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The importance of such a detailed theory of financial innovations is also justified by the recent evolution of innovation management towards a "contextual approach," where innovating companies adapt their innovation practices to their context (Ortt and van der Duin, 2008) rendering innovation a complex adaptive process.
In this paper, we compared two basic analytical approaches to the evolution of innovation process models.
One consideration is about the evolution of innovation environments in the last 30 years toward a national innovation system.
The evolution of innovation networks is analyzed looking at the development and diffusion of zero tillage (ZT) in Brazil.
It also proposes potential future developments of innovation models as well as the analysis of the driving forces that underlie the evolution of innovation models.
Other major studies on the evolution of innovation management models are Niosi (1999), Verloop (2004), Cagnazzo et al. (2008), Jacobs and Snijders (2008) and Eveleens (2010).
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In this case, we use the concept of "evolution" of innovations.
Second, the evolution of innovations, which happens mainly through combination, requires the decomposition of products or services into complements and substitutes, and this is a difficult task.
The issue here is not simply why and how certain technologies are adopted but to understand the mechanism behind the temporal evolution of innovations as though they are living organisms undergoing mutations and recombination (Arthur, 2009).
Gene families, generated by this and other gene duplication events, have been previously found to play a role in the evolution and development of innovations in cichlid fishes - a prime model system to study the genetic basis of rapid speciation, adaptation and evolutionary innovation.
In this paper, we review the evolution process of innovation and propose how innovation can disrupt the barriers to creating a smart future, the aspirational goal of innovation for the greater good.
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