The carrying out of new combinations

Innovative activity has been described by Schumpeter as, “the carrying out of new combinations” and whose taxonomy can be distinguished by categories including the introduction of a new product, the introduction of a new method of production, the opening of a new market, the mastery of a new source of supply of raw materials and the carrying out of the new organization of an industry. This taxonomy is useful when determining how an industry hub or cluster competes and the concentration of innovation supporting it. In many cases, what is actually revealed is that the innovation generated by a critical mass of organizations does not possess the necessary “new combination” characteristic to support that group of organizations.

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