Republic of uzbekistanministry of higher and secondary special educationtashkent financial institute

REPUBLIC OF UZBEKISTANMINISTRY OF HIGHER AND SECONDARY SPECIAL EDUCATIONTASHKENT FINANCIAL INSTITUTE

REPUBLIC OF UZBEKISTANMINISTRY OF HIGHER AND SECONDARY SPECIAL EDUCATIONTASHKENT FINANCIAL INSTITUTE

ANDIJAN FACULTY

Direction " finance and financial technologies”

Stage I SMMT-70-22-Group student A.Ne’matjanov

Independent work prepared by the subject "English language“

Presentation

Done: A.Ne’matjanov

Checked: X.Maksudova

INNOVATION

PLAN:

1.Innovation .

2.Non-economic innovation .

3. That's innovation .

4.Sustaining vs disruptive innovation .

INNOVATION

Innovation is the practical implementation of ideas that result in the

introduction of new goods or services or improvement in offering goods or

services.ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a

new or changed entity realizing or redistributing value". Others have different

definitions; a common element in the definitions is a focus on newness,

improvement, and spread of ideas or technologies.

Innovation often takes place through the development of more-effective

products, processes, services, technologies, art works or business models that

innovators make available to markets, governments and society. Innovation is

related to, but not the same as, invention:innovation is more apt to involve the

practical implementation of an invention (i.e. new / improved ability) to make a

meaningful impact in a market or society,and not all innovations require a new

invention.

Non-economic innovation

Non-economic innovation

The classical definition of innovation being limited to the primary goal of

generating profit for a firm, has led others to define other types of innovation

such as: social innovation, sustainable innovation (or green innovation), and

responsible innovation.

That's innovation

"Innovation is the multi-stage process whereby organizations transform ideas

into new/improved products, service or processes, in order to advance,

compete and differentiate themselves successfully in their marketplace"

In an industrial survey of how the software industry defined innovation, the

following definition given by Crossan and Apaydin was considered to be the

most complete, which builds on the Organisation for Economic Co-operation

and Development (OECD) manual's definition:Innovation is production or

adoption, assimilation, and exploitation of a value-added novelty in economic

and social spheres; renewal and enlargement of products, services, and markets;

development of new methods of production; and the establishment of new

management systems. It is both a process and an outcome.

Sustaining vs disruptive innovation

One framework proposed by Clayton Christensen draws a distinction between

sustaining and disruptive innovations.Sustaining innovation is the improvement

of a product or service based on the known needs of current customers (e.g.

faster microprocessors, flat screen televisions). Disruptive innovation in contrast

refers to a process by which a new product or service creates a new market

(e.g. transistor radio, free crowdsourced encyclopedia, etc.), eventually

displacing established competitors. According to Christensen, disruptive

innovations are critical to long-term success in business.