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79-550: Instituto Pedro Nunes ( IPN ) is a non-profit private organization for innovation and technology transfer based in Coimbra , Portugal . It is named after the Portuguese 16th century mathematician and professor Pedro Nunes , who lived in the city of Coimbra and worked for the local university. Founded in 1991, as an autonomous technology transfer centre of the University of Coimbra ,

158-420: A ghost town . Devalorisation is not the same as devaluation of capital, because the term "devalorisation" applies specifically only to assets which function as production capital, whereas "devaluation" of capital could refer to the loss in value of any capital asset in any particular form. Devalorization means specifically that means of production lose value because the living labour required to maintain them

237-480: A performance-measurement data and management system that allows city officials to maintain statistics on several areas from crime trends to the conditions of potholes . This system aided in better evaluation of policies and procedures with accountability and efficiency in terms of time and money. In its first year, CitiStat saved the city $ 13.2 million. Even mass transit systems have innovated with hybrid bus fleets to real-time tracking at bus stands. In addition,

316-481: A firm, other types of innovation include: social innovation , religious innovation, sustainable innovation (or green innovation ), and responsible innovation . One type of innovation that has been the focus of recent literature is open innovation or " crowd sourcing ." Open innovation refers to the use of individuals outside of an organizational context who have no expertise in a given area to solve complex problems. Similar to open innovation, user innovation

395-466: A great deal of innovation is done by those actually implementing and using technologies and products as part of their normal activities. Sometimes user-innovators may become entrepreneurs , selling their product, they may choose to trade their innovation in exchange for other innovations, or they may be adopted by their suppliers. Nowadays, they may also choose to freely reveal their innovations, using methods like open source . In such networks of innovation

474-402: A multidisciplinary definition and arrived at the following: "Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace" In a study of how the software industry considers innovation, the following definition given by Crossan and Apaydin

553-471: A new invention. Technical innovation often manifests itself via the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation . Surveys of the literature on innovation have found a variety of definitions. In 2009, Baregheh et al. found around 60 definitions in different scientific papers, while a 2014 survey found over 40. Based on their survey, Baragheh et al. attempted to formulate

632-493: A political setting. Machiavelli portrays it as a strategy a Prince may employ in order to cope with a constantly changing world as well as the corruption within it. Here innovation is described as introducing change in government (new laws and institutions); Machiavelli's later book The Discourses (1528) characterises innovation as imitation, as a return to the original that has been corrupted by people and by time. Thus for Machiavelli innovation came with positive connotations. This

711-464: A product or service based on the known needs of current customers (e.g. faster microprocessors, flat screen televisions). Disruptive innovation in contrast refers to a process by which a new product or service creates a new market (e.g. transistor radio, free crowdsourced encyclopedia, etc.), eventually displacing established competitors. According to Christensen, disruptive innovations are critical to long-term success in business. Disruptive innovation

790-440: A public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth. In general, innovation is distinguished from creativity by its emphasis on the implementation of creative ideas in an economic setting. Amabile and Pratt in 2016, drawing on

869-433: A range of different agents, by chance, or as a result of a major system failure. According to Peter F. Drucker , the general sources of innovations are changes in industry structure, in market structure, in local and global demographics, in human perception, in the amount of available scientific knowledge, etc. In the simplest linear model of innovation the traditionally recognized source is manufacturer innovation . This

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948-447: A relation, in so far as it is a coercive force on wage-labour, compelling it to perform surplus-labour , or spurring on the productive power of labour to produce relative surplus-value ." When a worker is put to work on a commercial basis, he initially produces a value equal to what it costs to hire him. But once this value has been created, and the work continues, he begins to valorise capital , i.e. increase its value. Thus, normally

1027-441: A result, organizations may incorporate users in focus groups (user centered approach), work closely with so-called lead users (lead user approach), or users might adapt their products themselves. The lead user method focuses on idea generation based on leading users to develop breakthrough innovations. U-STIR, a project to innovate Europe 's surface transportation system, employs such workshops. Regarding this user innovation ,

1106-531: A surplus-value, or is valorized [verwertet sich]. And this movement converts it into capital. The question then arises of how net new value can continuously and spontaneously emerge from trading activity. Marx's answer is that net additional value can be realized in trading, because that additional value is already created previously in the production process. If a capitalist buys commodities for $ 100 and sells them for $ 120 then he has certainly made money, but he hasn't truly created more value than existed before, since

1185-470: A term with a technical meaning. Marx first refers the concept of valorization in chapter 4 of Capital, Volume I , when he discusses the capitalist activity of buying commodities in order to sell them, and realize more value than existed before. Marx writes: This increment or excess over the original value I call 'surplus-value'. The value originally advanced, therefore, not only remains intact while in circulation, but increases its magnitude, adds to itself

1264-453: A worker works part of the day "for himself" in the sense of producing the equivalent of his wage, and part of the day for the employer of his labour. By contrast, in management theory, analysts are extremely aware of value adding activities occurring when factors of production are withdrawn from the market in order to produce new outputs with them. That is because they aim to maximize productivity, i.e. get as much work and product out of

1343-517: Is an independent Phytopathology laboratory, supervised by researchers and lecturers of the University of Coimbra and one of its R&D units. BUSINESS Incubator: IPN helps start-ups with technical guidance in the establishment and early stages of business development, tutorial follow-up for developing business plans, support for attracting investment and securing funding, intellectual property and legal assistance (e.g. technology transfer contracts and

1422-485: Is changing with the increased use of technology and companies are becoming increasingly competitive. Companies will have to downsize or reengineer their operations to remain competitive. This will affect employment as businesses will be forced to reduce the number of people employed while accomplishing the same amount of work if not more. For instance, former Mayor Martin O'Malley pushed the City of Baltimore to use CitiStat ,

1501-430: Is however an exception in the usage of the concept of innovation from the 16th century and onward. No innovator from the renaissance until the late 19th century ever thought of applying the word innovator upon themselves, it was a word used to attack enemies. From the 1400s through the 1600s, the concept of innovation was pejorative – the term was an early-modern synonym for "rebellion", "revolt" and " heresy ". In

1580-483: Is new to the firm, new to the market, new to the industry, or new to the world) and kind of innovation (i.e. whether it is process or product-service system innovation). Organizational researchers have also distinguished innovation separately from creativity, by providing an updated definition of these two related constructs: Workplace creativity concerns the cognitive and behavioral processes applied when attempting to generate novel ideas. Workplace innovation concerns

1659-505: Is often enabled by disruptive technology. Marco Iansiti and Karim R. Lakhani define foundational technology as having the potential to create new foundations for global technology systems over the longer term. Foundational technology tends to transform business operating models as entirely new business models emerge over many years, with gradual and steady adoption of the innovation leading to waves of technological and institutional change that gain momentum more slowly. The advent of

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1738-461: Is often used to help optimize the design of web sites and mobile apps . This is used by major sites such as amazon.com , Facebook , Google , and Netflix . Procter & Gamble uses computer-simulated products and online user panels to conduct larger numbers of experiments to guide the design, packaging, and shelf placement of consumer products. Capital One uses this technique to drive credit card marketing offers. Scholars have argued that

1817-415: Is only after quite some time that prices adjust to changed underlying values. In that case, devalorisation may occur quite rapidly: capital assets are suddenly worth less, and as soon as capital assets are no longer utilised and maintained by living human labour (because of unemployment), the value of those capital assets begins to deteriorate. In the end, the total withdrawal of human labour leaves nothing but

1896-427: Is said, the preservation and increase of capital value is a purely social phenomenon. In Capital Vol. 3 (Penguin ed., p. 136) Marx defines the rate of valorisation as S/C where "S" is the surplus value produced and "C" is the total capital invested to produce it. This is strictly a value ratio , a relationship between value proportions, not to be confused with the rate of profit on capital invested, since

1975-469: Is sometimes used in pharmaceutical drug discovery . Thousands of chemical compounds are subjected to high-throughput screening to see if they have any activity against a target molecule which has been identified as biologically significant to a disease. Promising compounds can then be studied; modified to improve efficacy and reduce side effects, evaluated for cost of manufacture; and if successful turned into treatments. The related technique of A/B testing

2054-502: Is the driving force of capitalisation, it also contributes to an impending downfall. However, due to excessive supply requirements and ever increasing demand from the global markets, industrial collapses tend to operate in favour of the emergence of new independent capitals. Typically what happens in a severe economic crisis is that the real cost structure of production is realigned with market prices. In Marx's terms, productivity growth has changed product-values in different sectors, but it

2133-600: Is the key element in providing aggressive top-line growth, and for increasing bottom-line results". One survey across a large number of manufacturing and services organizations found that systematic programs of organizational innovation are most frequently driven by: improved quality , creation of new markets , extension of the product range, reduced labor costs , improved production processes , reduced materials cost, reduced environmental damage , replacement of products / services , reduced energy consumption, and conformance to regulations . Valorisation In German,

2212-464: Is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value ". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through

2291-736: Is when companies rely on users of their goods and services to come up with, help to develop, and even help to implement new ideas. Innovation must be understood in the historical setting in which its processes were and are taking place. The first full-length discussion about innovation was published by the Greek philosopher and historian Xenophon (430–355 BCE). He viewed the concept as multifaceted and connected it to political action. The word for innovation that he uses, kainotomia , had previously occurred in two plays by Aristophanes ( c.  446 – c.  386 BCE). Plato (died c.  348 BCE) discussed innovation in his Laws dialogue and

2370-644: Is where a person or business innovates in order to sell the innovation. Another source of innovation is end-user innovation . This is where a person or company develops an innovation for their own (personal or in-house) use because existing products do not meet their needs. MIT economist Eric von Hippel identified end-user innovation as the most important source in his classic book on the subject, "The Sources of Innovation" . The robotics engineer Joseph F. Engelberger asserts that innovations require only three things: The Kline chain-linked model of innovation places emphasis on potential market needs as drivers of

2449-413: Is withdrawn. Valorisation of capital is for Marx not at all the same as the "realisation of capital". Value may be added in the production process, but this additional value may not be realised as an additional sum of money, unless the outputs are sold at a favourable price. At an unfavourable price, output is sold without increasing capital assets. So, the new value added in production may be lost to

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2528-458: The Jevons paradox , that describes negative consequences of eco-efficiency as energy-reducing effects tend to trigger mechanisms leading to energy-increasing effects. Several frameworks have been proposed for defining types of innovation. One framework proposed by Clayton Christensen draws a distinction between sustaining and disruptive innovations . Sustaining innovation is the improvement of

2607-642: The U.S. Department of Housing and Urban Development 's HOPE VI initiatives turned severely distressed public housing in urban areas into revitalized , mixed-income environments; the Harlem Children's Zone used a community-based approach to educate local area children; and the Environmental Protection Agency 's brownfield grants facilitates turning over brownfields for environmental protection , green spaces , community and commercial development . Innovation may occur due to effort from

2686-755: The packet-switched communication protocol TCP/IP —originally introduced in 1972 to support a single use case for United States Department of Defense electronic communication (email), and which gained widespread adoption only in the mid-1990s with the advent of the World Wide Web —is a foundational technology. Another framework was suggested by Henderson and Clark. They divide innovation into four types; While Henderson and Clark as well as Christensen talk about technical innovation there are other kinds of innovation as well, such as service innovation and organizational innovation. As distinct from business-centric views of innovation concentrating on generating profit for

2765-459: The 1800s people promoting capitalism saw socialism as an innovation and spent a lot of energy working against it. For instance, Goldwin Smith (1823-1910) saw the spread of social innovations as an attack on money and banks. These social innovations were socialism, communism, nationalization, cooperative associations. In the 20th century, the concept of innovation did not become popular until after

2844-478: The Instituto Pedro Nunes (IPN) has been one of the main links between the University of Coimbra and the business sector. Nowadays, a private non-profit business incubator, IPN work is made through partnership with enterprises, specialized training and promotion and support to tech-based spin-offs . IPN has its own technological infrastructures – six laboratories – besides accessing a network of researchers in

2923-466: The Second World War of 1939–1945. This is the point in time when people started to talk about technological product innovation and tie it to the idea of economic growth and competitive advantage. Joseph Schumpeter (1883–1950), who contributed greatly to the study of innovation economics , is seen as the one who made the term popular. Schumpeter argued that industries must incessantly revolutionize

3002-546: The UMS – Unity for surface Modifications. LIS - Laboratory of Informatics and Systems: LIS includes all the fields of Information and Communication Technology, namely Information Systems, Communication Systems, Databases, Intelligent Systems, Industrial Informatics, Multimedia Systems, and Interactive Training Systems. FITOLAB – Laboratory of Phytopathology : FItolab acts on the detection and research of plant pests and diseases affecting horticulture, fruit production and forestry. It

3081-413: The amount of surplus value yielded by a capital investment, corresponding to a certain quantity of labour-time expended in production, typically diverges from that part of the surplus value which is realized as profit, since at any time products are likely to be traded above or below their value, rather than at prices which exactly reflect their value (Marx often assumes for the purpose of his analysis that

3160-492: The beginning of the 20th century, which had huge impacts for the economic concepts of factor endowments and comparative advantage as new combinations of resources or production techniques constantly transform markets to satisfy consumer needs. Hence, innovative behaviour becomes relevant for economic success. An early model included only three phases of innovation. According to Utterback (1971), these phases were: 1) idea generation, 2) problem solving, and 3) implementation. By

3239-423: The company of Nobel laureate William Shockley , co-inventor of the transistor , left to form an independent firm, Fairchild Semiconductor . After several years, Fairchild developed into a formidable presence in the sector. Eventually, these founders left to start their own companies based on their own unique ideas, and then leading employees started their own firms. Over the next 20 years this process resulted in

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3318-408: The concepts of innovation and technology transfer revealed overlap. The more radical and revolutionary innovations tend to emerge from R&D, while more incremental innovations may emerge from practice – but there are many exceptions to each of these trends. Information technology and changing business processes and management style can produce a work climate favorable to innovation. For example,

3397-451: The development of more-effective products , processes, services , technologies , art works or business models that innovators make available to markets , governments and society . Innovation is related to, but not the same as, invention : innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require

3476-723: The economic structure from within, that is: innovate with better or more effective processes and products, as well as with market distribution (such as the transition from the craft shop to factory). He famously asserted that " creative destruction is the essential fact about capitalism ". In business and in economics , innovation can provide a catalyst for growth when entrepreneurs continuously search for better ways to satisfy their consumer base with improved quality, durability, service and price - searches which may come to fruition in innovation with advanced technologies and organizational strategies. Schumpeter's findings coincided with rapid advances in transportation and communications in

3555-564: The establishment of new management systems. It is both a process and an outcome. American sociologist Everett Rogers , defined it as follows: "An idea, practice, or object that is perceived as new by an individual or other unit of adoption" According to Alan Altshuler and Robert D. Behn, innovation includes original invention and creative use. These writers define innovation as generation, admission and realization of new ideas, products, services and processes. Two main dimensions of innovation are degree of novelty (i.e. whether an innovation

3634-415: The existing capital, which puts a stop to this fall and gives an accelerating impulse to the accumulation of capital value. Simultaneously with the development of productivity, the composition of capital becomes higher, there is a relative decline in the variable portion as against the constant. These various influences sometimes tend to exhibit themselves side by side, spatially ; at other times one after

3713-525: The following areas: coatings for mechanical applications (wear and oxidation protection), recovery of inorganic waste, powder injection of ceramic materials, new metallic alloys, selection of materials, failure analysis of in-service components, chemical analysis of solids, tribology , oxidation and corrosion, and non-destructive analysis of materials. This laboratory has also two unities: the UGRAN – Unity of Characterization and Certification of Granular Materials and

3792-610: The following fields: wearable computing and instrumentation, robotics and industrial automation, image analysis, medical instrumentation and rational use of energy and support for sustainable development. LEC - Laboratory of Electroanalysis and Corrosion: LEC covers the areas of corrosion and of electroanalysis of trace metals or other pollutants in complex matrices, by detection in situ in real time, through continuous on-line monitoring, of inorganic or organic components of effluents or of environmental origin. LED&MAT - Laboratory of Wear, Testing and Materials: LED&MAT deals with

3871-474: The general meaning of "Verwertung" is the productive use of a resource, and more specifically the use or application of something (an object, process or activity) so that it makes money, or generates value, with the connotation that the thing validates itself and proves its worth when it results in earnings, a yield. Thus, something is "valorised" if it has yielded its value (which could be use-value or exchange-value). Similarly, Marx's specific concept refers both to

3950-429: The growing use of mobile data terminals in vehicles, that serve as communication hubs between vehicles and a control center, automatically send data on location, passenger counts, engine performance, mileage and other information. This tool helps to deliver and manage transportation systems. Still other innovative strategies include hospitals digitizing medical information in electronic medical records . For example,

4029-404: The growth process of capital: "Simultaneously with impulses towards a genuine increase in the working population, which stem from the increase in the portion of the total social product that functions as capital, we have those agencies that create a relative surplus population . Simultaneously with the fall in the profit rate, the mass of capital grows, and this is associated with a devaluation of

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4108-426: The increase in the value of capital assets through the application of living, value-forming labour in production. The "problem" of valorisation is: how can labour be applied in production so that capital value grows? How can assets be invested productively, so that they gain value rather than lose it? In Theories of Surplus Value , chapter 3 section 6, Marx emphasizes his view that "Capital is productive of value only as

4187-913: The innovation process, and describes the complex and often iterative feedback loops between marketing, design, manufacturing, and R&D. In the 21st century the Islamic State (IS) movement, while decrying religious innovations , has innovated in military tactics, recruitment, ideology and geopolitical activity. Innovation by businesses is achieved in many ways, with much attention now given to formal research and development (R&D) for "breakthrough innovations". R&D help spur on patents and other scientific innovations that leads to productive growth in such areas as industry, medicine, engineering, and government. Yet, innovations can be developed by less formal on-the-job modifications of practice, through exchange and combination of professional experience and by many other routes. Investigation of relationship between

4266-524: The innovator. This concept meant "renewing" and was incorporated into the new Latin verb word innovo ("I renew" or "I restore") in the centuries that followed. The Vulgate version of the Bible (late 4th century CE) used the word in spiritual as well as political contexts. It also appeared in poetry, mainly with spiritual connotations, but was also connected to political, material and cultural aspects. Machiavelli 's The Prince (1513) discusses innovation in

4345-603: The labour maintaining the value of capital is withdrawn, or because output cannot be sold, or sold at the intended price, or because more modern production techniques devalue older equipment. Over time capitalist assertion of valorisation can be seen to always depreciate over extended periods of time. Marx describes the effect as “tendency for the profit rate to fall”. Revitalised by the likes of Kliman (2010, cited in Giacché 2011) and Perri (2010, cited in Giacché 2011), who in compliance with Marx's theory believe that although valorisation

4424-479: The literature, distinguish between creativity ("the production of novel and useful ideas by an individual or small group of individuals working together") and innovation ("the successful implementation of creative ideas within an organization"). In 1957 the economist Robert Solow was able to demonstrate that economic growth had two components. The first component could be attributed to growth in production including wage labour and capital . The second component

4503-399: The main purpose for innovation today is profit maximization and capital valorisation . Consequently, programs of organizational innovation are typically tightly linked to organizational goals and growth objectives, to the business plan , and to market competitive positioning . Davila et al. (2006) note, "Companies cannot grow through cost reduction and reengineering alone... Innovation

4582-669: The momentous startup-company explosion of information-technology firms. Silicon Valley began as 65 new enterprises born out of Shockley's eight former employees. All organizations can innovate, including for example hospitals, universities, and local governments. The organization requires a proper structure in order to retain competitive advantage. Organizations can also improve profits and performance by providing work groups opportunities and resources to innovate, in addition to employee's core job tasks. Executives and managers have been advised to break away from traditional ways of thinking and use change to their advantage. The world of work

4661-432: The new product; and capitalist production could not occur if capitalists did not supply capital in return for profit. But without the active human subject, no new value is created at all, and capital assets lose value. This becomes apparent when workers go on strike . The opposite process is devalorisation ("Entwertung") which refers to the process whereby production capital invested loses part or all of its value, because

4740-434: The other, temporally; and at certain points the conflict of contending agencies breaks through in crises. Crises are never more than momentary, violent solutions for the existing contradictions, violent eruptions that re-establish the disturbed balance for the time being. To express this contradiction in the most general terms, it consists in the fact that the capitalist mode of production tends towards an absolute development of

4819-444: The point of view of capital, increased productivity means both increase in the scale of production and a reduction of labour-costs as a fraction of the total capital invested. From the point of view of labour, increased productivity means both an increase in surplus labour and an increase in the amount of capital used per worker. Marx then explains that these four variables can come into conflict with each other, creating disturbances in

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4898-464: The political and societal context in which innovation is taking place. According to Shannon Walsh, "innovation today is best understood as innovation under capital" (p. 346). This means that the current hegemonic purpose for innovation is capital valorisation and profit maximization, exemplified by the appropriation of knowledge (e.g., through patenting ), the widespread practice of Planned obsolescence (incl. lack of repairability by design ), and

4977-614: The process whereby a capital value is conferred or bestowed on something, and to the increase in the value of a capital asset, within the sphere of production. In modern translations of Marx's economic writings, such as the Penguin edition of Capital and the English Marx-Engels Collected Works , the term valorisation (as in French) is preferred because it is recognized that it denotes a highly specific economic concept, i.e.,

5056-436: The processes applied when attempting to implement new ideas. Specifically, innovation involves some combination of problem/opportunity identification, the introduction, adoption or modification of new ideas germane to organizational needs, the promotion of these ideas, and the practical implementation of these ideas. Peter Drucker wrote: Innovation is the specific function of entrepreneurship, whether in an existing business,

5135-411: The producer or owner, when the new product is traded. The capital is "valorized" because a new output value has been created, but the value-increase is not (fully) realized by its owner. In reality, Marx argues, the valorisation of capital in one enterprise is dependent on the valorisation of many related enterprises, since they all influence each other with respect to costs, values and prices. When all

5214-407: The productive forces irrespective of value and the surplus value this contains, and even irrespective of the social relations within which capitalist production takes place; while on the other hand its purpose is to maintain the existing capital value and to valorize it to the utmost extent possible (i.e. an ever accelerated increase in this value). In its specific character it is directed towards using

5293-475: The quantity of commodities is still exactly what it was before. To create more value requires extra production. At that point, the concept of valorization is modified. The capitalist production process, Marx argues, is both a labour process creating use-values and a value-creation process through which additional new value is created. However, value creation as such is not what the capitalist aims at. The capitalist wants his capital to increase. This means that

5372-979: The registration of patents or trademarks), access to and contact with various national and international research centres, knowledge institutions and sources of funding. IPN has 6.200 m2 for business incubation and acceleration space installations. The figures are the following: • Total firms supported: > 220 (in 15 years) • % of firms in activity: > 75% • Annual aggregated turnover of incubated firms (2015): > 130 million euros • Job creation: > 2.200 jobs (direct and highly qualified) Knowledge Valorisation and Innovation Department: provides services to researchers, students and firms in IP protection and licensing, support to spin-offs creation, technology transfer and commercialization, and appliance and management of R&D funded programmes. 40°11′32″N 8°24′51″W  /  40.192167°N 8.414164°W  / 40.192167; -8.414164 Innovation Innovation

5451-685: The scientific and technological system, particularly from the University of Coimbra, mainly through the Faculty of Sciences and Technology. It also belongs to several national and international networks, including TII, EARTO, Incubator Forum and Proton (Gate2Growth). Some examples of successful technological companies born in or otherwise linked to the IPN, include software company Critical Software , thermo-mechanical and electronics engineering company Active Space Technologies , and biotechnology company Crioestaminal . LABGEO – Laboratory of Geotechnique : LABGEO covers

5530-491: The scientific areas of Geotechnique and foundations. The main services area is consulting, engineering geology and soil mechanical characterization, based on the execution of research and field and laboratory tests. LABGEO aims to contribute to a general quality improvement on the construction of Geotechnical structures, through applied research and services development in the area of Geotechnique. LAS - Laboratory of Automation and Systems: LAS develops its activities primarily in

5609-434: The software tool company Atlassian conducts quarterly "ShipIt Days" in which employees may work on anything related to the company's products. Google employees work on self-directed projects for 20% of their time (known as Innovation Time Off ). Both companies cite these bottom-up processes as major sources for new products and features. An important innovation factor includes customers buying products or using services. As

5688-497: The time one completed phase 2, one had an invention, but until one got it to the point of having an economic impact, one did not have an innovation. Diffusion was not considered a phase of innovation. Focus at this point in time was on manufacturing. A prime example of innovation involved the boom of Silicon Valley start-ups out of the Stanford Industrial Park . In 1957, dissatisfied employees of Shockley Semiconductor ,

5767-415: The total mass of profit and the total surplus-value are the same magnitude, although in reality they can vary from each other, due to continual changes in labour productivity across time, imperfect pricing, and imperfect competition). In Capital Vol. 3 , chapter 15, section 2 (Penguin ed., p. 355f) Marx discusses how conflicts arise between expanding physical output and the valorization of capital. From

5846-517: The users or communities of users can further develop technologies and reinvent their social meaning. One technique for innovating a solution to an identified problem is to actually attempt an experiment with many possible solutions. This technique was famously used by Thomas Edison's laboratory to find a version of the incandescent light bulb economically viable for home use, which involved searching through thousands of possible filament designs before settling on carbonized bamboo. This technique

5925-458: The worker must create more value for the capitalist than he receives as wage from the capitalist. The worker must create not only new value but surplus value . A value creation process which goes beyond the point at which the worker has just created the equivalent of the value of his own labour power, and begins to increase the value of capital, is a valorisation process , not just a value creation process. Valorisation thus specifically describes

6004-470: The workers as efficiently as possible. Yet, because perceptions of value growth are based on the relationship between input costs and sales revenue, revealed by accounts, the central role of living labour in conserving, transferring and creating value is still obscured. The official story is that the factors of production all add value to the new output. In a sense this is true, since living labour conserves and transfers value from materials and equipment to

6083-464: Was considered to be the most complete. Crossan and Apaydin built on the definition given in the Organisation for Economic Co-operation and Development (OECD) Oslo Manual: Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and

6162-652: Was found to be productivity . Ever since, economic historians have tried to explain the process of innovation itself, rather than assuming that technological inventions and technological progress result in productivity growth. The concept of innovation emerged after the Second World War, mostly thanks to the works of Joseph Schumpeter (1883–1950) who described the economic effects of innovation processes as Constructive destruction . Today, consistent neo-Schumpeterian scholars see innovation not as neutral or apolitical processes. Rather, innovation can be seen as socially constructed processes. Therefore, its conception depends on

6241-499: Was not very fond of the concept. He was skeptical to it both in culture (dancing and art) and in education (he did not believe in introducing new games and toys to the kids). Aristotle (384–322 BCE) did not like organizational innovations: he believed that all possible forms of organization had been discovered. Before the 4th century in Rome, the words novitas and res nova / nova res were used with either negative or positive judgment on

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