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An innovation competition is a method or process of the industrial process, product or business development. It is a form of social engineering , which focuses to the creation and elaboration of the best and sustainable ideas, coming from the best innovators .
Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. [2] It is not relegated to R&D; it involves workers or users at every level in contributing creatively to an organization's product or service development and marketing.
Creative entrepreneurship is the practice of setting up a business – or becoming self-employed - in one of the creative industries.The focus of the creative entrepreneur differs from that of the typical business entrepreneur or, indeed, the social entrepreneur in that they are concerned first and foremost with the creation and exploitation of creative or intellectual capital.
Systematic inventive thinking (SIT) is a thinking method developed in Israel in the mid-1990s.Derived from Genrich Altshuller's TRIZ engineering discipline, SIT is a practical approach to creativity, innovation and problem solving, which has become a well known methodology for innovation.
Academics and authors Teresa Amabile and Michael Pratt defined creativity as the production of novel and useful ideas and innovation as the implementation of creative ideas, [8] while the OECD and Eurostat stated that "innovation is more than a new idea or an invention; an innovation requires implementation, either by being put into active use ...
Economic growth in innovation economics is the end-product of: [5] [6] knowledge (tacit vs. codified); regimes and policies allowing for entrepreneurship and innovation (i.e. R&D expenditures, permits and licenses); technological spillovers and externalities between collaborative firms;
Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.. Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. [1]
Exploratory and value-added innovation require different leadership styles and behaviors to succeed. [14] Value-added innovation (PwC, 2010) involves refining and revising an existing product or service and typically requires minimal risk taking (compared to exploratory innovation, which often involves taking a large risk); in this case, it is most appropriate for a leader for innovation to ...