INNOVATION HAVE MANY 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. Something new under the sun: A Special report on innovation, Vaitheeswaran, Vijay. October 13th, 2007, pg. 4
  • “Technically, “innovation” is defined merely as “introducing something new;” there are no qualifiers of how ground-breaking or world-shattering that something needs to be—only that it needs to be better than what was there before. And that’s where the trouble starts when an organization requests “innovation services” from a consulting firm. Exactly what are they really requesting? The fact is, innovation means different things to different people.”

Business Week. 

  • “Innovation is the specific instrument of entrepreneurship… the act that endows resources with a new capacity to create wealth.” Peter Drucker at Quotations Page
  • “Innovation: a creation (a new device or process) resulting from study and experimentation; the creation of something in the mind; the act of starting something for the first time; introducing something new“ Wordnet
  • “Innovation: First of all, here is my own definition of innovation: ‘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” Merriam-Webster Dictionary
  • “The term innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem. Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.” Wikipedia
  • “Something new or different introduced” Dictionary.com
  • “Innovation is a process, involving multiple activities, performed by multiple actors from one or several organizations, during which new combinations of means and/or ends, which are new for a creating and/or adopting unit, are developed and/or produced and/or implemented and/or transferred to old and/or new Joerg Gemuenden at Innovation.cc
  • “Innovation is then simply new technology, i.e. the systematic application of (new) knowledge to (new) resources to produce (new) goods or (new) services” Maciej Soltynski at Innovation.cc
  • “Any creative idea, getting implemented or realized successfully, is Innovation.” Hexaware Blog
  • “The creation of new products and/or services” Investor Words
  • “Innovation is imaginative activity fashioned so as to produce outcomes that are both original and of commercial value“ Innovation Productivity Blog
  • “PEOPLE using new knowledge and understanding to experiment with newpossibilities in order to implement new concepts that create new value “