What is meant by innovation? Explain the elements in the innovation process.

Question

Accepted Answer

Innovation is the process of translating a useful idea into an application with commercial value. The elements of the innovation process are:

1. **Analytical planning** - identifying the product, creating or obtaining the idea, and detailing its commercial use and the marketing strategy.

2. **Organising resources** - obtaining the necessary resources such as finance, machinery, raw material and technology to put the idea into practice.

3. **Implementation** - executing the plan by setting up the enterprise and making the product or service available.

4. **Commercial application** - the final stage where the product or service is sold in the market and yields revenue, completing the innovation.