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 ?
James Cugley, who is studying electronic engineering, has won through to the final six in the young innovator category of the UK Energy Innovation Awards 2019.
Through the inaugural NCC-PDI "Pediatric Device Innovator Accelerator Program," MedTech Innovator is providing winners with virtual in-depth, customized mentorship from some of the industry's leading executives and investors.
(NYSE:EGHT), a cloud provider of voice, video, collaboration and contact center solutions for over one million users worldwide, has announced it has been recognized by CRN[R], a brand of The Channel company, with a CRN Tech Innovator Award for 8x8 X Series, 8x8's one cloud solution for business communications and contact center that allows companies to operate at the new speed of business, the company said.
Innovator liability is designed to circumvent federal preemption.
British Farming finalists: | Ben Davies Contracting, Welshpool (Contractor Innovator); | Jonjo Roberts and Matt Venables, Mynachdy Farm, Anglesey (Dairy Innovator); | Rhydian Glyn, Rhiwgriafol, Powys (New Entrant); | Arwyn Jones, Plas Farm, Anglesey (Sheep Innovator).
As she reviewed this voluminous literature, she noted features about each subject that appeared to contribute to his or her success as a serial breakthrough innovator, generating a list of similarities and differences among the cases.
Majority of the participants were disagree with generic drugs that are not as safe as innovator medicine (50%) and generic drugs are not as effective as innovator medicines (42.6%).
Based on this condition, different approach is needed to understand the characteristics of innovator as the way to create an educational system that is able to spread the positive impacts.
Fouad Maksoud was named the Arab world's top innovator in a supercharged finale of Stars of Science.
Tribune News Network Doha A highly-charged episode of Stars of Science saw one more hopeful innovator exit the competition this week.
However, the scale and effects of financing constraints tend to differ by the type of innovator. Specifically, among OECD countries, a non-negligible share of firms is found to develop technological and non-technological innovations without carrying out any formal R&D (OECD, 2010).

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