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Models of innovations: an overview of perspectives and expositions

Published Online:pp 342-362https://doi.org/10.1504/IJVCM.2017.089374

Competition and global markets directly affect the expanding economy of a country and survival of a business. The pressure of competitive environment precipitates the need to innovate and create an extra edge or the value that will help the customer choose better when all things are equal. Innovation is crucial in maintaining strong economic growth and increasing global competition. Over the last two decades, there is a considerable body of knowledge for the concept of innovation and has accumulated significant patterns. In this paper, we bring forth awareness about the impact that innovation has for the changing dynamics of the business, which is to deliver value for the demands of pulsating markets. The businesses, today in the digital age, are information communication technology driven. We identify the forces for that bring about the need to innovate for value creation. The emerging realities today under digital economy, where concepts like digital investments, the digital value of a business and digital depth, intranet and depth of data, as emerging concepts, continually make for important components in the value creation, delivery, and sustenance.

Keywords

innovation, knowledge management, diffusion of innovation, models of innovation, business model innovation