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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]
'BUILD YOUR OWN TELEVISION RECEIVER.' Science and Invention magazine cover, November 1928. An invention is a unique or novel device, method, composition, idea or process.An invention may be an improvement upon a machine, product, or process for increasing efficiency or lowering cost.
Technological innovation is the process where an organization (or a group of people working outside a structured organization) embarks in a journey where the importance of technology as a source of innovation has been identified as a critical success factor for increased market competitiveness. [2]
Social Innovation has an inter-sectoral approach and is universally applicable. [13] Social Innovations are launched by a variety of actors, including research institutions, companies and independent organizations, which tend to use their respective definitions of Social Innovation.
An 1880 penny-farthing (left), and a 1886 Rover safety bicycle with gearing. In business theory, disruptive innovation is innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. [1]
The diffusion of innovations according to Rogers. With successive groups of consumers adopting the new technology (shown in blue), its market share (yellow) will eventually reach the saturation level.
The aim of attaining inclusive and sustainable industrialization is to "unleash dynamic and competitive economic forces that generate employment and income". [8] This goal includes striving for resilience (engineering and construction) and urban resilience.
The idea of eco-innovation is fairly recent. [1] One of the first appearances in the literature was in a 1996 book by Claude Fussler and Peter James. [2] In a subsequent article in 1997, Peter James defined eco-innovation as "new products and processes which provide customer and business value but significantly decrease environmental impacts". [3]