innovation

(redirected from innovative)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

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 ?
Release date- 29082019 - IRVING - Suppliers interested in showcasing their innovative technology to hospital decision makers from across the country are encouraged to submit their application now to participate in the 2020 Vizient Innovative Technology Exchange.
The EU funding will also support innovative solutions in digital transition, in responsible urban land use and in the fight against poverty in 17 other cities.
"We foresee that the Philippines will further improve its rankings with higher scores in all of the aspects for innovation following President Rodrigo Roa Duterte's signing of the Philippine Innovation Act and the Innovative Startup Act into laws," presidential spokesman Salvador Panelo said in a statement.
The award reflects our efforts to find sustainable and innovative solutions using solar energy to address the scarcity of potable water," said Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of Suqia.
Under the bill, innovative startup is defined as a registered business entity in the Philippines operating for not longer than 60 months from the commencement of its business operation whose core business function involves an innovative product, process, or business model.
It is mainly continued research and development - for employment and sales growth - and higher innovation investment intensity - for employment growth - which leads to high growth, especially among young innovative firms.
In the 1st phase, 48 groups presented their innovative ideas out of it, 16 projects were shortlisted by the 6 members jury.
The students presented their innovative ideas on various opportunities in the competition which were widely praised by the audiences and evaluators.
The innovative organization understands that innovation starts with an idea.
The 15 chapters in this volume examine the conceptualization and evaluation of innovative learning environments.
Louisiana's innovative assessments will measure student understanding in English/language arts and social studies by testing students on passages from books used in daily classroom instruction at regular intervals, rather than on randomly selected texts once during the school year.
The Senate, voting 18-0 on Wednesday's session, approved on third and final reading the proposed Innovative Startup Law granting 'tax breaks and other forms of assistance' to business entrepreneurs.

Full browser ?