The Innovation Process: A Socio-Cognitive Analysis

Business Education, GBSN Member Schools

Nowadays, innovation is a key dimension in the performance of business organizations. In contexts that are more and more dynamic and competitive, and where clients have become more demanding, firms need to distinguish themselves by developing new products and services, and/or improving their processes to gain in terms of productivity. Through innovation, they are asked to build a competitive advantage by meeting new expectations from customers and entering new markets or adopting more effective practices and technologies. For organizations, it is a matter of survival. Innovation gives them an effective solution to deal with sectors convergence, technological dynamism and market globalization. For entrepreneurs, innovation is the key factor to overcome market barriers and create new value or new industries. As Peter Drucker (1985, p. 19) stated: « Innovation is the specific tool of entrepreneurship, the means by which they exploit change as an opportunity for different business or a different service.».