Innovation is the constant search for improvements to what already exists, in contrast to invention, which aims to create something new. In the economic field, innovation results in the design of a new product, service, manufacturing or organizational process that can be directly implemented in the production system and meets the consumer needs. It has to be distinguished from invention or discovery by the fact that it can be immediately implemented by companies, with the aim of obtaining a competitive advantage.
Innovation can be described in different ways and into each category , there can different type of innovations (Cf Innovation types section):
Incremental innovation: It means it doesn’t perturb , clients habitudes and their competencies in term of technology because any evolution of the product is easily handled without big technology gaps for example improving Motor. It is mainly small improvement in product.
Strategical innovation: It is a technologic gap. It impacts the company on the way to produce and the production machine but the function might not change for the client for example TV evolution from cathodique to flat, led tv, old tv.
Major innovation: The functions are still here but an other way to the things , like online bank. The innovation exists but less felt by the client.
Rupture innovation. It put in question the usage by the client and the companies development, production. More risky as it is impacting both client and company. Example are smartphones.
