Innovation, by definition, means doing things differently and exploring new opportunities. It is a reference to both radical and incremental change. Innovation becomes the key driver of the economy, encompassing growth, competitive advantage and productivity. Contemporaneously, organisations have been challenged to satisfy customer requirements and provide competitive products while facing exponentially escalating costs. Innovation appears to hold the key. Innovation systems, management and applications are now regarded as interrelated critical areas of study in most schools of business, economics, engineering, social education, environment, and policy construction. There are, therefore, a wide range of theoretical frameworks and models to conceptualise innovation as well as a wide range of approaches to applications of innovation. While there are many successful innovation project applications, there are also a number of failures.
what is innovation theory
