ABSTRACT
Innovation is the result of an entrepreneur converting ideas, concepts, and opportunities into marketable products and processes. Innovation is the means by which the entrepreneur implements change. If successful, this change will lead to economic advantages for the firm in which the entrepreneur implements the change. The two types of changes, product innovations and process innovations, create economic advantages for the firm in different ways. Product innovations are the focus of this chapter, and process innovations are the focus of the next chapter.
