Innovation is the creation, development, implementation and commercialisation of new products, managerial and manufacturing processes and services with the objectives of improving efficiency, effectiveness, profitability and competitive advantage.
Follow the link below if you would prefer to view this interaction in a new web window:
Screen technology in 2014
'If I had asked people what they wanted, they would have said faster horses.'
Henry Ford said when talking about the development of the Model T motor car
An explanation of nanotechnology
A different take on miniaturisation!
The topic of innovation is covered in more depth in module 4.3 on new product design and development.
Innovation is not just about creativity and good ideas; it is about the putting these into practice and generating a commercial return. A key element of this is the process of Research and Development (R&D).