ABSTRACT
The Oxford dictionary defines innovation as “the introduction of a new process or way of doing things.” Drucker in his book “Managing for Results” uses a broader definition of innovation. He defines innovation as “The design and development of something new, as yet unknown and not in existence, which will establish a new economic configuration out of the old, known existing elements. It will give these elements an entirely new economic dimension. It is the missing link between having a number of disconnected elements each marginally effective and an integrated system of great power.”
