Innovation is not like most other business functions and activities. There are no reliable templates, rules, processes, or even measures of success. In a sense, each act of innovation is a unique feat, a leap of the individual—or the collective—imagination that can be neither predicted nor replicated. Innovation, in short, is anything but business as usual. And yet certain organizations are somehow able to come up with great ideas over and over again. Some of the ideas are for new products, some for new ways of working, others are for new strategies, still others for entirely new lines of business.
The Use of Public Engagement for Technological Innovation
Technological Innovations - Literature Review Centre
Financial innovation is the act of creating new financial instruments as well as new financial technologies , institutions , and markets. Recent financial innovations include hedge funds , private equity , weather derivatives , retail-structured products , exchange-traded funds , multi-family offices , and Islamic bonds Sukuk. The shadow banking system has spawned an array of financial innovations including mortgage-backed securities products and collateralized debt obligations CDOs. There are 3 categories of innovation: institutional, product, and process. Institutional innovations relate to the creation of new types of financial firms such as specialist credit card firms like Capital One , electronic trading platforms such as Charles Schwab Corporation , and direct banks. Product innovation relates to new products such as derivatives , securitization , and foreign currency mortgages.
A disruptive technology or disruptive innovation is an innovation that helps create a new market and value network, and eventually goes on to disrupt an existing market and value network. The term is used in business and technology literature to describe innovations that improve a product or service in ways that the market does not expect. Although the term disruptive technology is widely used, disruptive innovation seems a more appropriate term in many contexts since few technologies are intrinsically disruptive; rather, it is the business model that the technology enables that creates the disruptive impact. How can I beat my most powerful competitor?
And most importantly, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary. Technology entrepreneurship lies at the heart of many important debates, including those around launching and growing firms, regional economic development, selecting the appropriate stakeholders to take ideas to markets, and educating managers, engineers, and scientists. Unless a generally accepted definition of technology entrepreneurship is established, however, these debates lose their focus.