Innovation

Innovation is the implementation of a new or significantly improved idea, good, service, process or practice which is intended to be useful. Scholars who have studied innovation generally differentiate among four main types of innovation: product innovation, process innovation, organizational innovation, and marketing innovation.

Measures for innovation and innovativeness

Individual and team level assessment can be conducted by surveys and workshops. Business measures in balanced scorecard can be viewed from innovation perspective (e.g. new product revenue, time to market, customer and employee perception & satisfaction. Organizational capabilities can be evaluated by using e.g. efqm (european foundation for quality management)-model.

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The OECD Oslo Manual from 1995 suggests standard guidelines on measuring technological product and process innovation.

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