Fundamental innovation is a creative idea that leads to a revolution in thinking. Such innovations are based on extensive research, knowledge-driven, theoretically proven and lead to follow-up research and development. Such innovations occur with the collaborations of academia, commercial laboratories and even corporations. These innovations may lead to changes in thinking, extend an existing theory or be a breakthrough concept with enormous impact – perhaps even leading to the evolution of a new industry. Examples of such fundamental innovations include Einstein’s theory of relativity, electricity, penicillin, the telephone, wireless communication, the transistor, computer software, UNIX and the Internet. A fundamental innovation has a significant academic component of science, which makes it available for the common good and also less protected, commercially speaking.
Courtesy of: Praveen Gupta
Added: Jan. 22, 2008