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Innovation Concepts and Techniques for Digital Transformation in Mid-Market Firms
It’s never about the tech. It’s always about your mindset and culture.
Innovation has been a driving force of economic and social development throughout history, evolving from the early inventions of the Industrial Revolution to the digital breakthroughs of the 21st century. Today, as firms navigate rapid technological change, innovation — particularly digital innovation — stands at the heart of competitive strategy and organisational transformation. This introductory chapter provides a comprehensive overview of innovation as a foundation for understanding digital transformation in mid-market firms. It explores the historical evolution of innovation, defines key concepts (with an emphasis on digital innovation), and examines why innovation is crucial for organisational competitiveness and societal progress. It then reviews the main types and classifications of innovation (product, process, radical, incremental, architectural, digital), outlines typical innovation processes and lifecycles (from exploration to exploitation and diffusion), and identifies the sources of innovation (spanning individuals, organisations, networks, and external shocks). Further, it discusses patterns and theories of innovation (such as S-curves, dominant designs, and technology cycles) and highlights effective innovation management…
