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Types of Innovation
Several Types on Many Fronts
Key Topics Covered in This Chapter
- Incremental and radical innovation
- The factors that favor incremental innovation
- Innovation in processes and services
THE MEANING OF “innovation” is revealed by its Latin root, nova, or new. It is generally understood as the introduction of a new thing or method. MIT professor Ed Roberts once defined innovation as invention plus exploitation. Here’s a more elaborate definition: Innovation is the embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, processes, or services.
However you define it, innovation takes a number of forms.This chapter acquaints you with each and helps you see how they can help or challenge your ...
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