ABSTRACT
After studying this chapter you will be able to:
Recognize the main features of innovation, and distinguish between innovation, creativity and adaptation.
Understand the role of innovation in the context of the entrepreneurial realm.
Recognize the design of innovation in the entrepreneurial business in order to implement it in an existing/potential business.
Link the concept of innovation to robust theories in entrepreneurship and strategy, such as the dynamic capabilities (DC) perspective; consider the ongoing changes that are occurring around the business; understand that innovation can be implemented to facilitate the business’s accomplishment of its goals; further investigate innovation within the framework of the DC perspective.
Identify the key features of innovation and ways of enhancing it in the business.
Acknowledge how innovation can be implemented in the different business processes, structures and activities.
Apply innovative thinking toward complementing the business’s goals.
