ABSTRACT
When a great executive meets up with a bad business, it is usually the business whose reputation remains intact.
Warren Buffett
Innovation is a buzzword that means many different things to different people, so dening terms is in order. Innovation, derived from the Latin innovatio, to renew or to change, is the application of knowledge in a novel way for economic benet. Innovation activities are all scientic, technological, organizational, nancial, and commercial steps undertaken to implement an innovation, but may also include research and development (R&D) not directly related to a particular innovation.
