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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]
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.
Innovation is often the result of the interaction among an ecology of actors, and the term innovation ecosystem is occasionally used to emphasise this. For some, the expression innovation ecosystem is a subset or synonym of innovation system.
In contrast to invention, innovation is the implementation of a creative idea that specifically leads to greater value or usefulness. That is, while an invention may be useless or have no value yet still be an invention, an innovation must have some sort of value, typically economic.
The term, "disruptive innovation" was popularized by the American academic Clayton Christensen and his collaborators beginning in 1995, [2] but the concept had been previously described in Richard N. Foster's book Innovation: The Attacker's Advantage and in the paper "Strategic responses to technological threats", [3] as well as by Joseph ...
Academics and authors Teresa Amabile and Michael Pratt defined creativity as the production of novel and useful ideas and innovation as the implementation of creative ideas, [8] while the OECD and Eurostat stated that "innovation is more than a new idea or an invention; an innovation requires implementation, either by being put into active use ...
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The National Innovation System (also NIS, National System of Innovation) is the flow of technology and information among people, enterprises and institutions which is key to the innovative process on the national level.