What is innovation? Definition
Different authors, specialized in this subject, have defined the concept of innovation, there are multiple definitions about a concept that seems to be simple but it is also ambiguous, the vast majority of definitions become from the definition given by the Austrian economist Schumpter. This definition involves the following 5 cases:
Introduction to the market of a new product or service, which clients are not still familiarized with it.
Introduction of a new methodology of production or an organized methodology.
Creation of a new source of supply of row material or semi-elaborated products.
Open a new market in a county.
Put a new structure in a market.
There are two main points in which all the authors agree:
If the new products, processes or services are not accepted in the market, there is no innovation.
The innovation is the key element of the competitive
Innovate is to create or the modification of a product and introduce it in the market.
About the second point Michael porter assets that :
” Competitiveness of a nation depends on the capacity of its industry to innovate and improve. Companies get advantages if they can innovate”
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