Innovation & Its Diffusion in Business: Concept, Stages & Procedural Practices

Abstract

Innovation is a new idea, object, or practice like scientific knowledge, technical products, application method, and tools which are viewed as new facilitators of problem-solving, on-the-spot acceptance, procedure, community, structure, and technology. The number of research in the field of economics have determined that innovation is about creation as well as the adoption of new business models, new product and services. Technological innovations are especially important because they drive the progress of societies. In a competitive business setting, enterprise and entrepreneur or business leaders should continuously pursue new openings/opportunities and make the needed arrangements for converting them into new products, goods, and services. But a new idea scientific method, product, practice, application method, and the tool does not turn out to be an innovation until adopted broadly and integrated into diffusion "a special type of communication process comprising some stages by which an innovation is communicated through certain channels over time among the members of a social system". This paper attempts to clarify in depth the concept of creativity and its distribution to consumers or adopters.