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Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.. 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]
Research and development (R&D or R+D) [1], known in some countries as experiment and design, is the set of innovative activities undertaken by corporations or governments in developing new services or products. [2] [3] [4] R&D constitutes the first stage of development of a potential new service or the production process.
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 ...
Innovation, although not sufficient alone, is a necessary prerequisite for the continued survival and development of enterprises. [10] The most direct way of business innovation is through technological innovation , disruptive innovation or social innovation .
The technology life cycle (TLC) describes the commercial gain of a product through the expense of research and development phase, and the financial return during its "vital life". Some technologies, such as steel, paper or cement manufacturing, have a long lifespan (with minor variations in technology incorporated with time) while in other ...
A cross-functional innovation management committee is a team of individuals from different company departments, including marketing, engineering, design, manufacturing, and research and development, who are responsible for overseeing and managing the new product development process. This committee helps to ensure that all aspects of new product ...
Research and development is directed towards the advancement of technology in general, and therefore includes development of emerging technologies. See also List of countries by research and development spending. Applied research is a form of systematic inquiry involving the practical application of science. It accesses and uses some part of ...
In a context where technological innovation is not to be guided along known paths within the organization, the wording and concept of technological innovation leadership is preferred. On many occasions, especially in start-ups and new ventures, technological innovation is performed in an unknown context. The boundaries and constraints of the ...