Web Definition: Innovation
Innovation is the introduction of new ideas, goods, services & practices which are intended to be useful. An essential element for innovation is its application in a commercially successful way. Innovation has punctuated & changed human history. Economic planners now tout innovation as the route to technological fixes to the crises of capitalism & it is a central element of many policies to increase competitiveness at corporate & national levels. Diffusion of innovations theory, the way in which innovations get accepted by new groups of consumers, was pioneered by Everett Rogers, who drew from early studies by Gabriel Tarde. Whether innovation is mainly supply-pushed or demand-led has been a hotly-debated topic. One point of view is that recognition of demand is a more frequent factor in successful innovation than recognition of technical potential. Innovation in business is achieved in many ways, with much attention now given to formal research & development for breakthrough innovations.
Read More »Dictionary Entry: The act of innovating - introduction of something new, in customs, rites, commercial products, etc.
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