ESSENCE OF INNOVATION
Keywords:
Innovation, concepts of innovation, innovation classification, innovation typologyAbstract
This article highlights the multiple interpretations of innovation; the overall objective of the study was to develop a theoretical model based on the earlier work of numerous writers by outlining various definitions, categories, and models of innovation. The literature has shown how crucial innovation is in contributing to form judgments about the business sector and can help the country's economy and job market grow quickly, as well as provide pure profit for innovative commercial organizations. Innovation is one of the key components of economic growth, manufacturing, the development of a wide range of products, and decision-making in management that are directly influenced by the type of innovation applied. The strategy was developed using theoretical frameworks for defining innovation.
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