Innovation
The classic definitions of innovation include:
- the introduction of something new. (Merriam-Webster Online)
- a new idea, method or device. (Merriam-Webster Online)
- the successful exploitation of new ideas (Department of Trade and Industry, UK).
- change that creates a new dimension of performance Peter Drucker (Hesselbein, 2002)
In economics, business and government policy,- something new - must be substantially different, not an unimportant change. In economics the change must increase value, customer value, or producer value. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy.
Innovation Media
Thomas Edison with phonograph. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.
Original model of three phases of the process of Technological Change
InnovationLifeCycle
Related pages
Other websites
- Academic article on Being a Systems Innovator on SSRN
- "Communication on Innovation policy: updating the Union’s approach in the context of the Lisbon strategy" - The European Commission.
