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Based on their survey, Baragheh et al. attempted to formulate a multidisciplinary definition and arrived at the following: "Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace" [8]
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]
Technological innovation is an extended concept of innovation. While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world.
Innovation management is a combination of the management of innovation processes, and change management.It refers to product, business process, marketing and organizational innovation.
Leapfrogging is a concept used in many domains of the economics and business fields, and was originally developed in the area of industrial organization and economic growth. The main idea behind the concept of leapfrogging is that small and incremental innovations lead a dominant firm to stay ahead.
Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
In business, diffusion is the process by which a new idea or new product is accepted by the market.The rate of diffusion is the speed with which the new idea spreads from one consumer to the next.
Innovation economics is a growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological but not only, into economic use.