Name : Shafi Ullah

ID : 16079
Subject : Entrepreneurship
Assignment : Mega assignment
Submitted to : Sir Aftab Alam
Semester : 8th
Department : Department of management science, Abasyn university, Peshawar.

Importance of Innovation in Entrepreneurship

Importance of innovation in entrepreneurship Developing a novel method of producing a good
or a solution demonstrates the significance of innovation in entrepreneurship. To meet the
constantly shifting needs of its customers, a service sector might grow by offering a different
kind of service. The use of byproducts and raw materials allows producers to create new goods.
Innovation’s importance for solving many problems
Innovation-driven entrepreneurship is vital for the world in today’s context. Especially countries
facing a lot more challenges like poverty, unemployment, underdevelopment, etc. To solve
these problems countries need creative answers. That’s why innovation is so much crucial for
countries. However, entrepreneurship cannot produce the desired outcomes if it is not
innovation- or creativity-based.
Countries do different types of projects to promote innovation. Especially different types of
initiatives needed for rural areas. Setting up technology and entrepreneurial centers, and
incubation centers to support young entrepreneurs and industries. Cubex Global, RecyGlo,
Oceanium, Intelehealth, Flare, Carbon Health, Desolenator, Inga Foundation, cities RISE, and
TheraWee are some examples of innovation projects currently run.

Innovation is important for satisfying and retaining customers

For commercial organizations to be profitable, customers are crucial. The Customer is currently
seen as a “King.” Only by meeting the wants or demands of the consumer can the firm remain
viable. Customers now have complete control over who they are, what they do, what they buy,
and how and where they get it. As a result of these expanding customer expectations and
preferences, corporate organizations must make innovative changes to become more customer-
centric.
A customer’s ability to choose who they are, what they do, and most importantly, what, how,
and where they buy has never been greater. Organizations are being influenced by rising
consumer expectations and options to adopt an innovative changes to become more customer-
centric. So innovation is important for entrepreneurial organizations.
It is possible to build and invent new products and services, as well as execute plans in ways
that people value and cherish, by using human-centered design to enhance the user’s
experience.

Innovation is important for catching up with technological advancements

The pressure to adopt innovation is growing as a result of technological advancements. The
internet has brought everyone together. The Internet is being used by businesses to attract new
clients. To draw clients, they use websites and social media. The availability of inexpensive
internet connectivity has allowed people to learn more about products, services, fashion, and
trends, among other things. New technologies are to blame for how quickly fashion and trends
change. Therefore, any business that does not keep up with technological advancements will
not be able to thrive. Entrepreneurs should consider new technology to stay ahead of the
competition and to adapt to the changing environment.
Innovations are important to compete at the global level
These days, the internet and digitalization have made the entire world into a village. Today
organizations are a lot more focused on international markets other than local markets. The
businesses operate or conduct business internationally. International business operations are
carried out by multinational corporations. The rise of international corporations has created
fierce competition for domestic businesses and organizations. As a result of the rivalry, only
inventive and creative businesses can thrive by drawing in and keeping customers.
Innovation is important for survival and success
Every company endeavor should aim to develop and survive over the long run. Therefore,
businesses must be able to satisfy and keep clients to thrive. Customers today seek brand-new,
cutting-edge products to satisfy their needs. Therefore, only innovation-driven businesses can
satisfy their needs and keep customers for a long time.
Innovation is important for sustainability Innovation contributes to a reduction in
environmental impact. Innovation includes anything from recycling to lessening pollution to
using natural resources more effectively. Instead of doing what they’ve always done, innovation
inspires people to try new things. Productivity declines and workplace motivation suffers when
a process turns into a routine. Because it enables people to find more effective ways to lessen
their carbon footprint and increase their environmental awareness, innovation is essential for
sustainability. Without innovation, the globe would face severe pollution and a lack of natural
resources, which might be harmful to everyone.