Innovation

Synonyms

Creativity; Novelty

Definition

The process of devising a new idea or thing or improving an existing idea or thing (Sandefur 2008). Innovation is also defined as “the implementation of a new or significantly improved product (good or service), or process, a new marketing method, or a new organizational method in business practices, workplace organization or external relations.” It differentiates between four types of innovations, namely, “product Innovation,” “process Innovation,” “marketing Innovation,” and “organizational Innovation” (OSLO Manual, OECD 2007).

The Term Innovation

Meaning of the Term

The introduction of something new; a new idea, device, or method (Latin: innovatio: renovation, replacement, change, novelty). Innovation in a general sense is understood as renovation and redesign of divisions and parts of economy, science or society, in specific functioning models or behavior patterns in relation to an existing system (economically or socially). Innovation is...