Theories Of Innovation

Theories of Innovations:

Innovation theories also offer some ideas on how the innovation process takes place at the micro level – in a particular company or at the level of the individual. Research has also been done and models created at the micro level. Theory of innovation is the process where new theories replace thoughts with old one. But still the contribution done by the previous researches in their theories are important to consider while framing new theories. In this regards, old thoughts presented in theories becomes the base for further research. Hence it is important to consider theories of innovation presented timely by the researchers.

Diffusion of Innovation: Everett M. Roger defines diffusion in will know theory ‘Diffusion

Innovation is the new idea, business practice or any object which is adopted by individual or any other unit. Newness of new idea depends on the perception of the person at the time of adoption. According to this theory, as per individual if idea is new then it can be called as innovation. Innovation may not be a new knowledge. But sometimes it depends upon the perception towards it. It also depends upon the positivity and negativity of the individual towards new idea. Therefore newness in the new ideas depends aggregately on knowledge, persuasion and a decision to adopt. Everett M. Roger stated five characteristics of innovations. These characteristics are:

a. Relative Advantage: it is a relative advantage innovation persuasion over the supersedes of idea. The degree of relative advantage may be measured in economic terms, but convenience, social prestige factors, and satisfaction are also often important components.

b. Compatibility: it is degree in which innovations get suitable with the past experiences, values and needs of the prospective adopters. Innovation which is not compatible with the values and norms of social system will not be accepted as an innovation.

c. Complexity: complexity is related with the degree of difficultness in the innovation. If innovations are difficult and complex to understand, it is adopted slowly in the social system.

Trialability: it includes degree of experiments which should be on limited basis. Those innovations are mostly accepted in which trials are available on installment basis rather than those innovations in which divisibility is not available. Ryan and Gross (1943) observed that every respondents of Iowa farmers adopted hybrid seed corn firstly trying it on the partial basis. According to them if the available seed would not be for partial trial basis then in this situation rate of adoption of innovation would be lower.

e. Observability: it is related with the degree of observation of the results for the undertaken innovations. If result of the innovation is possible to observe then rate of adoption of innovation would be higher. Observation also resulted into visibility of results to others. Others can be adopters. In the survey of solar panel on households’ roof done in California found most