Innovation Management

Invention and innovation words and terms

Invention, Innovation, product innovation, process innovation, service innovation, incremental innovation, radical innovation, continuous innovation

Innovation strategy, strategy for innovation, managing innovation, management of innovation

Three stages of innovation - idea creation, development, commercialization

Innovation has occurred when any aspect (e.g. capability, use) of a product, process or service provides an improved solution to a need

Incremental innovation involves small improvements and extensions to existing products, processes and services. The target is to increase efficiency - higher quality, reduced times and lower costs. For an incrementally new product the customer is known and the technology does not radically depart from conventional practice

Radical innovation involves major change. Typically there are unknowns concerning both customer and technology

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Page last modified on February 16, 2000
Copyright 1999, 2000 by John Stark