Changes in the global market
would direct and focus our at-
tention to the concepts of innovation and creativity, which
have prompted many organizations to focus on new technologies, new
industries and new wealth. The principal reason for this trend in
organizations is the increasing competitive heat faced from their peers. In today's
global competition, various issues are posing challenges to firms. Hence,
it is essential for firms and their employees to adopt new capabilities
and skills for placing their organization on the global platform. Effective
innovation and creativity will determine the fate of firms and their
employees. Thus, innovation and its successful implementation are
pointed out as the key route for success of any organization. Several
economies adopted technical and scientific education for proving their capability
of innovation and competition on the global
platform.
In the context of organizational creativity and innovation, the
famous economist, Joseph Schumpeter, coined the term creative
destruction and defined it as "a process of
industrial mutation that incessantly revolutionizes the economic structure
from within, incessantly destroying the old one, incessantly creating a new
one." Many analysts view that this process is bad for the economy, for
so many of their expensive assets would be converted into worthless relics, and
so many employees would lose their jobs. But Schumpeter argues that this
is good for the economy, as the benefits of creation of new industry will
outweigh the loss of the old industry. Over the last few decades, the importance
of creativity and innovation has been increasing, new skills are being
mastered, new assets are being created and effectively new careers are
taking shape. |
