Overview of the important innovation concepts and theories

Innovation is the realization of new products, processes, propositions, or business models that create added value for customers, organizations, and employees. This article covers the different types of innovation, including process, delivery, finance, and product innovations. The author also discusses the problematic concept of innovation, as well as the technology adoption life cycle, the 70-20-10 rule, and the three horizons of growth concept. Idea management and innovation portfolio are also described. Understanding these innovation concepts and theories will help implement innovation initiatives effectively.