Understanding Innovation: Definitions, Types, and Principles
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Innovation: Definition and Core Concepts
Innovation is the successful exploitation of new ideas. It encompasses the technical, design, manufacturing, and commercial activities involved in the marketing of a new process or equipment. It is the practical implementation of an idea into a new device or process. Innovation is a specific tool of entrepreneurs, serving as the means by which they exploit change as an opportunity for a different business or service. Note that innovation and invention are not the same things.
Types of Innovation
- Technological innovation: Improving a product’s functionalities or reducing its production cost relative to the state of the art, through the application of knowledge and competencies to tangible features of the