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 ?
In his early twenties, he administered ten thousand square miles in the Ceylon Civil Service for seven years and left such a lasting impression that he is still celebrated in Sri Lanka as a major innovationist during the Raj.
4, 2001) on the innovationist side and Senate Principal Clerk, Procedure, Charles Robert (Vol.
At the same time I discover myself agreeing instinctively with such assertions, I also discover myself wondering: what do we innovationists mean when we say "difficulty"?

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