Innovation is finding something of value for the society through research that ultimately solves a present or future problem, and changes the way one might have previously perceived the problem. With this stated, innovation is ultimately the reason why we can be thankful for the many new convinces of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new.

Throughout the last decade innovation has been the life line to development of great new products and a better standard of living. These products have ranged from the development of the internet to more simple products such as the mach 3 razors. In one way or the other these products have changed the way we ultimately live and operate. As simple as it might

Today, business is nothing less than war, and victory is ephemeral. Sustaining a position in the consumers' mind is an on-going battle and victory can be snatched away with the blink of an eye. The continuous battle for the top spot has forced companies to constantly innovate. Very few companies are successful in sustaining their dominant position and those that are, continuously innovating.

Ongoing innovation and self-challenging are the core competitive strategies for the 21st century companies. The book "Marketing Warfare" says that, the best way to improve a company's position is to constantly challenge it. A company can keep strengthening its position by introducing new products. To put it more precisely, a moving target is harder to hit than a static one.

Innovation, for the new generation of companies, is all about changing the environment. It is about breaking the old rules & work pattern, and introducing new things with new standards. This is like creating a sea change in the way a consumer performs his day-to-day activities. According to Professor Gurprit S Kindra, School of Management, University of Ottawa, Canada, "the ATM was an innovation which totally changed the way people used to deal with their money".