Economic Factor Innovations

Abstract

This chapter deals with the fundamental definitions of innovation and innovation management. Based on these definitions, the necessary corporate changes are then presented in the subsequent chapters in order to implement successful innovation management within a company. Why should companies deal with innovations at all? This question is addressed directly in the first subsection. This is followed by an explanation of what is meant by an innovation and how the concept of innovation can be further developed. Distinguishing features are, for example, the extent of its novelty, such as, for example, an invention as the first appearance of a novelty, and the subject matter related to products or processes. In this context, innovation management represents an entrepreneurial function, which should systematically allow the generation of innovations. The concept of entrepreneurs is also to be explained in the context of this chapter, since innovations are of crucial importance for the entrepreneur. Innovations provide competitive advantages and thus secure the growth and the existence of a company.