Innovation is the process of translating an idea or invention into a good or service that customers will pay for. It involves introducing new ideas through new goods, services, or production methods. Innovation is needed for entrepreneurship from idea generation to successful product development and launch. Entrepreneurs coordinate the innovation process by creatively identifying gaps in the market and innovating products to fill those gaps.

1. Topic : Innovation

2. Innovation
The process of translating an idea or
invention into a goods or service that
creates value for which customers will pay.

3.  New idea
 Introduce new goods
 Introduce new services
 Introduce new methods of production

4. Example

5. – Achieving business growth goals and improving
bottom line results.
– To make business successful.
– Making productivity and efficiency gains to
increase profitability.
Need for innovation in
Entrepreneurship

6. Example

8.  From the idea generation to the successful product
development and launch, innovation is the seed-bed
for change. Charged with the coordination of the
innovation process are the entrepreneurs.
 It is the job of the entrepreneurs to be creative in
identifying the gap in the market and innovate a
product to fill this gap.
CONCLUSION

9. Reference
 Entrepreneurship development
By ajay M. bhamare
 www.youtube.com
 www.Wikipedia.com
 www.businessdictionary.com