Innovative thinking is really a needed skill for technological advancement purposes. An individual, that has some innovative ideas, means he is able to execute these to explore his business. So, innovative thinking results in emerge of the invention.

Generally, innovative thinking comes through brainstorming. For any result oriented brainstorming, people must know about historic and contemporary details from the given technology. Should they have sufficient background understanding of this field or technology, then your rate of success of the innovative suggestions for business execution can get increase.

1. Role of innovative thinking in pre-existing industries or technologies

– If a person has keen curiosity about innovative thinking for technology advancements, so he is able to also run huge organizations (preferably associated with development and research) with great aplomb. To understand more about effective advancements on the pre-existing technology, another skills will also be necessary for example competitive intelligence, portfolio analysis and proper planning.

– Re-designing of engineering technologies is just possible with the creative and innovative thinking. Implementation of innovative idea generally appears simpler in pre-existing technologies, rather of recent technologies.

2. Role of innovative thinking in entrepreneurs

– Entrepreneurship and innovation both of them are essential for the effective establishment of the new start-up. In economic recessions, business experts claim that if you will see a rise in new entrepreneurs, then markets and economies can recover easily. And, new inventions are the initial necessity of a business owner.

– Now-a-days, these both terms tend to be more commonly used in growing markets and economic sectors. By utilizing entrepreneurship skills and innovative ideas, we are able to exploit a little tradition business to some greater level technological business. These skills and new inventions tend to be more related to the an explosion rate and growth and development of economic sectors.

– Today`s developing countries like China, India require more inventions and entrepreneurs, to boost their development and growth based on their growing population.

3. Role of innovative thinking in advanced growth and development of conventional methods

– In tradition methods, if a person can place a little innovative effort, then same traditional method can achieve past the limits of modernity. Conventional methods and companies curently have a substantial background for example filled with recycleables, economical outputs and sufficient labor. So, to take advantage of these questions modernized way with successful, entrepreneurship and innovative skills are substantially needed.