IMPACT OF KNOWLEDGE ON INNOVATION PROCESS.

Innovation means renewal and change, but in today's turbulent business world, it has come in particular to mean the development of new corporate services, products, processes and structures. Innovation is a knowledge management process, involving creation, integration, sharing and application of knowledge. In the period of crisis, there must be stronger focus put on research and innovation investments to overcome the challenges of globalization. One of the priorities of nowadays should be to improve innovation performance of enterprises. In the chapter, we present a review, how successful learning organizations adopt a culture based on innovation and management support for innovation, and describe the relationship between innovation, knowledge and strategic planning. The development and application of new knowledge is the basis of innovation, emphasizing the strong links between innovation and knowledge. [ABSTRACT FROM AUTHOR]