Innovation can be defined as a process whereby ideas are transformed into new or improved products, services, or processes to solve practical problems and meet needs or to advance, compete, and differentiate organizations in the marketplace. In today’s world of increasing complexity, to compete effectively it is imperative that corporations explore ways to foster new ideas such as increasing their sources through loose ties to diverse networks and leveraging customer “lead user” innovations.
Authors: Kalle Lyytinen, Marty Abbott, Michael Fisher
Source: Graziadio Business Report
Subjects: Customer Related, Innovation