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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 periodicals archive ?
When speaking to the senior leaders of Best Innovator winners, it is remarkable how many can rattle off KPIs for their innovation strategies, especially time to profit--a measure of how long a product needs to become profitable, measured from the moment it was decided to develop the product or service.
Members of the public can attend Innovator 2014, which will also feature various shows, inspirational speakers and presentations, free of charge.
Closed-loop flow control standard for Micro-Innovator and optional for Innovator and Innovator-LT.
This early work suggested that community user innovators innovate not only out of necessity--because available products do not fulfil a need--but also for other reasons, such as enjoyment and reputation (Raymond 1999; Jeppesen and Frederiksen 2006).
We at Risk & Insurance[R] selected 19 risk management professionals from a cross-section of industries as our risk innovators this year.
These methods, all incorporated in Goldfire Innovator, both guide analysis and stimulate innovative thinking along structured, disciplined ways.
This addresses operational issues also unique to the information-technology industry, allowing companies to have coverage without notifying us each time a change occurs," said Tim Ehrhart, assistant vice president and Innovator product manager.
The selected innovators receive travel expenses to attend a Canadian Home Builders' Association conference for the presentation of the Innovator of the Year award.
If the innovation champion retains control of the implementation effort, program growth may be limited to the competencies and energy of the early innovator.

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