User:Jukeboksi/BBA studies/Innovation Management for Global Competitiviness

• Innovation is a new idea, device or process. Innovation can be viewed as the application of better solutions that meet new requirements, inarticulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. ( Wikipedia )

• Innovation management is the management of innovation processes. It refers both to product and organizational innovation.

Innovation management includes a set of tools that allow managers and engineers to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, proceses or products. It is not relegated to R&D; it involves workers at every level in contributing creatively to a company's product development, manufacturing and marketing. ( Wikipedia )

• Innovation economics is a growing economic doctrine that reformulates conventional economics theory so that knowledge, technology, entrepreneurship, and innovation are positioned at the center of the model rather than seen as independent forces that are largely unaffected by policy. ( Wikipedia )