I define Innovation as the process of making improvements by introducing something new thinking and ideas. While innovation typically adds value, innovation may also have a negative or destructive effect as new developments clear away or change old organizational forms and practices. Organizations that do not innovate effectively may be destroyed by those that do. Hence innovation typically involves risk.

It is important to set the right expectations, put smart people in charge and give them clearly defined rewards for achieving innovation. They need to be empowered to drive change and push the boundaries where necessary. Innovation does not come naturally. It requires push, risk and a strong conviction in achieving greatness. The minute you think you are wining is the moment you are in deep trouble. You must be a restless organization and continuously re-invent yourself. I also think that the best companies have a diverse group of people with a non-traditional approach to doing business.