Now companies move beyond innovations

- Management-Dhawal Mehta

With the rise of science came a tremendous (yes, tremendous) revolution in the field of new discoveries. New discoveries were made based on newly discovered scientific facts or theories

Go away Frederick Taylor, the father of Ta Im & Moran Studies, the king of industrial productivity and scientific management, now you have no job. Now is the time for innovation. In 2015, the World Bank's Innovation Paradox report on Sierra and Mellon came out. In it, he said that instead of focusing on increasing productivity or efficiency for economic growth, the strategy of innovating and launching new products takes the country further. There is no need for Federico Tallerism. If companies and entrepreneurs cannot turn new scientific or technological inventions into new products or new services, then new inventions of technology and science remain only on paper and have only historical value. Increasing productivity alone does not accelerate the country's economic growth. Scientific discoveries should not just be on paper. It is up to the entrepreneurs to make it practical.

Innovation

Is. Moses Abramovitz, a 19th Stanford economist, wrote an important research paper entitled Resources and Output Trends in the United States from 120 to 150, stating that Improvements in technical systems contributed 3%. Is. 16th MIT's Prof. Robert Solo, in an article entitled Technical Challenge and the Aggregate Production Funcran, demonstrated how technological innovation contributes to economic growth using a different research method than Abramovitz.

Due to this world famous article of 19, Prof. of MIT. Robert Solo won the 19th Nobel Prize. Innovation can lead to the discovery of new products, the discovery of new systems, the discovery of new production methods or the distribution system. New inventions destroy old markets or old products or old companies. Schumpeter calls this creative destruction.

FC Innovations

Some inventions are just to increase productivity or efficiency. Especially in mining, gold, diamond, mineral or petroleum or gas industries where there is more emphasis on efficiency or productivity, the importance of these new production methods is not as important as new discoveries. Is. In 1901, the United States employed 220,000 people in the production of oil and gas and produced 3 million barrels of crude oil a day. Six years later, in 2015, the number of people working in the sector fell by a third to 1,2,000, but daily production of crude oil rose to 5 lakh barrels. Nigeria is a major producer of oil.

According to the Nigerian National Bureau of Statistics, Nigeria employs less than half of the total workers in the sector, which accounts for 40 per cent of Nigeria's total exports and 90 per cent of government revenue. In short, an increase in productivity often increases income and profits, but it does not lead to a significant increase in employment or sometimes a decrease in employment. No one should mind that productivity and efficiency should increase in the country but it is not enough to increase productivity on a daily basis.

We need innovations (like Apple and electric cars or other digital devices) that create huge new markets, radical improvements to brand new products or old products (such as jet engines, credit cards, or heart transplants or bypass surgery or new types of antibiotics). Kerskin or MRI machine) raises brand new markets. They are so new that they have no choice. In the past, i.e. in the first decade of the twentieth century, Henry Ford created a huge market with model-T cars. And it changed American culture. He kept the prices of model T cars so low that even laborers could afford them. This is how the cigar machine company in America invented the sewing machine. Initially, many women (especially black women) were affected.

Discover a variety based on science

Before the rise of science about 200 years ago (around 1500 AD), new discoveries were made on the basis of trial and error. With the rise of science came a tremendous (yes, tremendous) revolution in the field of new discoveries. New discoveries were made based on newly discovered scientific facts or theories. (E.g. penicillin, jet engine, X-ray, internal compression engine, etc.) Experience-based inventions have now been replaced by scientific laboratory-based inventions. New discoveries will be made as science spreads. But the proportion of new discoveries in India is much lower.

It is to be noted that the countries engrossed in the excavation industry in the world who are exploring copper, fuel oil, gas, iron, aluminum, coal, silver, manganese etc. and not only innovate efficiency products. Is. Many African countries fall into this category. Of course, they argue that we have remained poor because our precious rich natural resources are owned by foreign multinationals. There is a lot of existence in their argument.