Business

When sticking with old technology can be a strategic move

Technological innovation—especially disruptive innovation—is often heralded as the best strategy for a company. But new research published in Strategic Management Journal found that as competitors adopt new technology ...

Telecom

Satnav test on remote island lab

ESA's navigation testbed vehicle participated in a campaign organized by Norwegian governmental authorities to assess the impact of jamming and spoofing on satnav systems and test innovative technologies for detection and ...

Engineering

A green path to net zero carbon building

The Korea Institute of Civil Engineering and Building Technology (KICT) has mad progress in the field of ecological building technology with the development of a new "Net Zero Carbon Building (NZCB) system." This innovative ...

page 2 from 7

Innovation

The term innovation refers to a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between invention, an idea made manifest, and innovation, ideas applied successfully. (Mckeown 2008) In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. 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, 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 increasing productivity, the factors that lead to innovation are also considered to be critical to policy makers.

Those who are directly responsible for application of the innovation are often called pioneers in their field, whether they are individuals or organisations.

This text uses material from Wikipedia, licensed under CC BY-SA