Turning Change into Chance and Success: Challenge for Innovating Innovation

Abstract

India enjoys a favourable position. The economy grew with 7.6 %; the potential for future increase is expected to be about 8% annually. Actually, the low price for raw materials helps; the domestic market is thriving. Inflation remains at a comparably low level. Projects upgrading the infrastructure take effect. In contrast, the indicators for investment and for employment stay at a low level. Overall, the auspices of India are markedly improving. Yet to realize the potentials basic indicators of the infrastructure will request continuing exertion and innovation. India sets on to re-boot, to re-invent itself. Transformation will spawn change on all levels, will raise opportunities and obstacles. To transfer change into chance and into success, urgently demands innovation. Innovation comprises entrepreneurship, the accomplishment of ideas and products into turnover and profit. Focusing on economics 4.0, on business and on digital industry/services in particular, innovation is a continuing process, a network. Innovation presumes favourable environments, infrastructure, economy and market. It deals with rising complexity employing technology around Industry 4.0. It retunes economic/business processes: for example retail logistics, value chains and the personalization of products. It has to align with a generation shaped by digitalisation, altered demands and following new cultural values and ambitious expectations. Innovating innovation understands challenges as a chance and a duty. Practice examples will elucidate the crucial factors that innovative entrepreneurship must observe; and how to implement successful innovation.