The Significance of Innovation and Creativity in Business Development

This presentation delves into the critical concepts of innovation and creativity within a business context, emphasizing their importance for achieving success and maintaining a competitive edge. It defines creativity as a function of curiosity, imagination, and knowledge, while innovation is presented as the practical application of ideas. The presentation highlights the value of both, particularly how creativity fuels innovation, leading to the development of new solutions and products. It further explores the benefits of innovation for businesses, such as improved problem-solving, enhanced productivity, and effective marketing. The presentation also addresses the significance of innovation in fostering competition, providing a pathway to superior market opportunities. Finally, it showcases examples of performance improvement strategies, including employee engagement and training and development programs, with real-world examples from companies like Google and Amazon.

INTRODUCTION
• The intent of this presentation is to discuss
the concept of Innovation and Creativity
and their importance in business.
• The presentation is also highlighting the
importance of innovation and creativity for
Competition
• In addition to this, it is also presenting the
examples of performance improvement
strategies

CREATIVITY AND INNOVATION
 Creativity is said to be the function of
curiosity, evaluation, imagination, and
knowledge. It has been believed that the
greater base of knowledge and curiosity
level, the business get more ideas,
combination, and patterns can achieve,
which then related to creating innovative
services and products.
 Innovation is generally the application of an
idea and in a number of cases, it is said to be
the collaborative enterprise (Borrus, 2017).

VALUE OF CREATIVITY AND
INNOVATION
 Innovation is essential because it supports in
building and executing new solutions for
every type of issue or problem that could not
be resolved with traditional ways, and when
prevailing elucidations does not support in
attaining the desired outcomes.
 Creativity is essential as it is the main
ingredient of the innovative procedure and in
its absence innovation is impossible.

VALUE OF CREATIVITY AND
INNOVATION TO BUSINESS
 Creativity and innovation go hand in hand.
Creativity and innovation in business have
been identified as a definite path to attaining
success. Motivating creativity and discovering
totally new result enhancing the
organization’s productivity. Inspiring workforce
to think beyond the boundaries and providing
the proper time as well as resources in order
to discover new innovative ideas is the path to
cost-effective solutions for business.
 Innovative approaches and creative ideas can
be gained from anywhere from customers,
employees, partners, target groups, etc.

INNOVATION IS IMPORTANT FOR
BUSINESS
 Innovation is all about creating more
effective procedures, ideas, and products. For
a business organization, it is about executing
new ideas and services and making dynamic
products. Innovation is very essential for
business because:
 Solving problems easily
 Enhancing the productivity of the business
 Marketing the business (The Start-up, 2018)
 Competing with the competitors

INNOVATION IS IMPORTANT FOR
COMPETITION
 Innovation is very essential at the workplace
because it helps in gaining an edge in the
competitive market quicker and offers a
superior link to the developing markets that
can result in better market opportunities,
particularly in rich nations (Henderson,
2017).
 Innovation can also support business in
developing unique concepts while providing
the innovator a confident and proactive
attitude to take risks and get things done.

EXAMPLES OF PERFORMANCE
IMPROVEMENT STRATEGIES
 Engaging people
Engagement of employees is said to be the
most talked issues in the business
environment. There is a number of businesses
that encourage the involvement of the
employees in the decision making the
procedure for better results, ideas, and
productivity (Business.com., 2019). Companies
like Virgin and Google are the main examples
of using employee engagement strategies.

EXAMPLES OF PERFORMANCE
IMPROVEMENT STRATEGIES
 Training and Development
There is a number of businesses that possess a
workforce that requires effective training and
development programs for improving the
performance and increasing the productivity of
the business. The need for training and
development arises due to increasing
innovations in the market. On the key example
of a company that provides the best training
and development programs to its employees is
Amazon (Pribanic, 2019).

CONCLUSION
 From the above analysis, it could be
concluded that Creativity and Innovation
both are important and plays an essential
role in the business. Creativity is said to be
the generation of idea and innovation is the
implementation of the idea. It also helps
business in gaining competitive advantage in
the market.

REFERENCES
 Borrus, D. (2017) Creativity and Innovation: Your
Keys to a Successful Organization [online].
Available from
https://www.huffpost.com/entry/creativity-and-inno
vation_b_4149993?guccounter=1&guce_referrer=a
HR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referr
er_sig=AQAAAGpTmXvGwBO1DXmVhj9uHpp6c1sQ
jNrvUwI2sF-_k4ObQgJrPhpZQAbc3ve0JnUB88CNEkf
Ff5flm5G6-eB8iNZFR8J2v2YPFMYtujyP2e0kGyrGAn-
e-x3kRaPl-nFUmatovZVkbodH3UByEN7O6YM_XOW
xpDCTdW4-0Pvb4f8p
[accessed 15 June 2019]
 Business.com. (2019) 6 Steps to Improve
Organization Performance [online]. Available from
https://www.business.com/articles/6-steps-to-impro
ve-organization-performance-2/
[accessed 15 June 2019]

REFERENCES
 Pribanic, E. (2019) Top Examples of Employee
Training and Development Programs [online].
Available from
https://www.techfunnel.com/hr-tech/top-exa
mples-of-employee-training-and-developmen
t-programs/
[accessed 15 June 2019]
 The Start-up (2018) 4 Important Benefits of
Innovation in Business [online]. Available
from
https://medium.com/swlh/4-important-benefit
s-of-innovation-in-business-64ed0d78d150
[accessed 15 June 2019]