In today fast changing business world, innovation has become the mainstay of every organization. The nature of global economic growth has been changed by the speed of innovation, which has been made possible by rapidly evolving technology, shorter product lifecycles and a higher rate of new product development. Organizations have to ensure that their business strategies are innovative to build and sustain competitive advantage. Innovation is a capacity to move beyond current ways of doing things and current ways of operating companies to move beyond the best practice to shape best practice. Innovation can strengthen the sustainable growth and productivity of a country and increase national productivity as well in the global market through creation of new ideas and opportunities (Virameteekul, 2011).