Innovation, innovatus which is derived from the Latin word. Social, cultural and regulatory environment means the introduction of the new method. Webster defines innovation in a new and different results.
Innovation, are attempts to meet with the renewal of such words, meaning is too broad to be expressed in a single word. On the other hand outside of the concept of innovation and renewal innovation studied to be expressed with words gives rise to the association. Therefore, innovation techniques are considered as one word, it’s worth sitting in our language, as was the case with the word technology.
Definition of Innovation
In today’s rapidly changing competitive environment in order to survive in the company of our products, services and production methods must constantly change and renewal. This replacement and renovation process is called innovation.
Innovation, new or improved product, service or process to develop and covers the entire process will be carried out to make it commercially profitable. New or improved product, service or process development, the nature of the new ideas. Innovation is a constant activity. Therefore, put forward, which is being developed and marketed these ideas work, and to give the company more competitive and ultimately to evaluate the results again and must be used by generalizing to new returns. This way leads to new innovation activities will arise if new ideas.
Innovation, or radical ideas results from the previously untested and ambitious initiatives that improved product or revealed the production methods (radical innovation), or made step by step, occurs as a result of the work contains a number of development and improvement activities (incremental innovation).
Research and development (R & D) is one of the most important activities required for innovation. However, if the entrepreneurial innovation, in other words, R & D or entrepreneurial nature of that value is not created; R & D results are not transformed into innovation. Therefore, technology-based firms conducted in all companies except for innovation activities not only technological innovation, organizational innovation and includes the presentational innovation. Moreover, if technology-based firms in how much weight is given to each technological innovation in organizational and can not be expected to be successful in allocating sufficient resources to presentational innovation.
Technological Innovation: Technological innovation, technological product and process innovation. Here, the product and a physical product represents both services. Technological as well as the development of a new product or process, the introduction of major technological changes to existing products and processes is also considered in this context. The market introduction of the product and the use of innovation in the production process can be achieved. Technological product innovation, new or improved services to consumers in order to deliver enhanced performance characteristics of a product development / commercialization refers to. The process of technological innovation, implementation of a new or significantly improved production or delivery method is in question.
Organisational innovation: the new study and the development of work methods and / or adopting a means of raising the company’s competitiveness by.
Presentational innovation: new design and the development of marketing strategies and / or adopting is to increase a company’s competitiveness by.
Innovation is not invention. You can benefit from their inventions, but the main thing is that the economic return, not yet, is to make something of the unknown. Therefore, the important ideas and concepts. A tanner called vacuum cleaner was invented by Murray J. Spengler, though commercialization and sales of the WH Hoover made. For this, not name Spengler, Hoover name was known throughout the world and spread.
Innovation does not mean that the size will create great impact. Existing products, small pieces waiting to be completed in services and processes lead to major innovations. Sony earned billions of dollars in reduced cassette recorder with headphones (Walkman) like. A company looking for opportunities for innovation’s possible now How can we make it more profitable ?, What kind we take a step change in the positive direction of our economic results ?, What kind of increase changes the capacity of all our resources? must search for answers to their questions. Successful innovation takes place to think differently and make the difference. As Einstein said we have created the world’s problems today can not be solved by thinking the way we thought when we created them.
We need to allow them to choose our products in order to survive and compete. Preferred features we’ve added to our product innovation. Innovation, a company cause to gain higher profit margins, though it is impossible to predict how long. Today, advances in technology, changing customer requests, if you consider that access to information and technology to ease the speed of innovation ability of competitors to imitate, you can estimate a single innovation, competitive advantage can be obtained with the short-lived. Therefore, you must make continuous innovation.