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Definitions

Innovation is

the continual generation of new technological ideas and products and services based on those ideas. Innovation in information technology improves the productivity of the information industry itself and also offers the tools for improving the productivity of many other sectors of the economy.
the process through which new ideas are generated and successfully introduced in the marketplace.[1]

Overview

Innovation "encompasses both the development and application of a new product, process, or service. It assumes novelty in the device, the application, or both. Thus, innovation can include the use of an existing type of product in a new application or the development of a new device for an existing application. Innovation encompasses many activities, including scientific, technical, and market research; product, process, or service development; and manufacturing and marketing to the extent they support dissemination and application of the invention."[2]

Information economy

Innovation in the information economy continues to drive U.S. commerce. Entrepreneurs and innovators in the United States are developing novel information applications and creative ways of delivering existing goods and services via the Internet. American technology companies have created hundreds of thousands of new online applications, revolutionizing how consumers and businesses interact, transact, and use information. Beyond the boundaries of electronic commerce, the Internet is transforming critical sectors of the U.S. and global economy and society, such as health care, energy, education, the arts and political life.

References

See also

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