Transcript What is the innovation?

Prof. Giuseppina Passiante
Anno Accademico 2012/13
What is the innovation?
Joseph Schumpeter ‘s definition of economic innovation
The introduction
of a new good or
of a new quality
of a good
The
introduction of
a new method
of production
The conquest of a
new source of
supply of raw
materials or halfmanufactured
goods
The opening of
a new market
The carrying out
of the new
organization of
any industry
Source: Schumpeter, J. (1934). The Theory of Economic Development. Harvard University Press, Boston.
Anno Accademico 2011/12
Prof. Giuseppina Passiante
Definition of innovation
Everett M. Rogers, 1995
"Innovation is an idea, practice, or object that is perceived as new by an
individual or other unit of adoption."
Michael A. West; James L. Farr, 1990
"Innovation is the sequence of activities by which a new element is introduced
into a social unit, with the intention of benefiting the unit, some part of it, or the
wider society. The element need not to be entirely novel or unfamiliar to
members of the unit, but it must involve some discernible change or challenge of
the status quo."
M. Porter
“Companies achieve competitive advantage through acts of innovation. They
approach innovation in its broadest sense, including both new technologies and
new ways of doing things.”
Definition of innovation
INNOVATION = INVENTION + COMMERCIALIZATION
Innovation is the use of new knowledge to offered a new product or service that
customers want (Afuah).
Bruce D. Merrifield, "Forces of Change
Affecting High Technology Industries."
IDEA
MARKET
"The three stages in the process of
innovation: invention, translation and
commercialization."