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The framework of values-based innovation management elaborates upon the Integrated Management Concept [20] to differentiate between three particular dimensions of management, namely normative, strategic, and instrumental. Values impact innovation management on each of these dimensions and can lead to different types of values-based innovation.
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.
When Tesla's value is compared to that of General Motors, we see that the market capitalization of General Motors is $53.98 billion today [5] in which the company has been around since 1908 [6] whereas Tesla was founded in 2003 [7] and has achieved 50% of General Motors value within 12 years.
Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective products , processes, services , technologies , art works [ 3 ] or business models that innovators make available to markets ...
Building the current crop of artificial intelligence chatbots has relied on specialized computer chips pioneered by Nvidia, which dominates the market and made itself the poster child of the AI boom.
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Exploratory and value-added innovation require different leadership styles and behaviors to succeed. [14] Value-added innovation (PwC, 2010) involves refining and revising an existing product or service and typically requires minimal risk taking (compared to exploratory innovation, which often involves taking a large risk); in this case, it is most appropriate for a leader for innovation to ...
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