Innovation

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Photos Cover: Stefano Bianchetti, Ole Graf/zefa/Corbis
<strong>Innovation</strong> The word “innovation” derives from the Latin “novare”, which means “to renew” or “to change.” So innovation does not just refer to a pioneering invention. It can also imply a promising further development or improvement of something which exists already. Some definitions emphasize the difference between “invention”, as conceiving an idea, and innovation as its embodiment. In the first half of the 20th century, the economist J. A. Schumpeter first used the word “innovation” to refer to the process of creative destruction. Indeed, to achieve economic success, companies must not only keep developing new products, but also constantly rethink their business models and adapt their processes to current conditions. This is absolutely decisive in today’s interconnected world. While innovative products are important, they can only offer profit for a limited time, notwithstanding patent protection. It is only a matter of time before they will be copied, developed and, quite possibly, improved further.
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GLOBAL INVESTOR FOCUS Innovation
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