innovation

(redirected from innovate)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia.

innovation

see RESEARCH AND DEVELOPMENT.

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.

References in periodicals archive ?
Partners like Innovate Italia benefit from the ability to easily integrate, interact and interoperate with CumulusPro, with one another, and with their customers so as to take electronic document processing and customer engagement to greater new levels of efficiency.
According to its annual report, Innovate UK funded 1,401 R&D projects last year, at a cost 597.
Those attending also got to hear the business benefits of working with Innovate UK from people who have done it.
Merging with Telr will allow us to develop new products and strengthen our presence in the UAE and beyond," commented Andy O'Sullivan, Head of Operations & Co-Founder of Innovate Payments.
Let us say outright that size has nothing to do with your company's or any company's ability to innovate.
Second, they should give equal attention to building a school's capacity to innovate and to assist them in adapting specific innovations to their setting.
The speaker lineup at the Innovate for Good event included US Ambassador to the Emirates, Michael Corbin, who made a special appearance and thanked Microsoft for its leadership in promoting youth opportunity in the Gulf , Dr.
Now, almost a year later, we are harnessing our employees' ingenuity again by launching a second phase of Innovate Lane County focused on revenue generation.
Consequently, businesses could look to innovate themselves into a completely new industry.
Apprentices at NEAC will be among the first people in the UK to use Innovate CV, an interactive online method of marketing young talents to employers.
NORDIC BUSINESS REPORT-11 June 2008-Hf Eimskipafelag Islands agrees to write-off interest in Innovate Holding(C)1994-2008 M2 COMMUNICATIONS LTD http://www.
INNOVATE FOODS 01592 651525 one of the UK's leading foodservice producers has appointed two influential industry figures as "Brand Ambassadors" for the company.