Innovation is understood as introducing something new, helpful, for instance;
modified or new products and processes, methods, techniques or practices.
Closely linked to creative activities and involved a series of scientific, technological, organisational, financial and commercial activities.
Innovation includes technical innovation (products, services,) and social innovation (organizations, markets, institutions). Most successful innovation includes some elements of both.
Bettina Von Stamm (2003) in her book defines an innovation as creativity plus successful implementation.
The Journal (2007) reports that, "Innovation is the life blood of industry - and technology underpins that innovation”
http://web.lexis-nexis.com/professional/form?_index=pro_en.html&_lang=en&ut=3345402940
According to www.wikipedia.org there are different innovative practices using by companies:
- Business innovation; changing the way business is done in terms of capturing value,
e.g. Compaq vs. Dell,
- Marketing innovation; development of new marketing methods with improvement in
product design or packaging, product promotion or pricing,
- Organizational innovation; creation or alteration of business structures, practices, and
models, and may therefore include process, marketing and business model innovation,
- Process innovation; implementation of a new or significantly improved production or
delivery method,
- Product innovation; introduction of a new good or service that is new or substantially
improved. This might include improvements in functional characteristics, technical
abilities, ease of use, or any other dimension,
- Service innovation, is similar to p ...