innovation

the practical refinement and development of an original INVENTION into a usable technique (process innovation) or product (product innovation). Innovation is an important means for a firm to improve its competitive position over rival suppliers by enhancing its PRODUCT DIFFERENTIATION advantages, and for improving MARKET PERFORMANCE (by, for example, lowering supply costs and enhancing product quality). Certain kinds of MARKET STRUCTURE may be more conducive to innovation insofar as they offer better incentives and resources for undertaking RESEARCH AND DEVELOPMENT (see MONOPOLY for further discussion). Innovation can be a lengthy and expensive process. For example, the original invention of the Xerox photocopying process was made in 1948, but it took a further 10 years of development work before the first commercial version of the product was put on the market.

In a more general way, innovation can contribute to faster ECONOMIC GROWTH.

See TECHNOLOGICAL PROGRESSIVENESS, PRODUCT LIFE CYCLE, PRODUCT DEVELOPMENT, PATENT, FINANCIAL INNOVATION.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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References in classic literature

The newest song which the singers have, they will be afraid that he may be praising, not new songs, but a new kind of song; and this ought not to be praised, or conceived to be the meaning of the poet; for any musical innovation is full of danger to the whole State, and ought to be prohibited.

View in context

Here Nature herself appeared to erect a barrier, and to plead against extending the innovation to these two classes.

View in context

Muscat: The Supreme Steering Committee of the National Innovation Strategy Project at The Research Council (TRC) held its first meeting of the year under the chair of His Highness Sayyid Shihab bin Tariq Al Said, Chairman of the Supreme Steering Committee of the National Innovation Strategy Project.

National innovation strategy panel reviews project progress

Second, AM Best expects the output of the innovation process--those new or significantly improved products, process, services, or business models--to have a measurable impact.

AM Best Assesses Innovation in Draft Criteria

The minister said the equilibrium of innovation is being changed in the world and the countries which were leading the three industrial revolutions could not secure leadership position in the 4IR.

Bangladesh begins journey of innovation: Jabbar

The innovation process will make you feel stupid and that's OK.

Develop the right innovation attitude

Innovation management systems in various forms have always been essential for continued success, although not widely understood.

Innovation management systems for innovation success

Presentations and conversations focused on new approaches to innovation, new ways of innovating, and new technologies that will reshape both the practice and product of innovation.

The Importance of Management Innovation

GE today announced the Saudi Arabia-focused findings of its 'GE Global Innovation Barometer'.

GE Global Innovation Barometer Reveals Saudi Businesses Are Upbeat About Innovation & Future Technologies to Drive Local Economy

Phoenix, AZ, June 14, 2018 --(PR.com)-- The Alliance for Innovation (AFI) and the Public Health National Center for Innovations (PHNCI), a division of the Public Health Accreditation Board, are excited to announce the launch of their new web-based "Public Health Innovation Playbook." Customized for use by the public health industry, the Playbook contains tools and other resources that can be used by health departments to support innovation projects aimed at improving the health and well-being of their communities.

The Alliance for Innovation and Public Health National Center for Innovations Release "Public Health Innovation Playbook"

Governments around the world are widely using measurement systems for innovation thinking that measuring innovation is a must in order to manage it.

MEASURING PUBLIC SECTOR INNOVATION