Common definitions of innovation

The concept of innovation being technology driving economic performance in the market appears the most dominant definition, that is related to the market and economic performance.

To Schumpeter, innovation consists of any one of the following five phenomena: 1) introduction of a new good; 2) introduction of a new method of production; 3) opening of a new market; 4) conquest of a new source of supply of raw materials or half-manufactured goods; and 5) implementation of a new form of organization.  (Godin, In the Shadow of Schumpeter: W. Rupert Maclaurin and the Study of Technological Innovation, 2008)

• Innovation
  • The need for innovation
  • Innovation as a buzzword
  • Common definitions of innovation
  • History of innovation
  • What is innovation from this list
  • Analogies to Innovation
  • Context is very important