Description
Methodical creations of the human spirit, namely all novelties that once created can be usefully and repeatedly applied. (This therefore excludes artistic creations, since a symphony can be repeated but not applied. On the other hand, novelties in orchestration can be applied and therefore constitute innovations). In a more restricted sense, it is the process that turns an invention through development, pilot manufacture, sales propaganda, etc. into a marketable product. The most successful innovations are not necessarily the consequence of feats of creativity but derive rather from the development of improved substitutes for products and services already in existence. As such they are vitally important to the economic system.