What is innovation?
- A new idea, method or device.
- The process of making improvements by introducing something new.
- The process of translating new ideas into tangible product.
- The successful exploitation of new ideas.
- A creative idea that is realized.
- Change that creates a new dimension of performance.
Innovation vs Creativity
Creativity | Innovation |
coming up with ideas | bringing the ideas to life |
displayed by individuals | occurs in the organizational and societal context |
Innovation vs Invention
- Invention - the creation of new tools or the novel compilation of existing tool.
- Innovation occurs when someone uses an invention - or uses existing tools in a new way - to change how the world works, how people organize themselves, and how they conduct their lives.
Definition of Innovation
Innovation is the management of all the activities involved in the process of idea generation, technology development, manufacturing and marketing of a new (or improved) products/services or manufacturing process or equipment
Types of Innovation
Business Model Innovation
- A method of doing business by which a company can generate revenue to sustain itself.
- Informal and formal models that are used by enterprises to represent various aspects of business.
- Involves changing the way business is done in terms of creating values.