In general, the result of innovation should always be improvement. From the society’s perspective, the fundamental outcomes of innovation are economic growth, increased well-being and communication, educational accessibility and environmental sustainability

 

Innovation – Benefits and Risks

  • Improved productivity & reduced costs. A lot of process innovation is about reducing unit costs. …
  • Better quality. …
  • Building a product range. …
  • To handle legal and environmental issues. …
  • More added value. …
  • Improved staff retention, motivation and easier recruitment. …
  • RISKS OF INNOVATION.

One of the major benefits of innovation is its contribution to economic growth. Simply put, innovation can lead to higher productivity, meaning that the same input generates a greater output. As productivity rises, more goods and services are produced – in other words, the economy grows

 

3 Reasons Innovation Is Important for Businesses

  • Innovation grows your business. Business growth means, ultimately, increasing your profits. …
  • Innovation helps you stay ahead of the competition. …
  • Innovation helps you take advantage of new technologies.