Information Technology Entrepreneurship and Management by Karamagi Robert
Author:Karamagi, Robert [Karamagi, Robert]
Language: eng
Format: epub
Published: 2021-03-09T00:00:00+00:00
In income generation
In economic competitiveness
Overall growth, leading to improved standard of living
Role of entrepreneurs
Develop new markets
Discover new sources of materials- in order to enjoy comparative advantage in terms of supply, cost and quality.
Mobilize capital resources- organize and coordinate factors of production to create goods and services
Innovation
The word âinnovationâ is derived from the Latin verb innovare, which means to renew. In essence, the word has retained its meaning up until today. Innovation means to improve or to replace something, for example, a process, a product, or a service. In the context of companies, however, the term needs a definition. In the complex context of business, a definition is needed.
Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value.
The creation of value is a defining characteristic of innovation.
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