Innovation
Innovation is not a single action but a total process of
interrelated sub processes. It is not just the conception of a
new idea, nor the invention of a new device, nor the
development of a new market. The process is all these
things acting in an integrated fashion . . .” (Myers and
Marquis (1969: 15))
It is important to note that innovation and invention are two
different concepts. Invention is the creation of new idea
whereas innovation is a broader concept including the entire
process of developing and implementing a new idea. It can
be an idea combing different known ideas. (Van de Ven
(1999: 9))
Types of innovation –
Technological Innovation – This type of innovation involves
developing technology or the way it is used to do things
differently. They can be of different types –
1. Product Innovation – This involves bringing a change
to the existing product by using new ideas. Example: 3D
Printers. The conventional printers are now be replaced by
this new concept.
2. Process Innovation – This relates to innovating over
the way of producing output. It changes the business
processes to gain advantages like cost benefits or saving
time and effort. Example: Use of glass as a construction
material. This has led to huge cost cuttings and also building
looking more beautiful.
Innovation is not a single action but a total process of
interrelated sub processes. It is not just the conception of a
new idea, nor the invention of a new device, nor the
development of a new market. The process is all these
things acting in an integrated fashion . . .” (Myers and
Marquis (1969: 15))
It is important to note that innovation and invention are two
different concepts. Invention is the creation of new idea
whereas innovation is a broader concept including the entire
process of developing and implementing a new idea. It can
be an idea combing different known ideas. (Van de Ven
(1999: 9))
Types of innovation –
Technological Innovation – This type of innovation involves
developing technology or the way it is used to do things
differently. They can be of different types –
1. Product Innovation – This involves bringing a change
to the existing product by using new ideas. Example: 3D
Printers. The conventional printers are now be replaced by
this new concept.
2. Process Innovation – This relates to innovating over
the way of producing output. It changes the business
processes to gain advantages like cost benefits or saving
time and effort. Example: Use of glass as a construction
material. This has led to huge cost cuttings and also building
looking more beautiful.
