What is Innovation? Definitions

Corporate Innovation Management
Knowledge Center


New Topic

Christopher Bean

What is Innovation? Definitions

It might be useful to define what is meant by innovation. I like Schumpeterís trilogy of: invention, innovation and diffusion, hence I tend to read articles in this context, (cognitive abstract) of innovation being the allocation of commercial resource, capital and labour, to invention which requires exploitation through the scale of diffusion to be successful.
The challenge though, as always, is to understand the complexity, the nature of the system you are dealing with.

Student (University), India

What is Innovation? Definitions

Innovation comes from the latin verb 'innovare' which means 'to renew'. Innovation can therefore be seen as the process that renews something that exits. And not, as is commonly assumed, the introduction of something new.

  Jaap de Jonge
Editor, Netherlands

Definitions of Innovation

Innovation is a new idea, creative thoughts, or new imaginations in the form of a device or method.
Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society.
An innovation is something original and more effective and, as a consequence, new, that "breaks into" the market or society.
Innovation is related to, but not the same as, invention. Because innovation is more apt to involve the practical implementation of an invention (i.e., new / improved ability) to make a meaningful impact in the market or society, and not all innovations require an invention.
Innovation quite often manifests itself via an engineering process, when the problem being solved is of a technical or scientific nature.

Start a new forum topic


More on Corporate Innovation Management
🔥3 Types (Levels) of Innovation Leaders
Bottom-up Innovation and Top-down Innovation
Do You Want an Innovative Organizational Culture?
H2 Achieve Strategic Innovation? Pitfalls?
Caution with Outsiders in Organizational Innovation (Forget)
What is Innovation? Definitions
Special Interest Group

Are you interested in Corporate Innovation Management? Sign up for free

Notify your students

Copy this into your study materials:

and add a hyperlink to:

Link to this discussion

Copy this HTML code to your web site:

Corporate Innovation Management
Knowledge Center

About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
© 2021 12manage - The Executive Fast Track. V15.8 - Last updated: 23-4-2021. All names ô of their owners.