Scientific Study from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: sehr gut, Universities of Applied Sciences Wien (Int. Management & Communications), course: Leadership & Change Management, language: English, abstract: This research paper examines the question: Is innovation a critical success factor for today business or merely a modern buzzword? Setting the example of the ITC and luxury goods industry Europe is increasingly under innovation pressure. Is innovation increasing the profit of firms and the growth strategy of European companies? Even today there are sharp divisions among experts regarding the definition of innovation. But they agree that innovation is being something new and expected to risk. When defining something new, the experts can't agree.