An invention is a new idea that is converted into a tangible product or service. For every innovation, the invention should be taken place. In every organization innovation is the key idea which helps in shaping corporate life, helping leaders conceive previously unimagined strategic options. Innovation provides an edge to enter into new markets faster and deeper. One of the key aspects applicable to a very organization is that innovation helps to create customers by attracting new users and also by building stronger loyalty among current users.
Nokia, the global telecom giant, has transformed itself from a small pulp mill to a global telecommunication MNC and it is the well-known mobile manufacturing company that is known for its innovation and launching of new phones. Nokia, which concentrated primarily on the mass market, entered the luxury phone segment with the aim of converting the mobile phone into the status symbol and mode of self-expression. Nokia was able to achieve market leadership because of its constant efforts towards developing a corporate culture, which fostered innovation. Nokia gave a lot of importance to innovation and creativity and made a conscious effort to create and maintain a culture that focused on diversity and the benefits that accrued from it. All the policies of the company aimed at creating, what the company called “an inclusive environment,” i.e. a culture which seeks to uphold and benefit from diversity. The R&.D system was also an open one where any idea, no matter how absurd it sounded initially, was given due consideration. A number of such absurd sounding ideas later emerged as star products or features in the Nokia line up. Nokia’s culture was responsible for the number of ‘firsts’ it had to its credit. (Spulber 2004, p. 48).
The history of Nokia can be traced back to the year 1865, when, Fredrik Idestam, a mining engineer, established a forest industry enterprise on the banks of the river Nokia in South-Western Finland to manufacture paper.