Understanding the Innovation Concept

Abstract

In today’s fierce competitive environment, we frequently hear media discussing issues related to innovation. From these discussions, it is not difficult to assume that innovation has become one of the most controversial topics of the 21st century. If for some businesses being innovative is an attempt to be market leaders in their area for many others it is the only way to response appropriately against challenges by their innovative rivals in the market. In brief, today’s competitive market situation has already turned out to be “innovate or die” situation. Therefore, understanding the concept of the innovation is crucial to know about innovation itself and its importance. Thus, This paper explored the concept of innovation through literature review and gave an overview of the concept of innovation, as well brought readers a quick introduction about innovation and presented the fundamental understanding of its importance, actors, sources, types and main drivers. In this paper, innovation was discussed in five different sections and a conclusion was derived as an inference.