Innovation Strategies and Competitive Advantages

Abstract

This paper addresses the meaning of innovation what does innovation present, types of innovation specifically discussing the right way of usage. In order for companies to get the as more innovations as possible it is necessary for them to be familiar with the process of innovation and its principles which innovation was found on.

There are several types of innovation or ways in which companies can achieve innovation in a level of whole organization. This paper discusses the ways how that can be achieved-starting from their products and services, ways of selling, supply, etc.

Innovation can be financed by merit-based awards (grants) and external equity, such as: business angels, venture capital and corporations.

Keywords: innovation, principles, strategies, innovation sources, benefits, financing

JEL Classification: O1, O31, O40​