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Innovation nowadays is not simply the "creation of something
new" but also a panacea for the solution of a broad range of problems. In the
last ten years, the concept of innovation began to gradually shift from strong
scientific definition to management concept, slogan and buzzword (Kotsemir et
al. 2013). Schumpeter (1930) is often considered as the first economist to draw
attention to the importance of innovation and defined it as "Innovation is the
commercial or industrial application of something new - a product, process or
method of production; a new form of a commercial business or financial
organization" Schumpeter (1930). Many scholars have tried to define the term,
and from all the definitions, we came to know that the meaning of the
innovations changes with the respective sectors. From the review of literature
on innovations, we came to know that the formal sector innovations are different
from the informal sector innovations. In this study, we have reviewed the
literature from both the sectors, focusing on the last two decades.
new" but also a panacea for the solution of a broad range of problems. In the
last ten years, the concept of innovation began to gradually shift from strong
scientific definition to management concept, slogan and buzzword (Kotsemir et
al. 2013). Schumpeter (1930) is often considered as the first economist to draw
attention to the importance of innovation and defined it as "Innovation is the
commercial or industrial application of something new - a product, process or
method of production; a new form of a commercial business or financial
organization" Schumpeter (1930). Many scholars have tried to define the term,
and from all the definitions, we came to know that the meaning of the
innovations changes with the respective sectors. From the review of literature
on innovations, we came to know that the formal sector innovations are different
from the informal sector innovations. In this study, we have reviewed the
literature from both the sectors, focusing on the last two decades.
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