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Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. [1]
Innovation systems have been categorised into national innovation systems, regional innovation systems, local innovation systems, technological innovation systems and sectoral innovation systems. There is no consensus on the exact definition of an innovation system, and the concept is still emerging.
Apart from a general definition, as above, there is no canonical definition of national innovation systems. A few dominant definitions are listed below (quoted in an OECD publication) [1] which overlap quite a bit: A national system of innovation has been defined as follows:
Technological innovation is an extended concept of innovation. While innovation is a rather well-defined concept, it has a broad meaning to many people, and especially numerous understanding in the academic and business world.
Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, ...
The concept of a technological innovation system was introduced as part of a wider theoretical school, called the innovation system approach. The central idea behind this approach is that determinants of technological change are not (only) to be found in individual firms or in research institutes, but (also) in a broad societal structure in which firms, as well as knowledge institutes, are ...
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of technology or processes. [1] [2] In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement of ...