Innovation life cycle

This circular arrows diagram sample shows the innovation life cycle stages. It was designed on the base of the from the website of the Federal Highway Administration (FHWA) of the U.S. Department of Transportation (DOT). [fhwa.dot.gov/advancedresearch/pubs/11034/] "Innovation is defined simply as a "new idea, device, or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society." [Innovation. Wikipedia] The diagram example "Innovation life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Circular Arrows Diagrams solution from the area "What is a Diagram" of ConceptDraw Solution Park.