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The definition and classification of innovation

Author

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  • Kogabayev Timur

    (Aleksandras Stulginskis University, Studentu g.11, Kaunas, LT-53361, Lithuania)

  • Maziliauskas Antanas

    (Aleksandras Stulginskis University, Studentu g.11, Kaunas, LT-53361, Lithuania)

Abstract

The paper presents the different definitions of innovation; the objective of the research being that of creating a theoretical model building on the previous work of several authors. The aim of the research is to define the different models, classifications and definitions of innovation. In this article we made use of a wide range of bibliographical sources on innovation, efficiency and also used comparative analysis of innovation definitions. Theoretical concepts were studied as well. The approach was constructed based on theoretical models of innovation definitions and used the technology and market perspectives. The main methods employed were comparative analysis of definitions of innovation and the creation of a model of innovation. It has been emphasized in the literature that the role of innovation is very important for making decisions regarding investment projects or investments for production. Innovation can bring benefits such as saving time, costs, and products and use them more effectively. Nowadays in the world, innovation is one of the most important factors of economic development, production, creation of a variety of products and in making management decisions. Innovation activity stimulates and has a positive effect also in investment activity.Innovation is the core action for the development and productivity of any economic activity. Investment activity and its results are directly dependent on the type of innovation that has been used. An important range of literature sources refer to innovation efficiency measurement criteria, which are in most cases related to product, technology (process) and market. The use of a number of different measurement indicators is leading to the need for further examination of the innovation-business performance relationship. Our findings have let us distinguish five major groups of criteria where various factors could be allocated. To the three groups (product, market and process) we allocate two additional groups: finance and management. Innovation plays an important role in the efficiency of investments in an organization, forms of business activity and state policy in the field of business and design.

Suggested Citation

  • Kogabayev Timur & Maziliauskas Antanas, 2017. "The definition and classification of innovation," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 8(1), pages 59-72, April.
    • Handle: RePEc:vrs:hjobpa:v:8:y:2017:i:1:p:59-72:n:5
    DOI: 10.1515/hjbpa-2017-0005
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    References listed on IDEAS

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    1. Manfred M. Fischer, 2001. "Innovation, knowledge creation and systems of innovation," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 35(2), pages 199-216.
    2. Cooper, Robert, 1998. "Benchmarking new product performance:: Results of the best practices study," European Management Journal, Elsevier, vol. 16(1), pages 1-17, February.
    3. Elenkov, Detelin S. & Manev, Ivan M., 2009. "Senior expatriate leadership's effects on innovation and the role of cultural intelligence," Journal of World Business, Elsevier, vol. 44(4), pages 357-369, October.
    4. Robert D. Dewar & Jane E. Dutton, 1986. "The Adoption of Radical and Incremental Innovations: An Empirical Analysis," Management Science, INFORMS, vol. 32(11), pages 1422-1433, November.
    5. Czarnitzki, Dirk & Kraft, Kornelius, 2004. "Innovation indicators and corporate credit ratings: evidence from German firms," Economics Letters, Elsevier, vol. 82(3), pages 377-384, March.
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    More about this item

    Keywords

    Innovation; economic efficiency; investments;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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