In business sector around the world, innovation idea is seen as the key brand differentiating factor with the ability to generating new brand and create a whole new market or to transform an industry, whereas the acts of entrepreneurship is often associated with true uncertainty especially when it involves bringing something new to the business. Nevertheless, in today 21st century, innovators and entrepreneurs are the engines of any organisation within a competitive business environment. Given the pace of change in today s working place, the ability to constantly question and refresh what to do innovate - is an integral part of a long tern survival. If businesses as well as not-for-profit enterprises want to remain relevant for their client/supporter, they need to update their products and services to keep in line with the influx of new ideas and information that are characteristic of this era.
The idea behind this research is to analyse the product sixth sense which has amazing features and there is also a video link where this product can be watched for live.
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1.1 Aim of the Research
To identify the uses of this amazing technology developed by Pranav mistry.
How can this innovative product of technology be used in the real life.
Why it is important for business organisations to be very innovative .
1.2 Key Variables
Innovation, sixth sense, technology, innovations
2.0 Literature Review
According to N, Wilson. & C, Gurling. (2007) innovation is a successful exploitation of new ideas, whereas T, Lewitt. (2005) attributes this variation as: Just as energy is the basis of life itself and ideas the source of innovation, so is innovation the vital spark of all human change, improvement and progress. Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business service (P, Drucker.1985). The key challenge of innovation is maintaining the balance between process and innovation products where process tends to involve a model which may develop stakeholder satisfaction through improved efficiencies while product innovation develop customer support. Innovation works together with entrepreneurship that is defines as the mindset and process to create and develop economic activity by blending risk taking, creativity and/or innovation with sound management, within a new or existing organisation (N, Wilson. & C, Gurling. 2007); The ability to innovate can provide vital advantages for an entrepreneurial organisation (D, Rae 2007). There is a lot of literature about various innovation methodologies but to put them to affect is more important than anything else , There have been so many researches around the world but only a few have been more successful. To be an innovative organisation, it is important for the organisation to be creative. Creativity is the main base of the innovation. According to Csikszentmihalyi (1999). According to Amabile, granting freedom to the employees to decide the way of doing process is the key to creativity. It means that if employees know clearly about their goals and objectives, they should be allowed to decide any method to achieve the goal. This helps in creativity. Though it has two assumptions, these are as follows: -
Employees should know about the objective clearly.
Employees should be given proper support by organization to take the risk.
Business is obsessed with innovation. Companies operating in expanding markets are always looking for something that will enable them to continue to grow. Companies operating in volatile or difficult markets believe they have to find new ideas in order to maintain or improve their market share. Good businesses obsess about innovation constantly whereas great businesses obsess about it constantly and do something about it (Jolly, 2003). Innovation has a vital role in development of any organisation. It helps any business to survive in the new world which is full of technology and creativity. An Amabile (1998) state that within every individual, creativity is a function of three components: expertise, creative thinking skills and motivation.
There are six general categories of managerial practice that affect creativity. These categories are: -
2.1 The Sixth Sense
Pranav mistry has come up with one of the most amazing technologies of this century his sixth sense is a kind of a wearable gestural interface which is one of the innovations of its kinds, it is augmented with the physical world which is around us with the information in a digitised format and we can make use of the information in it with the gestures from hand which is truly amazing.
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2.1 The Working of the Sixth Sense
The sixth sense is a device which can be used in the form of marker technology or natural gestures and many others. All this is done by the help of a tiny camera and a tiny projector which it has mounted in it in a pendant like device which is wearable , the main significance of this is that it can interact with any surface , walls and other physical objects . This project still is in working and may take some time to come up to the reality but still this is one of the amazing innovations of the technology. Can you imagine you need to know what the time just with the gesture of your hand draw a watch in your hand and know the time so access to the information has become so information and many more behind this innovative technology? 'SixthSense' attempts to free information from its confines by seamlessly integrating it with reality, and thus making the entire world your computer.
A perfect video demo of this project is available at the following URL where the working can be seen very clearly
IDENTIFICATION OF INNOVATIVE OPPORTUNITIES
There were many questions that is it possible to develop such a technology and will this be possible . Some may argument that these kind of facilities are in cellular phones but still they are not that exact and not that responsive. This innovative opportunity started as a small dream but today this is turning into the reality and this is turning into optimism and has challenged many. That is why it is always believed that organisations should believe that the identification of such process is a must and the same this project which we are speaking about has a great opportunity and now when it is shown that it is working it has a great potential for growth.
EXPLANATION OF MY CHOICE INTERMS OF INNOVATION
Everybody has a choice of their own innovation idea , some are dreams and some dreams are brought into reality like the one form pranav mistry which was hard to believe at a time which could only be a dream but the aim and the ability and the work and the use of technology has brought this into a reality almost since this is not yet complete , but the days are not far as it has been brought to reality almost.
The word barriers is always associated with the innovation and any kind of research there are certain limitations and barriers always attached, in this research also there care many possible barriers but many of them have to be identified because this is sometime a very controversial because one of the demos in the videos can also access information about the human being which is something tricky so this could lead to some kind of an issue in the future,
All organisations need to innovate in the context of their business. In summary, innovation is vital for the survival of any organisation. Employees who are given the liberty to experiment innovation are usually associated with its process and the development of new products and services. Innovation and entrepreneurship concepts work together and are difficult to dissociate.
Moreover, entrepreneurship skills within the organisation workforce can remedy the loss of challenging and rewarding jobs, which lead to greater job satisfaction, productivity and efficiency.
Although innovation is the element of progress any business organisation, relying solely on internal innovation would sputter the mechanism. The sensible approach should be the connection with external sources of new ideas, and then develop those ideas into profitable new or refined products that will benefit the organisation as a whole, improving both productivity and job satisfaction within its workforce on one hand, and delivering a better and efficient service to customers, clients and partners on the other.
The research and the innovation done by pranav mistry is very unique and organisations need to make such innovations or at least support the such researchers who are very innovative because sometimes the employees cannot be so innovative within the organisation but the others can be so organisations should act like funders for such people and make sure that the technological innovation should progress.
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