Innovation

Innovation is a new idea, or more-effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.

While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in a way that they have an impact on society.

Inter-disciplinary views

Business and economics

In business and economics, innovation can be a catalyst to growth. With rapid advancements in transportation and communications over the past few decades, the old world concepts of factor endowments and comparative advantage which focused on an area’s unique inputs are outmoded for today’s global economy. Economist Joseph Schumpeter, who contributed greatly to the study of innovation economics, argued that industries must incessantly revolutionize the economic structure from within, that is innovate with better or more effective processes and products, as well as market distribution, such as the connection from the craft shop to factory. He famously asserted that “creative destruction is the essential fact about capitalism”. In addition, entrepreneurs continuously look for better ways to satisfy their consumer base with improved quality, durability, service, and price which come to fruition in innovation with advanced technologies and organizational strategies.

Zeit

Zeit (English: Time) is the third album by the German electronic music group Tangerine Dream. A double LP, it was released in August 1972, being the first release featuring Peter Baumann, who joined then-current members Christopher Franke and Edgar Froese. Zeit is subtitled Largo in Four Movements.

Overview

The style of this album is slower and more atmospheric than their previous albums. Florian Fricke from the Munich-based group Popol Vuh, playing Moog synthesizer, and four cellists appear on the first track. The album cover depicts a solar eclipse.

As explained by Paul Russell for the 2002 reissue, "Zeit, which means 'time', was based on the philosophy that time was in fact motionless and only existed in our own minds." And concluding, "Without doubt Zeit is a Krautrock master work still capable of surprises without having to shock. The album which took the band to the edge of international recognition, still sounds timeless 30 years on."

Music critics often refer to Zeit as being one of the first (or perhaps the first) examples of dark ambient music.

Design thinking

Design thinking refers to design-specific cognitive activities that designers apply during the process of designing.

Origins of the term

The notion of design as a "way of thinking" in the sciences can be traced to Herbert A. Simon's 1969 book The Sciences of the Artificial, and in design engineering to Robert McKim's 1973 book Experiences in Visual Thinking. Peter Rowe's 1987 book Design Thinking, which described methods and approaches used by architects and urban planners, was a significant early usage of the term in the design research literature.Rolf Faste expanded on McKim's work at Stanford University in the 1980s and 1990s, teaching "design thinking as a method of creative action." Design thinking was adapted for business purposes by Faste's Stanford colleague David M. Kelley, who founded IDEO in 1991. Richard Buchanan's 1992 article "Wicked Problems in Design Thinking" expressed a broader view of design thinking as addressing intractable human concerns through design.

Social media

Social media are computer-mediated tools that allow people or companies to create, share, or exchange information, career interests, ideas, and pictures/videos in virtual communities and networks. Social media is defined as "a group of Internet-based applications that build on the ideological and technological foundations of Web 2.0, and that allow the creation and exchange of user-generated content." Furthermore, social media depend on mobile and web-based technologies to create highly interactive platforms through which individuals and communities share, co-create, discuss, and modify user-generated content. They introduce substantial and pervasive changes to communication between businesses, organizations, communities, and individuals. These changes are the focus of the emerging field of technoself studies. Social media differ from traditional or industrial media in many ways, including quality,reach, frequency, usability, immediacy, and permanence. Social media operate in a dialogic transmission system (many sources to many receivers). This is in contrast to traditional media that operates under a monologic transmission model (one source to many receivers).

New economy

The new economy is the result of the transition from a manufacturing-based economy to a service-based economy. This particular use of the term was popular during the dot-com bubble of the late 1990s. The high growth, low inflation and high employment of this period led to overly optimistic predictions and many flawed business plans.

Origins

A 1983 cover article in Time magazine, "The New Economy", described the transition from heavy industry to a new technology based economy. By 1997 Newsweek was referring to the "new economy" in many of its articles.

After a nearly 25-year period of unprecedented growth, the United States experienced a much discussed economic slowdown beginning in 1972. However, around 1995, U.S. economic growth accelerated, driven by faster productivity growth. From 1972 to 1995, the growth rate of output per hour, a measure of labor productivity, had only averaged around one-percent per year. But by the mid 1990s, growth became much faster: 2.65 percent from 1995–99. America also experienced increased employment and decreasing inflation. The economist Robert J. Gordon referred to this as a Goldilocks economy-the result of five positive "shocks" – "the two traditional shocks (food-energy and imports) and the three new shocks (computers, medical care, and measurement)"