Define the term Innovation Commerce essay
Exclusively available on IvyPanda. In the modern business world, the word “innovation” has become quite popular. Innovation can mean a certain direction. In a business context, innovation is the ability to invent, develop, deliver and scale new products, services, processes and business models for customers; Innovation means introducing new products, services and ideas in any area. It takes place in technology, science, business, education, etc. If so, The Oxford English Dictionary defines innovation as “making changes in something established. Invention is the act of encountering or finding: discovery Often associated with small, subtle This study looks at innovation, starting with a brief history of innovation. It then looks at an example of the many definitions that exist in the literature and based on innovation. Defined as innovative business activity involving companies with fewer employees. Social Mair and Marti, 20043 define it as “a process consisting of the innovative use and combination of resources to explore and exploit opportunities, which aims to catalyze social change by meeting basic human needs in a sustainable way .” Schumpeter defined innovation as the economic impact of technological change Twiss – as the process that combines science, technology, economics and management to create and expand novelty.