Several issues trigger the need for modernization. One of the sources of innovation is the continuous need for being prepared for the unforeseen. Businesses that have succeeded in their different lines of operations have realized the importance of being ready to face unpredictable events that range from market breakdowns, booms, or shockers. An imaginary illustration of this source of innovation may involve a sudden crunch of the electronic bazaar whereby those who operate in this field may find themselves with no option other than embracing a change of the commodities they trade. Another source of innovation is linked to incongruities. This element requires business investors and stakeholders to think outside the box to win rivals or meet the prevailing societal demands. Steve Jobs’ input in his company, Apple, best illustrates this source.
In particular, Jobs steered a team that came up with an original item, namely, the iPhone, which hit the market because of its capacity to accommodate music and calling services in one gadget. Thirdly, the need to introduce a new process that can boost operations efficiency acts as another source of innovation. This cause implies the capacity of interested innovators to recognize some insufficiencies in the overall processes before coming up with the idea that seals this gap. As an illustration, Manoj Bhargava, an Indian American entrepreneur, invented the 5-hour energy beverage after realizing that clients were taking too much time queuing to get caffeine to quench their demand for caffeinated soda. To seal this gap, the new commodity allowed them to access a drink that could be consumed instantly while serving their initial needs effectively.