2.8. THE INNOVATION PROCESS
An invention is an idea, a concept, a sketch, or a model for a new or improved product, device, process, or system. Inventing is the creation of new knowledge or new ideas.
The innovation process is the integration of existing technology and inventions to create a new or improved product, process, or system. Innovation in the economic sense is accomplished through the first utilization and commercialization of a new or improved product, process, or system.
Various technology-based organizations look at the overall innovation process differently. In a general sense, the innovation process includes (1) identifying the market need or technology opportunity, (2) adopting or adapting existing technology that satisfies ...
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