Innovation and models of innovation: A brief insight into the definition and different models of innovation

  • 1 University of Sopron, Alexandre Lamfalussy Faculty of Economics, Sopron, Hungary


Innovation has been a key element for huge successful firms in the past few decades. The fast pace at which the markets and market expectations change today requires firms to be able to come up with new ideas, products, and even manufacturing processes, which have never been seen before. Thus, innovation is one of the major elements in keeping our economy constantly growing. Throughout this paper we will present some of the basic models of innovation, starting with the definition of innovation itself. What does it mean? Where does it originate from?



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