Constant thrust to innovate: Key driver for sustainable development

Creativity and innovation is not a new word in today’s corporate world. Since the inception of globalization, corporate houses are focusing upon innovation as a key to achieve success and to create an edge over competitors. Now a days, the meaning of innovation has changed for corporate world. Earlier innovation was a mantra to success but now it has become inevitable for sustainable development. Organisations are focusing upon innovations and creative ideas in all wings of their functions. Innovative advertisements are helping organizations to fetch attention of prospective consumers and creative HR practices are enabling organizations to satisfy and motivate their workforce, and innovative products are generating business for organizations. The paper focuses upon the basic aspects related to innovations. It aims at finding the changing meaning and importance of innovation for companies in current scenario. To get the insight in the subject matter, views from 125 managers working in different organizations have been taken through interview. The analysis of the data collected indicates that Companies are including innovation in their strategic priorities (61%), increasing investment in the innovation in comparison to last year (52%), and getting the returns on the investment in innovation (58%). The paper explores the problems / obstacles faced by organizations in implementation of innovative concepts & ideas. Through planned process, obstacles can be effectively tackled by organizations.