"Innovation is a new idea, more effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. The term innovation can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society."
While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be a process that brings together various novel ideas in a way that they have an impact on society.
In general, we see problem as a problem, and not as an opportunity to innovate a solution. If the necessity is the mother of invention, it is important to identify, analyse and articulate the necessity
The institution cultivates a great value of innovation by early induction of the student on to it. It helps to build the relevance of the subject maters and its applicabilities. It also bring a purpose to the whole process. While we see a great value creation by the whole process, we need to understand that for each stakeholder discretely.
The Innovation lab adopt the inclusive model of operation and help to democratise the knowledge towards its applicability. It helps to create product and solutions and help to bring the imagination of individuals and team in a realm. Here the detail on how it operates.
The right derivative of any innovation is a solution of technology excellence, which solve a prevailing challenge and/or create a disruptive opportunity.
