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Created page with 'File:lighterstill.jpgright|frame *Date: [http://www.wikipedia.org/wiki/15th_Century 15th century] ==Definitions== *1 : the introduction of something ...'
[[File:lighterstill.jpg]][[File:Innovation.jpg|right|frame]]
*Date: [http://www.wikipedia.org/wiki/15th_Century 15th century]
==Definitions==
*1 : the introduction of something new
*2 : a new [[idea]], [[method]], or device : novelty
==Description==
'''Innovation''' is a [[change]] in the [[thought]] [[process]] for doing something, or the useful [[application]] of new [[inventions]] or discoveries. It may refer to an incremental [[emergent]] or [[radical]] and [[revolutionary]] [[changes]] in [[thinking]], products, [[processes]], or [[organizations]]. Following [http://en.wikipedia.org/wiki/Schumpeter Schumpeter] (1934), contributors to the scholarly [[literature]] on innovation typically distinguish between [[invention]], an [[idea]] made [[manifest]], and ''innovation'', [[ideas]] applied successfully in [[practice]]. In many fields, such as [[the arts]], [[economics]] and [[government]] [[policy]], something new must be substantially [[different]] to be innovative. In [[economics]] the [[change]] must increase [[value]], customer value, or producer value. The goal of innovation is positive [[change]], to make someone or something better. Innovation leading to increased productivity is the [[fundamental]] [[source]] of increasing [[wealth]] in an [[economy]].
Innovation is an important [[topic]] in the [[study]] of [[economics]], [[business]], entrepreneurship, [[design]], [[technology]], [[sociology]], and engineering. Colloquially, the word "innovation" is often synonymous with the output of the [[process]]. However, economists tend to [[focus]] on the [[process]] itself, from the origination of an [[idea]] to its [[transformation]] into something useful, to its implementation; and on the [[system]] within which the process of innovation unfolds. Since innovation is also considered a major driver of the [[economy]], especially when it leads to new product categories or increasing productivity, the factors that lead to innovation are also considered to be critical to [[policy]] makers. In particular, followers of innovation economics stress using [[public]] [[policy]] to spur innovation and [[growth]].
Those who are directly [[responsible]] for [[application]] of the innovation are often called [[pioneers]] in their field, whether they are [[individuals]] or [[organizations]].
In the [[organizational]] [[context]], innovation may be linked to [[performance]] and [[growth]] through improvements in efficiency, productivity, [[quality]], competitive positioning, market share, etc. All [[organizations]] can innovate, including for example hospitals, universities, and local governments.
While innovation typically adds [[value]], innovation may also have a [[negative]] or destructive [[effect]] as new [[developments]] clear away or [[change]] old [[organizational]] forms and [[practices]]. [[Organizations]] that do not innovate [[effectively]] may be destroyed by those that do. Hence innovation typically involves [[risk]]. A key [[challenge]] in innovation is [[maintaining]] a [[balance]] between process and product innovations where [[process]] innovations tend to involve a [[business]] model which may [[develop]] shareholder satisfaction through improved [[efficiencies]] while product innovations develop customer support however at the risk of costly [http://en.wikipedia.org/wiki/R%26D R&D] that can erode shareholder return. Innovation can be described as the result of some amount of [[time]] and [[effort]] into [[researching]] an [[idea]], plus some larger amount of time and effort into [[developing]] this [[idea]], plus some very large amount of time and effort into commercializing this [[idea]] into a market place with customers.
Innovation has been [[studied]] in a variety of [[contexts]], including in relation to [[technology]], [[commerce]], [[social]] systems, [[economic]] [[development]], and [[policy]] construction. There are, therefore, naturally a wide range of approaches to conceptualizing innovation in the scholarly literature.[http://en.wikipedia.org/wiki/Innovation]
[[Category: General Reference]]
*Date: [http://www.wikipedia.org/wiki/15th_Century 15th century]
==Definitions==
*1 : the introduction of something new
*2 : a new [[idea]], [[method]], or device : novelty
==Description==
'''Innovation''' is a [[change]] in the [[thought]] [[process]] for doing something, or the useful [[application]] of new [[inventions]] or discoveries. It may refer to an incremental [[emergent]] or [[radical]] and [[revolutionary]] [[changes]] in [[thinking]], products, [[processes]], or [[organizations]]. Following [http://en.wikipedia.org/wiki/Schumpeter Schumpeter] (1934), contributors to the scholarly [[literature]] on innovation typically distinguish between [[invention]], an [[idea]] made [[manifest]], and ''innovation'', [[ideas]] applied successfully in [[practice]]. In many fields, such as [[the arts]], [[economics]] and [[government]] [[policy]], something new must be substantially [[different]] to be innovative. In [[economics]] the [[change]] must increase [[value]], customer value, or producer value. The goal of innovation is positive [[change]], to make someone or something better. Innovation leading to increased productivity is the [[fundamental]] [[source]] of increasing [[wealth]] in an [[economy]].
Innovation is an important [[topic]] in the [[study]] of [[economics]], [[business]], entrepreneurship, [[design]], [[technology]], [[sociology]], and engineering. Colloquially, the word "innovation" is often synonymous with the output of the [[process]]. However, economists tend to [[focus]] on the [[process]] itself, from the origination of an [[idea]] to its [[transformation]] into something useful, to its implementation; and on the [[system]] within which the process of innovation unfolds. Since innovation is also considered a major driver of the [[economy]], especially when it leads to new product categories or increasing productivity, the factors that lead to innovation are also considered to be critical to [[policy]] makers. In particular, followers of innovation economics stress using [[public]] [[policy]] to spur innovation and [[growth]].
Those who are directly [[responsible]] for [[application]] of the innovation are often called [[pioneers]] in their field, whether they are [[individuals]] or [[organizations]].
In the [[organizational]] [[context]], innovation may be linked to [[performance]] and [[growth]] through improvements in efficiency, productivity, [[quality]], competitive positioning, market share, etc. All [[organizations]] can innovate, including for example hospitals, universities, and local governments.
While innovation typically adds [[value]], innovation may also have a [[negative]] or destructive [[effect]] as new [[developments]] clear away or [[change]] old [[organizational]] forms and [[practices]]. [[Organizations]] that do not innovate [[effectively]] may be destroyed by those that do. Hence innovation typically involves [[risk]]. A key [[challenge]] in innovation is [[maintaining]] a [[balance]] between process and product innovations where [[process]] innovations tend to involve a [[business]] model which may [[develop]] shareholder satisfaction through improved [[efficiencies]] while product innovations develop customer support however at the risk of costly [http://en.wikipedia.org/wiki/R%26D R&D] that can erode shareholder return. Innovation can be described as the result of some amount of [[time]] and [[effort]] into [[researching]] an [[idea]], plus some larger amount of time and effort into [[developing]] this [[idea]], plus some very large amount of time and effort into commercializing this [[idea]] into a market place with customers.
Innovation has been [[studied]] in a variety of [[contexts]], including in relation to [[technology]], [[commerce]], [[social]] systems, [[economic]] [[development]], and [[policy]] construction. There are, therefore, naturally a wide range of approaches to conceptualizing innovation in the scholarly literature.[http://en.wikipedia.org/wiki/Innovation]
[[Category: General Reference]]