A short description of innovation is ‘a new thing that brings value-added to social and economic wellbeing'.

Determinants of economic growth have been significant changes with globalization and information technologies rapid development in today's society.

The main determinants of economic growth of production factors were labor, capital and land until the 20th century. Nowadays, two important elements appear to be determinative over economic development. First is technology that ensures more effective use of the production factors and the second is innovation that ensures move from the traditional product type to modern product type. These notions are two important concepts that will contribute to the development of economies in the future.

Competition is the Engine of Development

Company can survive if it is provide the advantage against both domestic and global competitors. Innovation includes supplied and new goods and services by the manufacturers for markets. That goods, also has to be acceptable on the market. In this definition, innovation is meant new product at every stage. Innovation is often synonymous with invention and technological development. There is no chance to compete in any field without development the technologic.

According to the developing countries, developed countries are more effectively using technology. Internet technologies create a multiplier effect on other technology based products. This is a good opportunity for countries lagged behind in innovation. Social media has a great effect on this issue.

The Social Media is Contribution of Innovation

Many of the brands took place in social media with competition transport in the social media. Almost all companies are using social media for communication and marketing strategy. Consumers give feedbacks to brands through social media. Brands take the feedback and change it to innovation. So, brands are developing products with the feedback they receive. And this is also used to determine a new campaign process.

All brands have not started to use power of the social media yet. However, brands have created a model not far from the subject.

As a result of researches, we can give a few examples of the product innovation made through social media from companies in Turkey.

• Starbucks Turkey; offers the opportunity to their customers to share new ideas about coffee. They're developing new products with these ideas for the market. For example, sugar-free Chai Tea Latte is a great idea put forward by the user.
• Turkcell; is one of the most closely-watched corporate companies on Twitter. They are using the social media as an important source and a platform to generate new ideas for product development. When they creating new packs for users they are taking into consideration from user expectation.
• Henkel; team is revising strategies with feedback from users. They are using a few questioned survey application to understand general tendency of their customer and their first reactions. This is being effective in determining the pre-campaign action.