Page 120 - Demo

1203 Frugal Innovationsn 3. 2. 2. The innovation process and the innovation life cycleDepending on the national or business level, and the specifics, the innovationprocess could vary starting with fundamental and applied research anddevelopment (R&D), or from ideation to implementation and dissemination usingopen and closed innovations and resulting in different types of innovations.The generic model of innovation process is presented on Fig. 3.2.2.Fig. 3.2.2 Generic model of innovation processSource: author%u2019s own workHowever, depending on the different combinations and specifics of entrepreneurial and innovative ecosystems, and management practices, it can bedefined as unique.Schumpeter%u2019s theory proposes a holistic and repetitive process of creativedestruction, whereby old ways of doing things are destroyed and replaced withnew methods and innovations, following a momentum of market monopoly tillthe entrance of new actors and competitors, and finally, leading to overalleconomic growth and development.The evolutive existence of a technology or product species is described byHuber (2005) referred to as the innovation life cycle or technology life cycle asshown in Fig. 3.2.3.