Wikipedia - What is Innovation. While something novel is often described as an innovation, in economics, management science, and other fields of practice and analysis it is generally considered a process that brings together various novel ideas in a way that they have an impact on society. Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself.
Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better. Inter-disciplinary views[edit] Society[edit] Due to its widespread effect, innovation is an important topic in the study of economics, business, entrepreneurship, design, technology, sociology, and engineering. Innovation is not only a modern phenomenon. Business and economics[edit] In business and economics, innovation is the catalyst to growth.
Organizations[edit] According to Peter F. What is Innovation? 30+ definitions lead to one fresh summary - Fresh Consulting. What is Innovation? 30+ definitions lead to one fresh summary: Fresh Thinking that Creates Value The Problem From the Economist to Wikipedia to Websters to Barack Obama to Innovation Zen, around the globe, we seek tangible answers for an intangible question: 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. The 30 + Innovation Definitions “fresh thinking that creates value” Richard Lyons via Economist article cited below“new products, business processes and organic changes that create wealth or social welfare” OECD think tank via Economist article cited below The Economist. Business Week. Peter Drucker at Quotations Page Innovation is defined “aschange that creates a new dimension of performance“ Wordnet Zyn Yost. Innovation Strategy. The Oslo Manual for measuring innovation defines four types of innovation: product innovation, process innovation, marketing innovation and organisational innovation. A good or service that is new or significantly improved.
This includes significant improvements in technical specifications, components and materials, software in the product, user friendliness or other functional characteristics. A new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software. A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. A new organisational method in business practices, workplace organisation or external relations.
More... Related Documents Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data, 3rd Edition. Innovation Excellence. Nesta - innovation in the UK.