Lifecycle of Innovation and Life Cycle of an Innovative Product

Abstract

Life cycle is the main essence that characterizes innovation and includes the period from their emergence to their end. The end is not a complete depletion of the life-span of innovation, but an innovative aging resulting from new innovative solutions created with better techno-economic indicators and higher efficiency. They in turn lead to decision-making about terminating the life of the innovation. This report looks at the life cycle of innovation and lifecycle of an innovative product. The lifecycle viewed in this way should distinguish between the life cycle of innovation and the life cycle of a product. In one product we can have several innovative solutions. In addition, the product's lifecycle is a concept that expresses sales and profits changes from product creation to marketing. However, they have many common ground. For example, when innovative solutions in the product become aged, there is a decline in sales due to a partial loss of competitiveness.