PART I: INTRODUCTION Changes in Innovation; J.Saarinen & N.Rilla Innovation as Objective - The Sfinno Approach; R.van der Have , J.Saarinen , P.Pesonen & N.Rilla PART II: CHARACTERISTICS OF INNOVATION Professionalisation of Research and Development Activities in Finnish Companies Before 1970s; J.Saarinen The Existence and Nature of Innovation in Mature Industry - Case Finnish Forest Industry; P.Pesonen Are There Failing Innovations? In Search of Understanding of Failure in Innovation Activities; N.Rilla & J.Oksanen PART III: SECTORAL ASPECTS OF INNOVATION Innovation and Dynamic Strategy - Planning and Implementing Continuous Renewal; P.Pesonen Spatial Changes in Innovation Processes Over Time in Finland; J.Saarinen & J.Oksanen Convergence in Innovatio; J.Saarinen & R.van der Have PART IV: RECENT TRENDS IN INNOVATION International Dimension of Innovation Process - Evidence of Finnish Innovation Data; N.Rilla When the Going gets Tough – Failure of Innovative Businesses; P.Pesonen & R.van der Have Framing Elements of Service Innovation; R.van der Have PART V: EPILOGUE Studies of Innovation: Challenges and Possibilities – Researchers' Perspective; N.Rilla & J.Saarinen