INNOVATION defined by the Merriam Webster Dictionary
- a new idea, method, or device;
- the introduction of something new
Innovations can either be performed by individuals, groups or an entire organization.
The types of innovations to be considered can be described as product, process or technical. These innovations can result in radical or incremental change. (Damanpour, 1991) (Damanpour & Aravind, 2012) (Sciulli, 1998).
- Radical innovations result in major deviations from current practices replacing them with processes, products or technical changes that are entirely new.
- Product innovations are often technology driven based upon demand or new advancements.
- Process innovations are those improvements made to how a product or service is produced, i.e. efficiency.
- Incremental innovations have minor deviations from current practices resulting in a series of small-scale improvements made to an existing product or service to add or sustain value.
- Technical innovations can involve both product and processes as its adaptation can improve upon an organization’s work.