Figure 6.1. The innovation chain equation (Martin 1994)
The globalisation of markets and the role played by technology in hypercompetition (cf. D’Aveni 1994) contribute to making innovation a key factor of companies’ competitiveness, and entrepreneurship a crucial lever in the creation of new value.
Multiple forms of innovation
An innovative initiative may draw on something existing and endeav- our to explore all the possibilities for its improvement. In this respect, it is always possible to do better, faster, cheaper, stronger, easier to maintain or simply differently. Innovation can be in the continuity of a product or process: the improvement is incremental and concerns the profit margin; or it may introduce a breakthrough, in which case it is a radical innovation. From the point of view of the individual or the organisation, inno- vation can be the result of an initiative or be perceived as a necessity, an obligation. Incidentally, in companies, people may be referred to as ‘first movers’ or ‘leaders’ as opposed to ‘followers’. Like strategies, innovations may be predetermined and planned or, on the contrary, emergent and opportune. Innovation can significantly transform an organisation or a process or only affect them slightly. Global or total innovation is opposed to local or partial innovation. In the same line of thought, the fields and sectors affected by innovation are multiple. If we take the example of the French pantheon of innovation, we will find technological innova- tions such as Concorde or Ariane as well as social innovations, like paid leave and the 35-hour week. In the corporate world, innova- tionscanconcerntheorganisation(autonomousgroups,qualitycircles,