Basic definition and nature of innovation

The history of mankind is one of innovation, especially our great economic leaps over the past two centuries. The Renaissance in the 14th century shattered backward thoughts by introducing new thinking. The navigation rush in the 15th century expanded the bounds of human civilization. The scientific revolution, which began in the 16th century, laid the foundation for the technological revolution The capital market, which was born in the beginning of the 17th century, made financial activities a widespread phenomenon in society. The Industrial Revolution, which began in the 18th century, gave a great impetus to economies around the world. Although current economic theories and other doctrines fail to explain all these phenomena perfectly, many scholars have identified a common factor – innovation – in the chain of historical events.

A new round of technological and industrial revolutions is forthcoming as a radical change in the global industrial structure and competition pattern begins to arise. Disruptive innovations that may make a breakthrough in the future are of great importance to our “technology-economy-society” pattern. Currently, scientific progress and innovation play a decisive role in economic and social development in the world. An entity, whether as big as a country or as small as an enterprise, will miss the opportunity of proactive future development if it fails to grab self-developed core technology or intellectual property assets instrumental in innovation activities. Economists have attributed the fast growth of the world economy following World War II to a push for technological innovation.

“The Routledge Companion to Innovation Management” explains how innovation creates inexhaustible energy for corporate existence and development. It addresses increasingly shorter technology life cycles, outlines the importance of innovation management and strategy, describes the innovative organization, resources and culture.

Source: Routledge

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