innovation

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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 ?
Awards will be announced in seven categories, including: Most Successful CDHC Program Implementation; Most Innovative CDHC Product or Solution - Wellness Program; Most Innovative CDHC Product or Solution - Employee/Member Education & Communication Tools; Most Innovative CDHC Product or Solution - Convergence and Integration of Health Plan and Financial Institution; Most Innovative CDHC Product or Solution - Custodial Bank; Most Innovative CDHC Product or Solution - Payment Card; and the CDHC Leadership Award.
This release may contain forward-looking statements that are subject to certain risks and uncertainties, including Innovative Biosensors' mission to develop and commercialize instrument systems, Innovative Biosensors' ability to develop new technologies to conduct rapid diagnosis.
Our introduction of the new FlexFire ISI-736 is perfectly timed for the resurgence of interest in the IEEE 1394 standard as a high-performance, high-reliability standard for DVDs, DTV, camcorders and set-top boxes," said Nabil Takla, president and CEO of Innovative Semiconductor.
Virginia is a national leader in using technology to advance the public's agenda and this awards program is an exciting opportunity to recognize the exceptional work and innovative use of technology in service to Virginia's citizens," said Secretary Chopra.
The blind tastings were held as The Alliance for Innovative Wine Packaging (AIWP) presented the "Market Building, Innovative Wine Packaging" panel at the Society of Wine Educators: Wine, Wit and Wisdom Conference in Eugene, Oregon.
Innovative Survivability Technologies (IST) provides specialized research, development and rapid prototyping of complex electronic, optical and mechanical sensors and countermeasure systems.
According to the bill, its main goal is regulation of relations between subjects of innovative activity, state authority bodies and customers of innovative production.
It is convenient to use business function approach to identify differences between innovative and non-innovative companies because the performing of all business functions there are significant differences between standard and innovative business.
Evidence shows that both constituents deliver innovative products/services.
If you are powerful and monitor others closely, it may generate grudging compliance, but it is unlikely to lead to the commitment required to bring forth innovative ideas.
Because of the enormous symbolism of this stone, the International Tile and Stone Show invited Innovative Stone to make available an exhibit about its care and preparation at the Javits Center this week.

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