Innovation and What it Accomplishes
Innovation is the dynamic process whereby Hawai‘i creates and introduces new ideas and new approaches. It is the process of creating new ideas, then turning them into products or services.
Innovation is a process which links together Hawai‘i’s people, Hawai‘i’s knowledge, and our many assets to transform ideas, insights and invention into new processes, products and services.
Innovation’s measurable results are new or improved products, services or production processes; (i.e., the opening up of a new market; the adoption of a new technology; or an improvement to a business organization or process).
Innovation applies to both existing and new industries. It increases Hawai‘i’s standard of living through steady growth in productivity. Productivity growth depends on applying technology in ways that lower costs in order to compete – or by growing revenues through the introduction of more valuable products and services.
Innovation leads to sustainability. We will maintain our standard of living while using fewer natural resources, including land.
Innovation will lead to economic diversification. It will lead to new companies with higher-paying jobs in areas where Hawai‘i has natural competitive advantages.
Innovation will also support Hawai‘i’s traditional industries with increased productivity and higher-paying jobs. Innovation has been part of Hawai‘i’s history: from the earliest Polynesian voyagers who used innovation to navigate their way over thousands of miles of open ocean, to later immigrants who transformed these islands into a Pacific trading hub. Hawai‘i’s early innovators found new ways of farming, fishing, and creating one of the world’s most desired destinations.