Social and Behavioral Sciences Commons^™

Managing Innovation, Bonnie Bachman, Stephen O. Bozzone

Economics Faculty Research & Creative Works

The term innovation is one of the most misused and poorly defined terms when discussing economic growth and development. Innovation typically has a modifier in front to distinguish varying levels of value delivered and the impact to the market and some cases the world. ConradWai, CEO of Jump Ventures, defines three types of innovation: Sustaining Innovations maintain or grow market share, improve profit by gaining efficiencies and reducing costs, and often are seen as incremental improvements. The end goal for any sort of innovation pursuit is to create value. By creating something of value one hopes to attract a buyer …