Category

• Product and 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.”

• Business model innovation 

Business model innovation is the search for new logic of the firm and new ways to create and capture value for its stakeholders; it focuses primarily on finding new ways to generate revenues and define value propositions for customers, suppliers, and partners.

References:

• 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.
• Casadesus-Masanell and Zhu (2013: 464) in Foss, N.J and Saebi, T. (2016), “Fifteen Years of Research on Business Model Innovation: How Far Have We Come, and Where Should We Go?”, Journal of Management Vol. XX No. X, Month XXXX 1–28