Innovation in South Africa - the role of the Technological Innovation Agency

Research turns money into knowledge, whereas innovation turns knowledge into money. This simplistic description of the difference between research and innovation makes the key distinction between producers of knowledge on one hand, and social and economic entrepreneurs on the other. A more formal definition by the Organisation for Economic Co-Operation and Development states that an innovation is the implementation of a new or significantly improved product (goods or service), or process, a new marketing method, or a new organisational method in business practices, workplace organisation or external relations. This definition extends the concept of innovation beyond the pure economic realm to that of social and organisational renewal, which is especially important in the African context.