Innovation

Innovation Innovation lies at the heart of the entrepreneurial process and is a means to the exploitation of opportunity. It is the implementation of new idea at the individual, group or organizational level. There are four distinct types of innovation, these are as follows:
➢ Invention - described as the creation of a new product, service or process
➢ Extension - the expansion of a product, service or process
➢ Duplication - defined as replication of an already existing product, service or process
➢ Synthesis - the combination of existing concepts and factors into a new formulation