innovation
Innovation is the first commercial application/production of new product, process or system. It includes managerial and organizational innovation as well as technological innovation. Innovation can lead to economic growth for a nation, increase the profits of firms, generate new products and markets, safeguard old markets, enlarge the variety of products on offer to the consumer and eventually increase the quality of life. Some early models of innovation are the 'technology-push' and 'need-pull' models. According to the 'technology-push' model, "discoveries in basic science lead eventually to industrial technological developments which result in a flow of new products and processes to the marketplace". (Rothwell, p.49) In the 'need-pull' model, "innovations arise as the result of a perceived, and often clearly articulated market need".(Rothwell, p.49) Both of these models are only one-sided approaches. Advocates of 'technology-push' tend to use examples like the laser or the nuclear energy, where there was not any potential market, while advocates of 'need-pull' tend to use examples like the synthetic rubber, which was invented and innovated because of a clearly existing need. The vast majority of the innovations lies somewher
The product or process had to be designed and developed in order to meet the specific requirements of potential users. No relationship was found between success and the capacity to set and fulfill target dates or association between failure and the attempt to innovate in unfamiliar areas. 2, The process of technological innovation: patterns and influences. On the one hand it involves the recognition of a potential market. e in between these two extremes models, and "involves some imaginative combination of new technical possibilities and market possibilities. The inventors who do not take into account the requirements of the potential market or the costs of their products in relation to the market are likely to fail as innovators. The attempts studied, where both successful and unsuccessful. 201-202) An innovation, in order to succeed, must have linking and co-ordinating different sections, departments and individuals. In successful attempts, there was greater attention to the education of users, to publicity, to market forecasting and selling, and to the understanding of user requirements. Also, all innovators were qualified scientists or engineers.
Common topics in this essay:
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Freeman Soete,
Ch8 Success,
Rothwell Zegveld,
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Marquis Myers,
Carter Williams,
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Acceptance Essays
