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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 ?
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.
In every instance when designers of innovations take time to become intimately involved with the settings and perspectives of potential clients/users, significant changes to the innovation design become incorporated in response to this experience.
Jim Smith will present the investor's point of view on evaluating innovations.
Most often, Rubbermaid's product innovations are hardly market-shaking.
Luna Innovations Incorporated (NASDAQ: LUNA) has been awarded $4.
The patent provides a broad blocking position for the pluripotent cells of interest to Stem Cell Innovations as it covers isolated human primordial germ cell derived pluripotent cells," said Stem Cell Innovations CEO Dr.
The 2006 GCOI will feature a pre-event technology showcase and cocktail hour designed to allow finalists to demonstrate and talk about their innovations with attendees before the award ceremony begins.
NEW YORK -- The Consumer Electronics Association (CEA[R]) today announced Jadoo Power (Jadoo) as an International CES Innovations 2007 Design and Engineering Awards Honoree for the Jadoo XRT fuel cell system at the International CES New York Press Preview.
NEW YORK -- The Consumer Electronics Association (CEA([R])) today announced SoundCast Systems as an International CES Innovations 2007 Design and Engineering Awards Honoree for AudioCast ACP 200 at the International CES New York Press Preview.
R&D Magazine Top 100: For 44 years, the R&D Magazine Top 100 Awards have recognized the most influential innovations that have reached the marketplace.
With the Torrenza Innovation Socket and the emerging Torrenza ecosystem, we can leverage additional innovations to extend the realized performance people have come to expect from Cray.
Beyond a compelling price point for the hosted solution, OVO offers two other innovations with its hosted service: concurrent user licensing and the ability to move quickly from a hosted model to a licensed model.

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