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 ?
Also felicitated as a recipient of the Euro-Knowledge 'Most Innovative IT company of the year award' at the British House of Lords, in April this year, Innovate 1 Pay is gaining global acclaim as a company that reconciles sterling business performance with outstanding social impact.
"During the year, FinTech Hive at DIFC will work with Innovate Finance and other global partners to strengthen our FinTech ecosystems for the benefit of start-ups who will be able to maximise the market opportunities in both locations," he added.
This fall, the Innovate 54 teams began an intensive, ongoing professional development around the core principles of 21st century learning and innovative teaching practices emphasizing student development of communication, collaboration, creativity and critical thinking skills (often called the 4C's).
"Biochemica Water offers extremely innovative water-related services to industries so we are delighted that Innovate Tees Valley able to help them widen their appeal and access new markets."
I Innovate magazine and entrepreneurs are a fan of hacks.
In his new role, Downer will help lead XL Innovate's venture investments globally into new categories within InsurTech, including data and analytics, AI, and new insurance business models.
Following Start-Up Nation's account of Israel's incredibly prolific start-up scene, "Thou Shalt Innovate " goes on to tell the story of how Israeli innovation is making the whole world a better place.
Bryn Jones, head of Enterprise at Bangor University, said: "Innovate UK has a range of opportunities to support projects in key sectors and technologies.
The 10-year-old Innovate Arkansas program is funded by the Arkansas Economic Development Commission and administered by Winrock, a global nonprofit named after the late Arkansas Gov.
Innovate Italia was only established in 2015, but its founders and employees have been in the distribution business for capture technology in Italy for almost two decades--with strong connections to a multitude of service bureaus and Kofax partners in the country.
The financial grant from Innovate UK has enabled us to fund a significant research & development project for advanced medical suture applications."
Every so often someone walks into the Innovate Mississippi office certain he has devised a surefire perpetual motion machine.