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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.
A prime example of innovation involved the boom of Silicon Valley start-ups out of the Stanford Industrial Park. In 1957, dissatisfied employees of Shockley Semiconductor, the company of Nobel laureate William Shockley, co-inventor of the transistor, left to form an independent firm, Fairchild Semiconductor. After several years, Fairchild ...
Small-scale examples Energy storage Home fuel cell: Research, commercialization [58] [59] [60] Off-the-grid, producing electricity in using an environmentally friendly fuel as a backup during long term power failures. Autonomous building, Bloom Energy Server: Lithium–air battery: Research, experiments [61]
The Finnish research agency TEKES defines service innovation as "a new or significantly improved service concept that is taken into practice. It can be for example a new customer interaction channel, a distribution system or a technological concept or a combination of them.
For example, the odd metallic color of plastic made by accidentally adding a thousand times too much catalyst led scientists to explore its metal-like properties, inventing electrically conductive plastic and light emitting plastic—an invention that won the Nobel Prize in 2000 and has led to innovative lighting, display screens, wallpaper and ...
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 ...
At that time, we look forward to welcoming Fortissimo's Founder and Managing Partner, Yuval Cohen, to join our board, who brings more than 30-years of successful, innovation-driven investing ...
Serving as the foundation for entrepreneurial ventures, a robust business idea is essential for the development and success of new enterprises. It encapsulates the initial vision that guides market research, product development, and business strategy, ultimately contributing to economic growth and innovation.