Innovation

Innovation is a practical execution of ideas that written in the intro of new goods or services or good in offering goods or services. ISO TC 279 in the requirements ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others continue to different definitions; a common component in the definitions is a focus on newness, improvement, as alive as spread of ideas or technologies.

Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make usable to markets, governments as well as society. Innovation is related to, but not the same as, invention: innovation is more apt to involve the practical carrying out of an invention i.e. new / modernization ability to gain a meaningful impact in a market or society, together with non all innovations require a new invention.

Technical innovation often[] manifests itself via the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.

Types

Several structures draw been featured for defining types of innovation.

One framework submission by Clayton Christensen draws a distinction between sustaining and disruptive innovations. Sustaining innovation is the improvement of a product or service based on the known needs of current customers e.g. faster microprocessors, flat screen televisions. Disruptive innovation in contrast pointed to a process by which a new product or service creates a new market e.g. transistor radio, free crowdsourced encyclopedia, etc., eventually displacing determine competitors. According to Christensen, disruptive innovations are critical to long-term success in business.

Disruptive innovation is often enabled by disruptive technology. Marco Iansiti and Karim R. Lakhani define foundational engineering as having the potential to create new foundations for global technology systems over the longer term. Foundational technology tends to transform multiple ] The advent of the packet-switched communication protocol TCP/IP—originally introduced in 1972 to help a single use case for United States Department of Defense electronic communication email, and which gained widespread adoption only in the mid-1990s with the advent of the World Wide Web—is a foundational technology.

Another model was suggested by Henderson and Clark. They divide innovation into four types;

While Henderson and Clark as living as Christensen talk approximately technical innovation there are other kinds of innovation as well, such(a) as service innovation and organizational innovation.

The classical definition of innovation being limited to the primary purpose of generating profit for a firm, has led others to define other types of innovation such(a) as: sustainable innovation or green innovation, and responsible innovation.