Technological change is one of the principal drivers of competition. It plays a major role in industry structural change as well as new industries. It is also a great equalizer, eroding the competitive advantage of even well-entrenched firms and propelling others to the forefront. Many of today's great firms grew out of technological changes that they were able to exploit. Of all the things that can change the rules of competition, technological change is among the most prominent.
the continual generation of new technological ideas and products and services based on those ideas. Innovation in information technology improves the productivity of the information industry itself and also offers the tools for improving the productivity of many other sectors of the economy.
the process through which new ideas are generated and successfully introduced in the marketplace.
the implementation of a new or significantly improved product (good or [[[service]]), or process, a new marketing method, or a new organizational method in business practices, workplace organization or external relations. Innovation activities are all scientific, technological, organizational, financial and commercial steps which actually, or are intended to, lead to the implementation of innovations.
the commercial or industrial application of something new — a new product, process or method of production; a new market or sources of supply; a new form of commercial business or financial organization.
Innovation "encompasses both the development and application of a new product, process, or service. It assumes novelty in the device, the application, or both. Thus, innovation can include the use of an existing type of product in a new application or the development of a new device for an existing application. Innovation encompasses many activities, including scientific, technical, and market research; product, process, or service development; and manufacturing and marketing to the extent they support dissemination and application of the invention."