| Summary: | This article is a literature review where the concept of innovation science is defined and explained with help from previous research. History shows that new products and services often occur from old ones, which contributes to development and industry growth. Innovation science develops over time and can be related to the Austrian school and evolutionary economics. The concept innovation science is broad and has been divided into three levels of analysis. The main parts of innovation have been highlighted and the aim of this review is to give a good insight in what research within the field has generated during the years. Keywords: Innovation science, innovation management, economy, product innovation
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