The Diffusion/Adoption Of Innovation In The IntThe Diffusion/Adoption Of Innovation In The Internal Marketernal Market
Source: European Communities
In the Lisbon Strategy, the Member States and the European Commission recognized that increasing innovation is a key to respond to the challenge offered by globalization. When studying this innovation process, part of the literature understands the technological change process into three distinct phases: the invention process (whereby new ideas are conceived), the innovation process (whereby those new ideas are developed into marketable products or processes), and the diffusion process (whereby the new products spread across the potential market). The diffusion stage is where the impact of the technological change on the economy takes place and where it has to be evaluated.