ABSTRACT
The word “innovation” originates from the Latin noun innovatus, and its earliest appearance in print can be traced back to the fifteenth century (Shah et al., 2015). Though this word has nowadays been widely utilized (or abused to some extent) in numerous settings with distinct implications, the most modern version of “innovation” was initially interpreted and expounded by the renowned economist Joseph Schumpeter (1883-1950) (Pressman, 2006) in his monograph written in the 1930s (Schumpeter, 1934). Originally trained as a law student, Schumpeter did not do well in his political life and he became penniless after a set of real world speculative investment activities. Schumpeter later returned to academic life where he made a name for himself due to his contributions towards identifying the phases of business cycles and the factors leveraging capitalist economies up and down (Pressman, 2006).
