Innovation

INNOVATION

XUSHNUDBEK SUYUNOV

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

Innovation is the process of taking something that already exists and making it better – whether it’s a product, a service, or even a process. It can be as simple as making a small change or as complex as completely overhauling an entire system. But whatever form it takes, innovation always involves creativity and risk-taking. Innovation can be an essential driver of economic growth, and businesses that can innovate consistently tend to be more successful than those that don’t.

The main types of innovation are:

• Incremental Innovation
• Architectural Innovation
• Disruptive Innovation
• Radical Innovation

Stages of innovation process

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