In a highly competitive world, BTech students have to think outside the box to beat the competition. In order to do this, an individual needs to be thinking ahead. This does not mean taking an expensive Western product and producing it more cheaply. Instead, this means looking at ways to start with a lower-cost, more efficient, and more useful product. This is only possible because of reverse innovation.
Technical innovation
Type 1 – An innovation leads to an increase in labor productivity. Mechanization and Information Technology have enabled mass production and transportation at low prices. This helps in automating assembly lines, warehouses, administration, and bookkeeping. Besides, technical devices are replacing conductors at trains, cashiers in supermarkets, etc.
Type 2 – Innovations are attractive substitutes for current products. It helps companies to escape the downward spiral of price competition and decreasing margins. To be successful, the public has to perceive the new products as contributions to the quality of their lives and be willing to pay accordingly.
Type 3 – Innovations intend to secure life and a decent level of prosperity in the long run. It does not result in major financial rewards in the short-term, except for a few numbers of companies. It includes sustainable energy, bio-based economy, clean-tech, biological farming, reuse of materials, etc.
Social innovation
Type 1 – Innovations have improved labor productivity and humane conditions in the workplace, based on large-scale production, task-differentiation, assembly lines and flexible payment, at the cost of the total destruction of craft.
Type 2 – Innovations aim at the restoration of challenging job content. Improvement of labor-productivity is accompanied by an increasing number of low-strain jobs and by disappearing employee-engagement. Consequently, smart companies skip intermediate management levels, introduce servant-like types of management, create flexible work conditions and diminish differences in compensation between managers and professionals.
Type 3 – Innovations partially replace representatives with direct democracy. However, people are taking responsibility for their own neighborhood. Employee ownership and cooperations revive. Financial institutions, healthcare, assurance, and social care will redevelop bottom-up.
Innovation forwards and innovation backward
The difference between two pairs of three types of innovations enables students of Top Engineering Colleges in Jaipur to explain the difference between innovation forwards and innovation backward.
The principle purpose of innovation forwards is a live existence for future generations worldwide. Type 3 innovation systems include both technical and social. They are the main driver. However, they are supported by type 2 and type 1.
On the other hand, the principal purpose of innovation backward is the growth of company turnover and shareholder value. Type 1 innovation is its main driver. Types 2 and 3 are supportive. Innovation backward might include the acceptance of corporate social responsibility.
Engineering Colleges 