What do we mean by innovation
“Innovation means different things to different people,”rightly says Business Week.
Inherent in many definitions is the notion of something we get to market. But is it innovative if it doesn’t make money? And what about the many innovations that are inner focused on making the organization more effective and efficient?
Must an innovation be disruptive? Transformative? Large-scale? Scalable? Or can it impact only one customer and just be different or incremental?
|“Innovation is connection.” – Sandra Arico, CEOI Summit, 2016||“…new products, business processes and organic changes that create wealth or social welfare”
OECD think tank
|“…fresh thinking that creates value”
Richard Lyons in ‘The Economist’
|“…the specific instrument of entrepreneurship… the act that endows resources with a new capacity to create wealth.” – Peter Drucker
|“…something new… something better than was there before…”
|“Invention refers tonew 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”
|“Innovation lowers the costs and/or increases the benefits of a task”
|“…the creation of the new or the re-arranging of the old in a new way.”
|“The creation of new products and/or services”
|“… something new or improved, having marketable potential, including (1) development of new applications for existing technologies, (2) refinement of existing technologies, or (3) development of new applications for existing technologies.”
University of Melbourne
|“Innovation is really about responding to change in a creative way; it’s about generatingnew ideas, conducting R&D, improving processes or revamping products and services. At another level, it’s also a mindset in your business; your employees are always focused on continuous improvement and constantly thinking outside of the box”
|“The successful exploitation of new ideas”
|“The process of creating a product or service solution that delivers significant new customer value. The process begins with the selection of the customer and market, includes the identification and prioritization of opportunities, and ends with the creation of an innovative product or service.”
Anthony W Ulwick
|“Innovation is the creation of something that improves the way we live our lives”
|“Innovation is not the result of thinking differently. It is the result of thinking deliberately (in specific ways) about existing problems and unmet needs.”