CHAPTER 1

The Nature of Innovation

This book highlights 55 innovative ideas that have been implemented in the hospitality industry and its related businesses. For our purposes, an innovation can be defined as a new service, product, process, or idea. As distinct from invention, innovation may mean reapplying or adapting existing ideas in a novel way, but it also may involve coming up with a totally new concept. The early development of innovation theory by Joseph Schumpeter conceived of innovation as a source of value creation in which novel combinations of resources produced new products, production methods, markets, or supply sources.1 In this study, we relied on the following definition: An innovator is a person or organization that has developed ...

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