Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship

2013 Edition
| Editors: Elias G. Carayannis

Product Innovation, Process Innovation

  • John E. Spillan
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-3858-8_477

Synonyms

Definition

General innovation – It is a process that takes an idea or invention and converts it into a product or service that the general public purchase or possess. Innovation(s) are replicable, have economic costs, and satisfy a need. As related to business, innovation is the application of an idea, which reduces the gap between needs of customer and the performance of the company.

(Source: Business dictionary.com http://www.businessdictionary.com/definition/innovation.html).

Specific Definition of Innovative Organization – It relates to new approaches to work and how work is organized, how workflows operate to enhance customers and employee performance, employee retention, and increase in employee knowledge (Kustoff 2008). Organizational innovation requires a culture that supports new ideas, processes, and new ways of doing business. Organizational innovation values knowledge acquisition and learning....

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References

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Copyright information

© Springer Science+Business Media LLC 2013

Authors and Affiliations

  1. 1.School of BusinessUniversity of North Carolina At PembrokePembrokeUSA