Innovation

Cycle of Creative Destruction

Innovation

Growth Competitiveness
INNOVATION AND ORGANIZATIONAL CHANGE
Roles of Innovation and Organizational
Change

• Creativity
– the generation of a novel idea or unique approach that solves
a problem or crafts an opportunity.
• Innovation
– the process of taking a new idea and putting it into practice.
• Process Innovations
– result in better ways of doing things.
• Product Innovations
– result in new or improved goods or services.
• Commercializing Innovations
– turns ideas into economic value