The role and characteristics of the innovation process have undergone changes throughout the history of industrial capitalism. In the contest of an emerging systemic complexity, technological innovation is able to generate a positive impact on the economic performances of companies by improving their internal efficiency, which allows to increase the market competitiveness. Innovation is, in fact, the leverage to gain competitive advantages that are the source of value creation and sustainable growth, to preserve and celebrate as one of the key components of the intangible assets of companies. Starting from Schumpeter’s process of creative destruction, which considers innovation as “the engine of economic development” and “a continuous process of change and accumulation of knowledge”. The paper analyzes the variables at the center of innovation studies, the innovative approach and the impact of technological positioning as early-mover or follower in the market. Peculiarities will be described related to the definition of the project portfolio mix, the process of designing and developing of a new product, as well as the relationship between innovation and competitive advantage.
Further attention will be placed on the targets of innovation and on the factors, objective and context, which hinder the willingness by the entrepreneur to „break‟ the stationary balance by introducing new combinations production factors as an essential condition for the maintenance of competitive advantage and the creation of value. The research approach is based on a qualitative methodology. The data retrieval was carried out through secondary sources.
Keywords: Technological innovation, Radical innovation, Incremental innovation, Architectural innovation, Modular innovation, Demand pull, Technology push.