Abstract
Innovation is vital for all organizations and is the lifeblood for their existence and growth. Ultimate aim of all Innovations are to add value for consumers. Innovation enhances the growth and survival of firms on one hand while it is a very complex and risky process, with low success rates, and sometimes-lethal effects. Innovation can be represented by the following equations Innovation = Creativity * Risk Taking Innovation = Idea Generation + Development of Concept + Implementation + Exploitation The main aim of Innovations are to add value for consumers. In order to adopt a new process, firm must utilize technological and process capabilities successfully. Innovation can be analyzed through many dimensions like the different generations and contexts. The articles traces out these generations and contexts then looks at the stage gate model of innovation and the importance of digitalization. ***************************
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