ABSTRACT
This chapter highlights the dimension of innovation which is linked to economic and business model innovation. The notion of "innovation for development" emerged to address the stagnation in the economic business cycle. This makes innovation an appealing field of inquiry and exploration in many disciplines including engineering, economics, business and marketing. Many business models are considered innovative due to their use of web-based platforms for e-banking, e-commerce, e-trade and e-learning. Human progress and prosperity is fuelled by innovations in all spheres of life. Innovations in material science, printing, transport, agriculture, energy and telecommunications have transformed our economy, society and environment. One of the early attempts to conceptualize innovation was carried out by Stephen Kline and Nathan Rosenberg by developing and commenting on the linear model of innovation. The linear model is based on assumption that innovation consists of a set of phases that includes research, development, and production and marketing.
