Joseph A. Schumpeter Innovation Quotations

Innovation is the market introduction of a technical or organisational novelty, not just its invention.

The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.

Innovations are changes which cannot be decomposed into infinitessimal steps.

Surely, nothing can be more plain or even more trite common sense than the proposition that innovation [...] is at the center of practically all the phenomena, difficulties, and problems of economic life in capitalist society.