What is Innovation? Definitions

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It might be useful to define what is meant by innovation. I like Schumpeter’s 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. (...) Read more? Sign up for free

		pooja 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.