Innovation
The literature abounds with definitions of innovation and the innovation process. The definition by Souder (1987) that summarizes the basic concept: “Innovation is a high risk idea that is new to the sponsoring organization. The innovation process is any system of organized activities that transforms a technology from idea to commercialization.”
The terms innovation, entrepreneurship, invention, discovery, R&D and intrapreneurship are often used (and confused) interchangeably. Whereas innovation refers to new products, processes and services, entrepreneurship involves both the identification and exploitation of opportunities to innovate. Invention and discovery refer to beginnings in the innovation process and we refer to R&D as the formalized process for pursuing innovative ideas and bringing them to fruition. Intrapreneurship usually refers to processes of innovation within organizational boundaries, whereas entrepreneurship can include the creation and growth of new...
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Samson, D., Challis, D. (2000). PROCESS INNOVATION . In: Swamidass, P.M. (eds) Encyclopedia of Production and Manufacturing Management. Springer, Boston, MA . https://doi.org/10.1007/1-4020-0612-8_719
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