Innovation

What is Innovation? Definitions vary and people mean different things. After reviewing dozens of definitions from a diverse set of sources, I propose a consensus on a simple definition…as a basis for future conversations about Innovation. Note the red and green highlighting in the following definitions that help lead to the consensus.

10 deffinitions of Innovation:
  • “Technically, “innovation” is defined merely as “introducing something new;” there are no qualifiers of how ground-breaking or world-shattering that something needs to be—only that it needs to be better than what was there before. And that’s where the trouble starts when an organization requests “innovation services” from a consulting firm. Exactly what are they really requesting? The fact is, innovation means different things to different people.”
Business Week.
  • “Innovation is the specific instrument of entrepreneurship… the act that endows resources with a new capacity to create wealth.”
Peter Drucker at Quotations Page
  • Innovation is defined “aschange that creates a new dimension of performance
  • “Innovation: a creation (a new device or process) resulting from study and experimentation; the creation of something in the mind; the act of starting something for the first time; introducing something new
Wordnet
  • “Innovation: First of all, here is my own definition of innovation: ‘invention refers to new concepts or products that derive from individual’s ideas or from scientific research. Innovation, on the other hand, is the commercialization of the invention itself”
  • “The term innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem. Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.”
  • “Something new or different introduced”
  • “Innovation is converting ideas to numbers”
  • “Innovation is a process, involving multiple activities, performed by multiple actors from one or several organizations, during which new combinations of means and/or ends, which are new for a creating and/or adopting unit, are developed and/or produced and/or implemented and/or transferred to old and/or new
Joerg Gemuenden at Innovation.cc
“Innovation is then simply new technology, i.e. the systematic application of (new) knowledge to (new) resources to produce (new) goods or (new) services

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