Innovations have become a crucial part of businesses all over the world and with no innovation there’s no successful business these days and this is true for most of the businesses irrespective of what industry they are it automobile, finance or medicine.

As Johnson and Johnson depicted a report demonstrating how its commitment to diversity and inclusion has driven innovation and financial growth, they also announced their launch of the Diversity in Innovation QuickFire Challenge. The challenge is open to innovators who identify as African American, Hispanic, Latino, American Indian and Alaska Native. Applicants are asked to submit their ideas, technologies, and solutions that aim to improve human health, with the finalists submitting the most innovative ideas receiving up to $250,000 in grant funding, along with access to Johnson & Johnson's network of experts and healthcare companies.

Though all ideas and solutions tackling issues of human health are welcome, the challenge is especially focused on the areas of pharmaceuticals, consumer healthcare, health technologies, medical devices, and cross-sector initiatives. The submissions will be evaluated based on how unique they are, their potential impact on healthcare and how clearly applicants have outlined necessary resources and a plan for further innovation.

Applications for the challenge opened Oct. 7 and will close Jan. 9, 2020. Awardees will be announced in 2020. With this move, the company has proven that without innovation the businesses cannot be run or even be financially viable if we give them a second thought. So this attempt from the firm to revive the innovations is a good one.