Innovation
A grand strategy that seeks to reap the premium margins associated with creation and customer acceptance of a new or greatly improved product or service.
The initial commercialization of invention by producing and selling a new product, service, or process .
Innovation is the process of creating something new, which is central to the entrepreneurial process. According to the National Federation for Independent Business, small firms (fewer than 500 employees) are twice as innovative per employee as larger firms. In addition, small innovative firms produce 13 times more patents per employee than large patenting firms, and their patents are twice as likely as large firm patents to be among the 1 percent most cited (which is an indication of their influence).
Innovation producers (including private companies) will endeavor to develop new products (new goods or services) and new processes (new ways of producing those goods or services), with the goal (in a capitalist context) of enhancing market share and hence profitability. More generally, innovation simply refers to finding better ways to produce better goods and services.
Webster Dictionary Meaning
- A change effected by innovating; a change in customs; something new, and contrary to established customs, manners, or rites.
- A newly formed shoot, or the annually produced addition to the stems of many mosses.
More from this Section
- Gross Domestic Product, Deflator
Gross Domestic Product, Deflator is a price index which adjusts the overall value of GDP ... - Importing
... - Unions
Unions are organizations of working people which aim to bargain collectively with employers ... - Operating instrument
Operating instrument is a variable that is very responsive to the central bank’s tools ... - Trust
Trust is defined as the belief in the integrity, character, and ability of a leader. Followers ...