Types of Innovation
A Process Innovation
The implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
A Product Innovation
The introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics.
A Marketing Innovation
The implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. This includes changes in positioning of products or services offered by companies e.g. low-cost airlines.
An Organizational Innovation
The implementation of a new organizational method in the firm’s business practices, workplace organization or external relations.
Material Flow Innovation.
This type will capture innovation across the material value chains of products and processes that lower the material intensity of use while increasing service intensity and well-being. It aims to move societies from the extract, consume, and dispose system of today's resource use towards a more circular system of material use and re-use with less total material requirements overall.
Social Innovation
Characterized by different rationale and mechanisms. This is closely linked with the field of social entrepreneurship. Social innovation is “a novel solution to a social problem that is more effective, efficient, sustainable than existing solutions and for which the value created accrues primarily to society as a whole rather than private individuals. Two key elements of social innovation: 1. To create social change and value, rather than commercial innovation and financial value 2. Social innovation processes often involve not only business, but also the public sector and non-governmental organizations.
Eco Commerce
Is a business, investment, and technology development model that employs market-based solutions to balancing the world's energy needs and environmental integrity.
Eco Innovation
Is a term used to describe products and processes that contribute to sustainable innovation. Eco Innovation is the commercial application of knowledge to elicit direct or indirect ecological improvements. It is often used to describe a range of related ideas, from environmentally friendly echnological advances to socially acceptable innovative paths towards sustainability.
Cleantech
Is a term used to describe products or services that improve operational performance, productivity, or efficiency while reducing costs, inputs, energy consumption, waste, or pollution. Its origin is the increased consumer, regulatory and industry interest in clean forms of energy generation.
Sustainable Innovation
Is 'innovation for long term benefit to people, society, economy and nature' harvesting the creativity and innovativeness of people to solve problems. By developing and implementing new technology we can better adapt to new challenges creating renewable energy and improving energy and material efficiency. To change the habits of people and the operating models of firms and institutions social innovations are needed. Sustainable innovation is based on ethically, socially, economically, environmentally sustainable principles. These principles include:
Inclusive Innovation.
Continuous Innovation.
Global Innovation.
Innovative Leadership.
Technology Licensing
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