What is Innovation?
The Oslo Manual for measuring innovation defines four types of innovation:
Product innovation: A good or service that is new or significantly improved. This includes significant improvements in technical specifications, components and materials, software in the product, user-friendliness or other functional characteristics.
Process innovation: A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
Marketing innovation: A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.
Organisational innovation: A new organisational method in business practices, workplace organisation or external relations.