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The sociology of expectations and innovations explores the success and failure of grassroots innovations in India - Lakum, Anjali
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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…mehr

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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.