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The four Ps of Innovation: Product, Process, People, and Place. Innovation, as we know it, is a product, process, people, and place. It’s the catalyst that drives change and makes products better. It’s what makes businesses successful. If you want to be successful with innovation, you must understand the four Ps of Innovation: product, process, people, and place. By following these four paces, you can ensure your product is ready for prime time when customers come knocking on your door....