ABSTRACT
In the twenty-first century, advances in technology, transportation, and new business models have enabled companies of all sizes to operate on a global scale. This globalization of business allows companies to enter new markets once thought the exclusive domain of the giant enterprises. Consequently, the bigger or more established firms find themselves looking to differentiate themselves from new competitors. In this environment, innovation has emerged as that competitive differentiator that will help companies establish themselves as global leaders. Innovation is certainly not a new concept in the information and technology age, but it has been generally restricted to the research and development (R&D) domain. As we move deeper into a knowledge-based economy that leverages robust informational infrastructures, innovation is presented with a more resounding and diversified voice. You now hear the word “innovation” in advertising to consumer markets, and in internal corporate communications, and even in daily conversation with the intent to leverage the word to signify success.
