Product & Service Innovation

The introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics.

Process Innovation

The implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.

Social Innovation

Social innovation is the process of addressing the world’s most pressing challenges with “novel solutions . . . that [are] better than current solutions, new to the world, and [benefit] society as a whole and not just a single entity.”

Reference:

OECD and Euro (2005), “Oslo Manual: Guideline for Collecting and Interpreting Innovation Data”,

Third Edition (2005)

Bates, S.M. (2012), “The Social Innovation Imperative: Create Winning Products, Services, and Programs That Solve Society’s Most Pressing Challenges”, McGraw-Hill.