Innovation Management Assignment

Why Malaysia has to be innovative to compete globally and what is GENOVASI?

Innovation?

   Innovation is the development of new customers value through solutions that meet new needs, in articulate needs, or old customer and market needs in value adding new ways. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society. Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better. The top 5 why someone or some organization has to be innovation;

• economic growth
• the progression of human being
• competitive advantages
• desire for higher business revenue
• to take advantage of opportunity

 

Why Malaysia has to be innovation to compete globally  

   The word is changing. Knowledge societies demand flexibility and quick adaptability of the labor force to constant changes in increasingly interconnected reality. The demands of work life skills are very different from what they used to be at the beginning and it is one of the reason why Malaysia has to be innovation to compete globally.

   The other reason is that the country is endowed with wealth but isn’t utilizing it properly, putting it in danger of standing still or even regression as the rest of the world advances.

   Innovation needs to be focused on wealth creation and society’s well being, he said, and Malaysia(AIM) needs to become globally competitive. AIM has identified four pillars that the education system, higher learning institutions, government, and industry all of which need to work together, abandon their silo mentality and foster the country’s natural talent for the benefit of all.

   Some might say that if a country needs a special government body to highlight the need for innovation in these obvious areas, then it might indeed have an innovation problem. And it’s always our opinion here that too many government programs can stifle progress in the long run, no matter how well-intentioned they are. 

   But Malaysia does not suffer from a lack of talent. It’s a matter of being able to adapt that talent more to suit the economy’s present needs. Malaysia’s new Talent Corp is already playing its part by identifying key needs and attracting Malaysian talent back home, and hopefully AIM will build on their efforts.

Genovasi

   Genovasi is a combination of the Malay words "generasi" and "inovasi". It aims to progressively train the ambassadors over a five-year period so they can eventually take the lead in spurring progress, a better quality of life and solutions for the nation. Genovasi would partner with global innovation leaders to impart innovation, skills, experties and methodologies to the new generation of Malaysian innovation ambassadors.

PM : GENOVASI TO PRODUCE 5,000 YOUNG AMBASSADORS TO SPUR COUNTRY'S PROGRESS

PM who announced the new unit, said Genovasi would partner with global innovation leaders to impart innovation, skills, expertise and methodologies to the new generation of Malaysian innovation ambassadors.

“Genovasi will be launched early next year and I expect it to be granted university status within five years. A board of visionaries will guide and advise Genovasi,” he said in his speech after attending a dialogue session with several leaders in innovation at the Perdana Putra building here yesterday.

The Prime Minister said Genovasi would be set up as an innovation organisation where bright young minds would have tangible opportunities to receive induction into innovation.