Question

Write short note on innovation system modeling.

Answer 1

Innovation system. The concept of theinnovation system stresses that the flow of technology and information among people, enterprises, and institutions is key to an innovative process. It contains the interactions between the actors needed in order to turn an idea into a process, product, or service on the market.


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Answer 2

Innovation refers to the introduction of a new good or a new quality of a good, method of production, market, source of supply, and/or organization in an industry. It also refers to improving on an existing concept or idea using a step-wise process to create a commercially viable product.

Innovation is stereotypically viewed to be the wheelhouse of small and start-up companies since they tend to be very dynamic, but as we shall see, it is also a vital and viable aspect in big companies.

The most fulfilling thing about an innovation is being able to actualize an idea into a successful concept. To do this, you need to go through a long and complex process. For you to succeed you must understand the process well and must have the support needed; this is what differentiates a successful innovation process from an unsuccessful innovation process.