The act of transforming industry sectors through Businesses practices and technology innovation.
Product Refinement is the process of making incremental improvements to an existing product. It happens after opportunity identification, when the innovator improves a prototype.
Cost of Innovation: The total financial expenditure required to discover, develop, and bring a new product or service to market.
Lifecycle Management refers to the efficient monitoring and maintenance of a system or product. A product is continually iterated, developed, and improved based on an understanding of it's lifecycle.