Innovation for Ascension Ventures

Innovation & invention
An idea that prompts a scientist or inventor to study a problem or phenomena is
known as innovation. An observation of what appears to be true or a creative spark of a
fresh concept is generally what shapes that insight. Excellence and continual progress are
the driving forces behind innovation
The conception, development, and deployment of a new product, method, or
service with the goal of enhancing efficiency, effectiveness, or competitive advantage is
referred to as innovation. The four categories of innovation discussed here – incremental,
disruptive, architectural, and radical – highlight the many ways in which businesses may
innovate.
Importance of Innovation
The various significance of innovations is mentioned below:
 • This is concerned with the addition of a new feature to an existing product or
service.
 • This is concerned with increasing a company's productivity as well as its
worth..
 • Innovation aids in achieving a competitive edge by attracting more clients to
the most recent product or service..
Comparison between innovation and invention
Basis of comparison Innovation Invention
Skills required This necessitates a variety of
technical, strategic, and
marketing abilities. Different
combinations of method or
product are associated with
innovation.
Because this is connected to a
particular product or process
in an organisation, it
necessitates a variety of
scientific abilities.
Concept This is a notion relating to the
practical application of new
ideas.
This is a notion relating to
unique ideas and the creation
of a new product.
Tools or approaches to innovation
The following are some of the different tools or techniques that lead to innovation:
 Vision: The Hakim Group's mission is to provide a variety of investment opportunities to
optometrists who want to manage their own practise. In terms of innovation or
commercialization, the firm assists firms in establishing a strong brand image across the
country by utilising their experience in identifying a solid investment opportunity..
 Leadership: This is the most typical strategy for launching a new firm. Here, a Hakim
Group leader leads the team in achieving a specific goal that requires transformational
style. Through his leadership style, the leader inspires his ambitious and talented
employees to go beyond the box and innovate.
 Teamwork and Culture: Employees working together as part of a team and adhering to
the company's culture bring about reinvention or creativity in the company's workings, as
well as in goods and services. The Hakim Group's culture emphasises a competent and
ambitious workforce. This is linked to a pleasant and healthy working environment that
promotes collaboration and teamwork. This fusion of culture and teamwork has resulted
in a win-win situation.
Innovation