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Innovation is the first commercial applicationproduction of new product process or system It includes managerial and organizational innovation as well as technological innovation Innovation can lead to economic growth for a nation increase the profits of firms generate new products and markets safeguard old markets enlarge the variety of products on offer to the consumer and eventually increase the quality of life Some early models of innovation are the technology-push and need-pull models According to the technology-push model discoveries in basic science lead eventually to industrial technological developments which result in a flow of new products and processes to the marketplace Rothwell p49 In the need-pull model innovations arise as the result of a perceived and often clearly articulated market needRothwell p49 Both of these models are only one-sided approaches Advocates of technology-push tend to use examples like the laser or the nuclear energy where there was not any potential market while advocates of need-pull tend to use examples like the synthetic rubber which was invented and innovated because of a clearly existing need The vast majority of the innovations lies somewhere in between these two extremes models and involves some imaginative combination of new technical possibilities and market possibilities Marconi for example succeeded because he combined the necessary technical knowledge with an appreciation of some of the potential commercial applications of radioFreeman p201 Innovation is essentially a two-sided or coupling activity On the one hand it involves the recognition of a potential market On the other hand it involves technical knowledge One-sided innovations are much less likely to succeed The inventors who do not take into account the requirements of the potential market or the costs of their products in relation to the market are likely to fail as innovators In addition the inventors who lack the necessary scientific competence to develop a satisfactory product or process will also fail as innovators however good their appreciation of the potential market The possibility of failure
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