The buzzword of the decade, innovation has captured the interest of businesses, governments, educational institutes, and organizations worldwide. It is an undeniable driver of growth, opportunities, and prosperity.
In simple terms, innovation is the generation of new ideas that, when executed well, improve people’s lives. By innovating a process, product or service, people throughout history have been able to spin challenges into opportunities, adapting to changes and coming up with solutions to satisfy their needs and wants.
To move forward is to innovate
In a highly competitive and dynamic world, businesses must rely on one of their most important non-tangible assets: Ingenuity. The need for innovators is at an all-time high, capable of arming businesses with the knowledge and tools to not only compete on the global stage, but also keep pace with accelerating digitalization. Technology and innovation are also closely linked to the future of employment, helping countries speed up their growth trajectory by increasing access to markets and investors.
Zooming out, nations that supercharge innovation have been known to enjoy considerable economic growth, high standards of living and more readily available resources. At the end of the day, it is continuous improvement and creative thinking that allows you to be ahead of the curve while ensuring sustained growth and excellence in the long run.
The ideas driving progress
The beauty of innovation lies in its versatility. It is accepting of people of all backgrounds and is not confined to the parameters of industrial sectors. Innovation can be realized via a bottom-up approach just as much as it can from a top-down approach. Social innovation has emerged because disadvantaged individuals and communities were able to build on the areas in which they were advantaged to seek solutions to their problems. Often, these innovative ideas have gone on to be translated into successful entrepreneurial enterprises.
Entrepreneurs are continuously set on finding their competitive advantage in the marketplace. In the fierce business landscape, only entrepreneurs with innovative ideas that progressively or disruptively create or turn something for the better will stand out and thrive.
Today more than ever before, the Middle East and North Africa (MENA) region – at the heart of which lies Jordan – is in dire need of passionate dreamers and successful innovators. Worldwide, nations, businesses, and individuals are living the consequences of globalization, digitalization, socio-political instability, economic reforms, migrations, climate change threats and generational transformation. Innovation is crucial to improving the quality of life in these uncertain times. There is no formula for successful innovation; it is up to each person’s unique experience.
The question is: What does innovation mean to you?