“…For businesses, innovation refers to the introduction and effective application of new ideas, products, services and processes that are designed to benefit an organization and its stakeholders (West & Anderson, ; West & Farr, ; Wong et al, ). Business innovation is a multistage process in which organizations transform ideas into new or improved products, services and processes to be competent in the challenging, competitive business world (Baregheh, Rowley, & Sambrook, ; Gundry, Muñoz, Ofstein, & Ortega, ). However, one‐time innovation cannot guarantee long‐lasting competitiveness, as competitors can often copy innovations or introduce new innovations that make earlier efforts obsolete.…”