Advanced Glossary

Innovation from a Business Perspective

So far we have understood that innovation is a successful introduction of something new and useful; for example the introduction of a new process, method, practice, equipment, product or service.

But how does innovation look from the business perspective? Innovation is the realisation of an idea bringing profit. There are three key points here: realization, idea, and profit. What we can add to this definition are the concepts “positive change,” “new value” and “social added value.”

Internationalisation

envelops all activities that a company undertakes with regards to its relations with foreign markets. Internationalisation can take many forms, such as investing in a foreign country (foreign direct investment), forming partnerships with foreign companies, subcontracting foreign experts, taking part in international networks, and many more.

 

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