Big Problems of Small Companies: Big Problems of Small Companies Damon Salvatore

Just ten to fifteen years ago, the term "innovation" was used only by economists dealing with the problems of scientific and technological progress. Engineers and managers of industrial enterprises used the terms "new technology" or simply "innovation". And although today the word "innovation" is used more widely (it has become just fashionable), it is still necessary to understand the differences between these concepts.The term "innovation" was first introduced by the economist I. Schumpeter in 1912 in his work "The Theory of Economic Development". An innovation is understood as an innovation that is applied in the field of production technology or management of a certain economic unit. Concepts such as "new technology", "discovery" or "innovation", which are similar in meaning, are not synonymous with innovation. The most significant differences are as follows: firstly, innovation is carried out at the technological level, i.e. applied order, while invention or discovery is done, as a rule, at a fundamental level;secondly, innovation as a product of collective labor is developed by complex industrial laboratories, and an invention can be made by a lone inventor