New definitions are proposed for the concepts ‘innovation’ and ‘organization’ by looking at the concepts in terms of value and competition and using the framework of the selection system. Also, new definitions are proposed for ‘importance of an innovation’ and ‘stylistic innovation’. Some results can be directly derived from the definitions, such as that economic entities can exist that are organizations in the perception of the individual members and groups of competing actors in the perception of others. Together the new definitions provide a foundation for a better understanding of not just the concepts themselves but also of the relationships between the type and importance of innovations and the most likely characteristics of successful innovators.
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