It is very true that the concepts of innovation and entrepreneurship are interrelated. Innovation is the process of creating something new. Entrepreneurship identifies the opportunities in great innovations that creates opportunities, adds value, and keeps the value improving over a period of time. The innovation process involves a series of key steps that organizations follow to foster and implement innovation. Discuss the common steps involved in the innovation process in depth with relevant references and examples.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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It is very true that the concepts of innovation and entrepreneurship are interrelated. Innovation is
the process of creating something new. Entrepreneurship identifies the opportunities in great
innovations that creates opportunities, adds value, and keeps the value improving over a period of
time. The innovation process involves a series of key steps that organizations follow to foster and
implement innovation. Discuss the common steps involved in the innovation process in depth with
relevant references and examples. 

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