The fifth generation innovation process

At different periods during the past thirty years or so the dominant perception of what constitutes the technological innovation process has varied considerably. For many years the worlds invention and innovation were frequently used interchangeably and "innovation" was often seen to be synonymous with "R&D". Today it is generally acknowledged that technological innovation involves considerably more than invention and R&D, and the definition of innovation assumed in this paper is: The technological innovation process includes the technical, design, manufacturing, management and commerciaal activities involved in the marketing of a new (or improved) product or the first commercial use of a new (or improved) manufacturing processor equipment. Two things are clear from this definition : Innovation includes not only radical technological change, but incremental chances also; and Technological chance must often be accompanied by organisation, managerial and marketing innovations for its succesful commercialisation.