This paper sought to give an update on the basic notions of the concept of innovation with reference to how the meaning and types of the concept are documented in literature. The paper drew attention to the increased importance of innovation and examined how its meaning has been constructed from multiples perspectives in academic literature. Importantly, it underscored the ongoing conception of innovation, in literature, as a phenomenon reflective of the process of developing something radically different and the extent to which such new products or services are radically different (Bekkers et al, 2011).

Beyond its meaning, this paper examined the three popular types of innovation – namely product, technological, and organizational. At the product level, innovation is generally conceived to occur at two important levels namely -routine and radical (Nord and Tucker, 1987). Routine innovation occurs when new products that are similar to products previously developed by the organization are introduced in the marketplace. Radical innovation otherwise called breakthrough in organizations (Deschamps, 2005) occurs when business organizations add new products that are completely different from existing product lines. Credit card

On a final note, this conceptual paper demonstrates the desire for innovation is increasing and increasing phenomenally. The paper equally demonstrates innovation increases wealth. It shows that business organizations that aim to stay ahead of competition cannot do without innovation and that is a major priority for business organizations. Innovation has become an important tool that influences the direction of strategic planning. Business organizations that wish to sustain innovation do so by maintaining an open door policy to business ideas regardless of the source of the idea within the organization. To such organizations, ideas regardless of who suggests it lead to innovation resulting in business, market or technological revolutions. However, in order for innovation to be conceived as being valuable, newly introduced ideas, products, services, or processes must be strong enough to progress successfully from the product development process phase to the competitive marketplace. Business organizations that fail to innovate or sustain innovation in today’s marketplace will in no time face decline and extinction. In order to avoid this, business organizations are consistently deploying a variety of measures to strengthen their ability to innovate. Some of these include the development of forward and original thinking cultures not just among managers but throughout the organization. In addition, many businesses are investing in scientific research given its recognition by organizations as a major source of innovation. Business organizations in today’s marketplace are feeling the need for innovation given intensity of globalization, technology, knowledge, and increased climate change. Business organizations that engage in sustainable innovation will consistently add value in the marketplace, better the quality of human life and make the world a better place to live.