Innovation of Products and Services: Bridging World’s Economies

A newly introduced product or a service is labeled ‘successful innovation’ only after it has been proven in market. Certainly, market failures of products/services or their improvements are much more common than commercial successes, which is a significant drawback. The ideas introduced in this paper are applicable to evaluation of innovativeness of planned introductions of design changes, products, and services. In fact, blends of products and services could be the most promising way of bringing innovations to the market. The most important aspects of innovation are generation of new ideas and their evaluation. People have limited ability to generate and evaluate a large number of potential innovation alternatives. The proposed computational approach generates a large number of such alternatives and evaluates them from the market perspective.