Innovation is a term inherently tied to products sold at markets in product cycles that change over time. I think you're looking for the term invention.
Innovation is a term inherently tied to products sold at markets in product cycles that change over time. I think you're looking for the term invention.
An invention is a new device, method, or way of doing something that did not exist before. Innovation is anything that significantly improves real world processes or products. I believe the literature uses term "innovation systems" regardless of type of economies.