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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.


References in classic literature ?
Here Nature herself appeared to erect a barrier, and to plead against extending the innovation to these two classes.
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.
The new Accenture Innovation Hub specializes in advanced applied research and development (R&D) activities in artificial intelligence (AI), robotics and Industry X.0--which is how Accenture defines the digital reinvention of industry --to help enterprise clients in China accelerate their innovations at scale and reimagine their global business models.
The movement to project-based teams (inspired, by some accounts, by NASA's approach to the Apollo project) and experiments with centralized versus decentralized structures are also management innovations.
The three innovations creating the most hype in the Kingdom are industry focused:65% IoT, 64% Artificial & Machine Intelligence and Smart Energy Grids (59%).
Phoenix, AZ, June 14, 2018 --( 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.
Christensen (1997) advocated for radical or disruptive innovations (those with a great impact)--but, instead, more general approaches were preferred --as in European Commission (2011)--'any significant improvement' will do.
"Digital innovations are having a disruptive impact and global cities are facing acute pressure to build their innovation capabilities to remain competitive," Dr Khurana added.
A Google innovation hub, a chemistry museum and a drone that can measure air and marine pollution - these are some of the many innovations and ideas that will be part of the UAE Innovation Month, organised by the Mohammed Bin Rashid Centre for Innovation.
The upcoming forum, scheduled to conclude the UAE Innovation Month and take place from the 26th-28th February, will offer a platform for institutions, experts and entrepreneurs to come together, showcase their innovations, discuss topics of interest and forge professional strategic ties to strengthen the economy.
Dubai: The Mohammad Bin Rashid Al Maktoum Knowledge Foundation (MBRF) announced on Tuesday plans for its first ever Arab Innovation Forum, offering a platform for institutions, experts and entrepreneurs to come together and showcase their innovations.
Suvo Sarkar, Senior EVP & Group Head - Retail Banking and Wealth Management, Emirates NBD, said, "As the bank responsible for pioneering several payment, service and channel innovations in the UAE and the region, we are truly excited to be recognized on a global platform.

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