Esprit Rock

In literature there are numerous definitions of the concept of innovations

In literature there are numerous definitions of the concept of innovations. The pioneering research in the field was done by Schumpeter in 1934.
He was the first author to recognize innovation as product, process and organizational changes that do not necessarily originate from new scientific discoveries but may arise from a combination of already existing technologies and their application in a new context (Hana, Competitive Advantage Achievement through Innovation and Knowledge 2013). His idea and researches have been developed by a number of authors and scholars
It is also discussed that in markets for product innovations, sales are initially low and as new firms enter (firm takeoff occurs) and quality improves with prices dropping, there is a takeoff in sales. According to (Nagasimha Balakrishna Kanagal 2015) purpose of innovation is for improving and increasing the delivery of superior meaning and superior value to the customer while making it relevant, different or new and valuable from the customer’s stand point
Innovation processes is the only way for companies and sector growth as this lead to the level of competitive advantage (Dalia Gamal, Tarak Salah, Nerseen Eliryyes 2011).
According to (birkinshaw 2011) innovation is the life blood of any large organization. Innovation can take that five general forms including diversification of the existing pool of product and service; introduction of completely new items and developments of participation models