Innovation is the first commercial application/production of new product, process or system. It includes managerial and organizational innovation as well as technological innovation. Innovation can lead to economic growth for a nation, increase the profits of firms, generate new products and markets, safeguard old markets, enlarge the variety of products on offer to the consumer and eventually increase the quality of life. Some early models of innovation are the 'technology-push' and 'need-pull' models. According …showed first 75 words of 1017 total…

…showed last 75 words of 1017 total…and therefore no strictly random sample can be drawn".(Freeman, p.219) Thus, we cannot really say if the factors used for evaluating the success or failure of an innovation are neither necessary nor sufficient. ------------------------------------------------------------------------ **Bibliography** 1. Freeman, C. and Soete, L., (1997), The economics of industrial innovation, London: Pinter, Ch.8, Success and failure in industrial innovation 2. Rothwell, R. and Zegveld, W. (1985), Reindustrialization and technology, Harlow, Essex: Longman, Ch.2, The process of technological innovation: patterns and influences