|
Innovation
From Wikipedia, the free encyclopedia
For other uses, see Innovation (disambiguation).
This article or section includes a list of references or external links, but its sources remain unclear because it lacks in-text citations.
You can improve this article by introducing more precise citations.
A personification of innovation as represented by a statue in The American Adventure in the World Showcase pavilion of Walt Disney World's Epcot.
The classic definitions of innovation include:
the act of introducing something new: something newly introduced (The American Heritage Dictionary).
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)
the process of making improvements by introducing something new[citation needed]
In economics, business and government policy,- something new - must be substantially different, not an insignificant 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.
The term innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem. Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.
|
