Question

forces behind the development of major innovation s across time? What role did economics play in the innovation process and outcome? What are the driving the

Answer 1

Answer) Many driving forces are behind Development of major innovation across time ans ideas can be generated from any where from place. thing,act etc.

but innovation is the hard key to get .in business innovation is the factor which gives clear edge to anyone there are many sources which gives in the business for innovation ,their act speaks louder than anything and that is requirement

in the following drives to develop the innovation

a) customer

customers are the main element of the business , it is them for which business is running .as someone has said if you to grow business listen to your customer when they are upset. customers are the key ,everything the whole business is running for them organisation must know what does there customers required what does they seek , full filling the need is the growth of business ,one you can not feed the satisfied person . what does they require and then the innovation will come in picture to full filling requirement .

b) Competitors

In the innovation process should be the best inspiration competition. always judge and monitor what your competitors are up to , try to keep yourself one step ahead of them this is the key factor to run and lead the market , for example many banks were trying to facilitate their customers to provide cash at their need IBM had invented the ATM for one of the bank in the market which provides them a lead the in the market .that was the magic of innovation

c) Market

In the market where does the market is moving and what it will become in upcoming time or what trend it is following one must know this answer as they lead to innovation . for example if customer activity is increasing in market then it should be prepare for entertaining them but without participants and infrastructure it will not be possible like banks are entering in to the emerging economics the local players it is new way to approach.

Role of Economics in the innovation process and outlook

Economics play major role in the process of innovation and outlook .economic theory that contends a that economic development is the result of appropriated knowledge ,innovation and entrepreneurship operating within an institutional environment of systems of innovation. this distinguishes innovation economics from other branches of economics , including mainstream neoclassical theory , which views capital accumulation as the primary driver of economics development , this is contract to neoclassical economics that regards the economy as closed system of outlook of innovation, finally we conclude that economics should key role play in the process of innovation and outlook.