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Innovation

Innovation can be defined as "planned or managed change". In general, innovation consists of the generation of a new idea and its implementation into a new product, process or service, leading to the dynamic growth of the national economy and the increase of employment as well as to a creation of pure profit for the innovative business enterprise. Innovation is never as one-time phenomenon, but a long and cumulative process of a great number of organizational decision-making processes, ranging from the phase of generation of a new idea to its implementation phase. There are various definition of innovation that appear in the literature. Joseph Schumpter defined five types of innovation: 1. Introduction of a new product or a qualitative change in an existing product 2. Process innovation new to an industry 3. The opening of a new Market 4. Development of a new sources of supply for raw materials or other inputs 5. Changes in industrial organisation

Referensi

Kogabayev, T., & Maziliauskas, A. (2017). The definition and classification of innovation. HOLISTICA–Journal of Business and Public Administration, 8(1), 59-72. Rogers, M., & Rogers, M. (1998). The definition and measurement of innovation (Vol. 98). Parkville, VIC: Melbourne Institute of Applied Economic and Social Research.