Abstract
Schumpeter (1943) linked innovation to the creation of a dynamic economy: ‘The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumer goods, the new methods of production or transportation, the new markets, the new forms of industrial organisation that capitalist enterprise creates’. In other words, both product and process innovations are central to the ability of firms to establish competitive advantage over their rivals. However, in many industries it is increasingly difficult to differentiate between product and process innovations. Financial services organisations rely on technology as a means of facilitating or delivering new products. Even in traditional manufacturing industries the distinction between product and process innovation is becoming blurred.
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