What is innovation? Is it something that you are born to do or know? The answer is no. Innovation is a key process where entrepreneurs convert opportunities into marketable ideas. It is also a combination of creating a vision into an idea and going through the necessary steps to see it through implementation.
The four types of innovation are: invention, extension, duplication, and synthesis. Invention is new products, services, or processes. An example is Thomas Edison who invented the light bulb. Extension is new or different application of an already existing product, service, or process. An example if Facebook by Mark Zuckerberg.
Nevertheless, you have duplication and synthesis whom also play an important role in innovation. Duplication is the creatitivity replication of an existing concept. For instance, Wal-Mart department stores, or Hewitt-Packet personal computers. Lastly, syntheis is the combination of existing concepts and factors into a new formulation; for example; Fed Ex created by Fred Smith.
