The Nature and Dynamics of Innovation

In order to understand what is innovation we also have to understand some

related terms.
invention
There is lots of definitions for invention and the articel also mention a few.
Hindle clarifies invention by labeling it as the creative origin of new process.
science and technology
Science - Traditional epistemology defines science and scientific knowledge as
the world of objective theories, objective problems and objective argument.
technology - "art of science and the science of art"
Innovation is a word derived from the Latin, meaning 'to
introduce something new to the existing realm and order of things.'
------------------------------------------------------------------------------------------------------------------------------------Impact areas of innovation
The impact of innovation may be directed to multiple sectors. For example,

product/service,
process,
business innovation

From a business perspective, an innovation is perceived as the happy ending of

the commercialization journey of an invention
------------------------------------------------------------------------------------------------------------------------------------Effect of innovation:

disequilibrium

Innovation involves uncertainty and disequilibrium

solve market needs

Innovative technologies must propose to solve a market need such as reduced

costs or increased
utility or increased productivity.

change existing technology

As an innovation is adopted and diffused, existing technologies may become less

useful or even useless.

management must develop skills

The problems of managing the resulting disruption are strategic in nature.

The problems may be classified into three groups
The engineering problem is one of selecting the appropriate technologies for
proper operational performance.
The entrepreneurial problem refers to defining the product/service domain
and target markets.
Administrative problems are concerned with reducing the uncertainty and risk
during the previous phases.

-------------------------------------------------------------------------------------------------------The Nature and Dynamics of the S Curve

Generally this curve follows the shape of the letter S

Mathematically, it is a logistic curve that represents an exponential function and
is used in models of growth processes such as biological evolution or business life
cycles.
-----------------------------------------------------------------------------------------------------------------------------------There are several types of S curves in use

Fisher-Pry Market adoption

Gompertz - Forecasts of absolute technical performance
Pearl Curve - Limits of maturing technology development
Learning Curve - Cost of production decreases at a predictable rate

------------------------------------------------------------------------------------------------------------------------------------

Classification of the Key Theories of Innovation

Tehere is some basic categorization scheme.

Utterback
Utterbacks description,the innovation process consists of three phases; the fluid
phase, the transitional phase, and the specific phase
Tushman
Tushman also uses three phases, labeled innovation, differentiation, and
maturity.
-----------------------------------------------------------------------------------------------------------------------------------The authors feel that the three-phase approach seems to lack sufficient
granularity to adequately categorize the field of knowledge. They propose
additional stages or phases of innovation to more precisely reflect the diversity of
the MOT body of knowledge.

Demand explains the phase where ideas, culture, values, and

needs/wants are captured.
Invest represents the period where capital fundingand human endeavor
are united.
Discover is the invention process, itself
Exploit is the phase where invention is changed into innovation.
Demand2 signifies that existing technology is displaced and a new
process has been initiated, in effect the model becomes iterative