| Summary: | The role and characteristics of the innovation process have undergone changes throughout the history
of industrial capitalism. In the contest of an emerging systemic complexity, technological innovation is
able to generate a positive impact on the economic performances of companies by improving their
internal efficiency, which allows to increase the market competitiveness. Innovation is, in fact, the
leverage to gain competitive advantages that are the source of value creation and sustainable growth,
to preserve and celebrate as one of the key components of the intangible assets of companies.
Starting from Schumpeter's process of creative destruction, which considers innovation as “the engine
of economic development” and “a continuous process of change and accumulation of knowledge”.
The paper analyzes the variables at the center of innovation studies, the innovative approach and the
impact of technological positioning as early-mover or follower in the market. Peculiarities will be
described related to the definition of the project portfolio mix, the process of designing and developing
of a new product, as well as the relationship between innovation and competitive advantage.
Further attention will be placed on the targets of innovation and on the factors, objective and context,
which hinder the willingness by the entrepreneur to „break‟ the stationary balance by introducing new
combinations production factors as an essential condition for the maintenance of competitive
advantage and the creation of value. The research approach is based on a qualitative methodology.
The data retrieval was carried out through secondary sources.
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