Product innovation is the introduction of a good or service that is new or has been significantly improved. With new technology constantly developed and more and more businesses being created and entering markets, innovation has never been more important to the success of a business, whether it be for the product or the process. There have been interesting developments recently in the areas of health, prosthetics and wearable sports technology.
Back to the Future Part 2 got at least one thing right in its trip to 2015: a self-lacing shoe has been developed by Nike. This product innovation could be huge in the sportswear and sports fashion industries, which are predicted to reach a value of £150.92 billion by 2020. Nike’s patent places a barrier to entry in front of other companies looking to make self-lacing shoes.
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