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Innovation and Innovation Ecosystem

In: Fast-Track Innovation and Commercialization: Tools and Techniques

Author

Listed:
  • Biplab Kumar Datta

    (NILU–Climate and Environmental Research Institute)

Abstract

‘InnovationInnovation’ is a wordInnovation that is being used extensively these days in every sphere of life. Technology innovationTechnology innovation, design innovationDesign innovation, process innovationProcess innovation, business innovation,Business innovation etc. are the words we keep on hearing often. In this chapter, the reader is introduced to the definitions of innovation and inventionInvention. The world is struggling for developing sustainable innovation,Sustainable innovation and hence, the principle behind sustainable innovation is discussed and presented. The driving force is compelling the mankind to innovate, and the process of innovationInnovation is discussed. The importance of ‘basic researchBasic research’ and ‘applied researchApplied research’ is also discussed. Classification of innovationClassification of innovation activities is presented here. Incremental innovationIncremental innovation, breakthrough innovation,Breakthrough innovation and disruptive innovationDisruptive innovation are also discussed with some examples. Another classification of innovationInnovation based on fields of application is also discussed. The importance of creating a congenial innovation ecosystemInnovation ecosystem in a typical corporate world environment is presented, and the importance of developing strategic innovation agendaStrategic innovation agenda is also discussed. Ecosystem to support start-upsStart-ups is discussed. FundingFunding plays an important role for every start-up, and for investing in any start-up, the investors tend to assess the value of the start-up before they invest in the company. A few methods commonly used for valuation of a start-upValuation of startups are also discussed to create awareness of the importance of valuation.

Suggested Citation

  • Biplab Kumar Datta, 2023. "Innovation and Innovation Ecosystem," Springer Books, in: Fast-Track Innovation and Commercialization: Tools and Techniques, chapter 0, pages 1-20, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-30375-3_1
    DOI: 10.1007/978-3-031-30375-3_1
    as

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