American economist Schumpeter's innovative concepts include

The word "innovation" was first put forward by Schumpeter, an American economist, in the book Theory of Economic Development published in 19 12.

Schumpeter's innovation theory includes the following five specific situations:

1, develop new products or improve existing products;

2. Use new production methods, such as changing manual production methods to mechanical production methods;

3. Discover new markets, such as changing from domestic market to international market;

4. Discovering new raw materials or semi-finished products, such as using titanium as spectacle frames;

5. Create new industrial organizations, such as emerging training companies.