. However, there is still a lag in delivering these outstanding innovations to the more marginalized section of the world. And to bridge the gap between healthcare advances and individuals in need, the WHO introduced the social innovation in healthcare initiative in 2014. But, what is social innovation, and how does it help our concern for healthcare advancement? Let’s find out.
Famous architect, inventor, designer, and developer of the geodesic dome R. Buckminster Fuller once said that we need to build new models that render existing models obsolete to change something. A multitude of crises plagues today’s world––climate change, food insecurity, pandemics, poverty, and many more––and so radical solutions that go against the grain of convention and bring about positive change have become the need of the hour. This is where social innovation in entrepreneurship can be a vital tool.
Education has indeed seen a whole new wave of development and digitalization in the past few years. The quality of the educational and knowledge industry is booming as always. Innovation has played a major role in transforming education and the economy. Curiosity and uniqueness drive us towards investing in innovation courses. It induces an urge to expose our students to contemporary innovation tools for learning.
Both large and small companies in the present times agree that creativity and innovation are indispensable to maintain business progress and increase market competitiveness. Nevertheless, the conventional closed innovation model encountered obstacles and lacked new idea creation amongst the in-house business team.
In the contemporary business world, everything revolves around how effective and innovative the goods and services created by a company or a firm are. Hence it might not be wrong to say that innovation is the key to expanding a business. A business that remains competent in creating innovations can stand ahead of its competitors. As an outcome of this, companies receive a higher market capitalisation. Now, you might be wondering, what is innovation? What are the various types of innovation in entrepreneurship? What makes it so significant for businesses?
In this modern age of rapid technological advancements, businesses that do not make radical innovations would not succeed with their business models. If business owners do not conform to the ever-evolving requirements and choices of the clients, their competitors will overpower them. This is why companies must remain competitive by hiring expert innovation managers who can work upon improving business processes, services, and products, so they constantly add substantial value to the clients’ lives.
Design Thinking Strategy entails gaining a deep understanding of the unmet needs of the customers and users in the context of a specific situation, such as interpreting data, discovering insights, challenging assumptions, exploring different perspectives, and reframing problems to find a viable solution.
Design thinking for innovation is a method for tackling challenges and coming up with game-changing ideas. This method is not limited to just product and service designers but is also practised by many innovators. Many outstanding companies, including IBM, Apple, Google, and Airbnb, have adopted design thinking for innovation and developed new methods to focus their efforts, revive creativity, and explain their objectives clearly.
