Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen.
It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.
Chemotherapy can cause your hair to fall out and make you feel tired and sick.
Delivering the chemo drugs inside nanoparticles could reduce these side effects by making sure the drug goes only to the cancer.
as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in such a way that they affect society.
In industrial economics, innovations are created and found Innovation also has an older historical meaning which is quite different.
In the organizational context, innovation may be linked to positive changes in efficiency, productivity, quality, competitiveness, and market share.
However, recent research findings highlight the complementary role of organizational culture in enabling organizations to translate innovative activity into tangible performance improvements.
In recent organizational scholarship, researchers of workplaces have also distinguished innovation to be separate from creativity, by providing an updated definition of these two related but distinct constructs: Workplace creativity concerns the cognitive and behavioral processes applied when attempting to generate novel ideas.
Workplace innovation concerns the processes applied when attempting to implement new ideas.