A Quote by Joseph A. Schumpeter
The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.
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Process innovation is different from product innovation. It's about how do you create a new product or develop a new product or manufacture a new product, but not a new product itself?
As a matter of fact, capitalist economy is not and cannot be stationary. Nor is it merely expanding in a steady manner. It is incessantly being revolutionized from within by new enterprise, i.e., by the intrusion of new commodities or new methods of production or new commercial opportunities into the industrial structure as it exists at any moment.
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.
The source of innovation is freedom. All we have - new knowledge, invention - comes from freedom. Discoveries and new knowledge come from freedom. When somebody is responsible only to himself, [has] only himself to satisfy, then you'll have invention, new thought, now product, new design, new ideas.
Creativity is the generation and initial development of new, useful ideas. Innovation is the successful implementation of those ideas in an organization. Thus, no innovation is possible without the creative processes that mark the front end of the process: identifying important problems and opportunities, gathering relevant information, generating new ideas, and exploring the validity of those ideas.
To be born again is, as it were, to enter upon a new existence, to have a new mind, a new heart, new views, new principles, new tastes, new affections, new likings, new dislikings, new fears, new joys, new sorrows, new love to things once hated, new hatred to things once loved, new thoughts of God, and ourselves, and the world, and the life to come, and salvation.
We Experiment Endlessly, With New Products, New Methods, New Companies And New Marketing. A Successful Business The Emphasis Is On Experiment And Development, Ideas Are The Lifeblood Of Business.
The economic impact of new development spreads throughout a community. New facilities bring new jobs, providing good, family-supporting salaries.
When a really new product comes along, it's almost always a mistake to hang a well-known name on it. The reason is obvious. A well-known name got well-known because it stood for something. It occupies a position in the prospect's mind. A really well-known name sits on the top rung of a sharply defined ladder. The new product, if it's going to be successful, is going to require a new name. New ladder, new name. It's as simple as that.
Most of my work in New York has been on new musicals. And all through the preview process, they throw you new songs, new lyrics, new choreography, new scripts; you're constantly getting new material. You might get it in the morning and put it in the show at night. It happens every single day, so those muscles are pretty toned.
New product and new types of service are generated, not by asking the consumer, but by knowledge, imagination, innovation, risk, trial and error on the part of the producer, backed by enough capital to develop the product or service and to stay in business during the learn months of introduction.
The music and movie business has been consistently wrong in its claims that new platforms and channels would be the end of its businesses. In each case, the new technology produced a new market far larger than the impact it had on the existing market.
**New business concepts are always, always the product of lucky foresight.** That's right - the essential insight doesn't come out of any dirigiste planning process; it comes form some cocktail of happenstance, desire, curiosity, ambition and need. But at the end of the day, there has to be a degree of foresight -- a sense of where new riches lie. So radical innovation is always one part fortuity and one part clearheaded vision. [first-line bold by author] [2002] p.23
[There are] seven gifts God gives you when you commit your life to Christ: a new relationship, a new citizenship, a new family, a new purpose, a new power, a new destiny, and a new journey.
Thoughts give birth to a creative force that is neither elemental nor sidereal. Thoughts create a new heaven, a new firmament, a new source of energy, from which new arts flow. When a man undertakes to create something, he establishes a new heaven.
I'm such a product junkie - I love trying new products and new shades. For me, it's really exciting to see what new and wonderful products come onto the market.
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