INNOVATION AS A RESULT AND A CONTINUOUS PROCESS OF INNOVATION

Abstract

People have always been interested in innovations and innovations because their application in production allows them to reduce labour costs, increase production speed and even the quality of products. The term "innovation" was first coined by Austrian and American economist Joseph Schumpeter in the early twentieth century. He defined it as a combination of existing production components in a new variation. He also considered the entrepreneur to be the main driving force of innovation, as he formulated his function as constant innovation [1]. There is still no single definition of the concept of innovation and innovation activity, and each scientist defines it according to his or her own understanding [2]. Some scholars distinguish between the concepts of "innovation" and "innovation", justifying their position by the fact that, according to the standards of international organisations, innovation is the end result of innovation activity, which is embodied in the form of a new or improved product introduced into the market; a new or improved technological process used in practical activities; or a new approach to social services. In other words, only an innovation that has been applied in production and commercialised can be an innovation. But such a variation of concepts is not present in the English language, so most economists use these concepts as identical.

References

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