innovation


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Related to innovation: invention

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 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.
Here are some key elements of innovation that lie at the heart of Edison's ideas, and initiatives created by five LTC providers that exemplify their meaning.
He just received six very interesting pages that list the grants from the Ministry of Innovation and Research for the year ending March 31, 2005.
com), "The Booz Allen Hamilton Global Innovation 1000: Money Isn't Everything," on which it was based.
While IP ownership is an essential driver of innovation, technological advances are often dependent on shared knowledge, standards, and collaborative innovation.
The Construction Innovation Forum (CIF) has announced the call for nominations for 2003 NOVA Awards honoring construction innovations around the world.
Rogers has examined these and developed theories and techniques about the diffusion of innovation.
Credit Card Processing at Remote Customer Sites, Made Possible Through PPI PayMover, Is the Newest Feature to Be Added to Solid Innovation Products Including Si Route Accounting, Si Mobile Sales for Microsoft Dynamics GP, and Si Mobile Sales for QuickBooks
Remember just five years ago, when everyone believed innovation was best defined as a big new blowout that set an industry on its head?
The book at hand is Seeing What's Next: Using the Theories of Innovation To Predict Industry Change, which Christensen has penned along with Scott D.

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