What do creativity and innovation signify and entail? What are the key types of innovation? Historically, creativity and innovation have been thought to been tied to new products that stimulate economic growth. Over time, these views were thought to have been narrowand new ideas of innovation came about. Karl Marx associated innovation to economic growth cycles. After World War II, much thought was given to innovation being a result of higher spending on research and design. Economists soon realized there was no direct correlation between innovation and R&D. Newer contemporary thought notes that innovation is a result of acquiring knowledge and being able to harness it into the development of new processes and products. Innovation is a complex process itself, having many facets making up what it is,and what it provides. Entrepreneurship comprises taking a risk on something, and quite often innovation requires faith. Design is the development and creation of something. It is becoming synonymous with innovationand an increasingly important part of the business world today;From Board Room layouts to the structure of a manufacturing line, all the way down to how a product may be used by a customer. Invention is another important part of innovation. It is the eureka moment or the concept of a new idea. Innovation takes invention and transforms it into something useful and commercialized.
There are several types of innovation. Product innovation is the development of a new or improved product. Process innovation, just as important, is the development of a new manufacturing process, which results in a new or improved product component. Organizational innovation could be a new division or group, or even simply a new collaborative way to do things. Management innovation has to do with business processes, and generally operations of a company. There can be long lasting