what is innovation?

Answer 1

innovation

1. something new or different introduced: numerous innovations in the high-school curriculum.
2. the act of innovating; introduction of new things or methods.
3 The act of introducing something new.
4 Something newly introduced.

5: a creation (a new device or process) resulting from study and experimentation [syn: invention] 2: the creation of something in the mind [syn: invention, excogitation, conception, design] 3: the act of starting something for the first time; introducing something new; "she looked forward to her initiation as an adult"; "the foundation of a new scientific society"; "he regards the fork as a modern introduction" [syn: initiation, founding, foundation, institution, origination, creation, introduction, instauration]

http://dictionary.reference.com/browse/innovation

innovation
n 1: a creation (a new device or process) resulting from study and experimentation [syn: invention] 2: the creation of something in the mind [syn: invention, excogitation, conception, design] 3: the act of starting something for the first time; introducing something new; "she looked forward to her initiation as an adult"; "the foundation of a new scientific society"; "he regards the fork as a modern introduction" [syn: initiation, founding, foundation, institution, origination, creation, introduction, instauration]


Ten Definitions of Innovation
prepared by Debra M. Amidon, ENTOVATION® International
listed in Collaborative Innovation and the Knowledge Economy (1998)

1. "The three stages in the process of innovation: invention, translation and commercialization."
Bruce D. Merrifield. 1986. Forces of Change Affecting High Technology Industries. A speech by U.S. Assistant Secretary of Commerce.

2. Invention: the power of inventing or being invented; ingenuity or creativity; something originating in an experiment.
Innovation: the act or process of innovating; something newly introduced, new method, custom, device, etc; change in the way of doing things; renew, alter.
Webster's New World Dictionary. 1982. Second College Edition.

3. Phases of Growth: entrepreneurial; divergent; inventive; creative; exploratory management; duplication; modification; improvement; commonality/likeness shared leadership; divergence and innovation; sharing and integrating differentness; partnering/vision.
"Innovators can hold a situation in chaos for long periods of time without having to reach a resolution...won't give up...have a long-term commitment to their dream...innovators introduce a maximum of tension into the thinking process, unifying concepts that often appear to be opposed, solving problems which appear impossible."
George Land and Beth Jarman. 1992. Breakpoint and Beyond: Mastering the Future Today. New York, NY: Harper/Collins Publishers.

4. "This (innovation) life cycle is an S-shaped logistic curve consisting of three distinct phases: emergence (the development of the product or service, its manufacturing capabilities, and its place in the market), growth (where the product family pervades the market), and maturity (where the market is saturated and growth slows)."
William G. Howard, Jr. and Bruce R. Guile. 1992. Profiting from Innovation. New York, NY: The Free Press. p.12.

5. "Innovation cuts across a broad range of activities, institutions and time spans. If any part of the pipeline is broken or constricted, the flow of benefits is slowed. This is felt ultimately in lower productivity and lowered standards of living. In this sense, the cost of capital is crucial not only at the early stages of research and product development but also at the later stages when high-technology products are installed in production processes, in both manufacturing and service industries, as new tools to improve worker effectiveness."
James Botkin, Dan Dimancescu and Ray Stata. 1983. The Innovators: Rediscovering America's Creative Energy. New York, NY: Harper and Row.

6. Matrix of the four types of Innovations: I. Architectural Innovation; II. Market Niche Innovation; III. Regular Innovation; and IV. Revolutionary Innovation.
William J. Abernathy, Kim B. Clark, and Alan M. Kantrow. 1983. Industrial Renaissance. New York, NY: Basic Books.

7. "Continuous innovation occurs largely because a few key executives have a broad vision of what their organizations can accomplish for the world and lead their enterprises toward it. They appreciate the role of innovation in achieving their goals and consciously manage their concerns' value systems and atmospheres to support it."
James Brian Quinn. 1986. Innovation and Corporate Strategy: Managed Chaos. In Technology in the Modern Corporation: A Strategic Perspective. New York, NY: Pergamon Press. p.170.

8. Five Stages of the Innovation Process: 1. Recognition; 2. Invention; 3. Development; 4. Implementation; and 5. Diffusion.
Modesto A. Maidique. 1980. Entrepreneurs, Champions and Technological Innovation. Sloan Management Review (Winter).

9. "The literature on organizational innovation is rich in lessons...describes processes that are also prevalent in the natural universe. Innovation is fostered by information gathered from new connections; from insights gained by journeys into other disciplines or places; from active, collegial networks and fluid, open boundaries. Innovation arises from ongoing circles of exchange, where information is not just accumulated or stored, but created. Knowledge is generated anew from connections that weren't there before."
Margaret J. Wheatley. 1992. Leadership and the New Science. San Francisco, CA: Berrett-Koehler Publishers. p.113.

10. "To explain innovation, we need a new theory of organizational knowledge creation....The cornerstone of our epistemology is the distinction between tacit and explicit knowledge...the key to knowledge creation lies in the mobilization and conversion of tacit knowledge."

Innovation in marketing

Innovation is the basic driving force behind entrepreneurship and the creation of small businesses. When an individual comes up with an idea that has not previously been explored, or a niche that larger businesses have not been able to exploit, he or she may be able to turn that idea into a successful business venture. "Ideas are the fuel that keep entrepreneurial fires blazing," I. Satya Sreenivas wrote in The Business Journal. "Savvy entrepreneurs realize the fact that ideas can originate from anywhere at anytime, and a random idea could be more worthwhile than a well-researched project."

Of course, not every new idea has the potential to become a successful business. And in many cases, individuals with good, marketable ideas fail to come up with the capital needed to turn their ideas into reality. But innovation is still a necessary first step for small business success in many instances. Moreover, entrepreneurs cannot afford to stop innovating once they have established a successful business. Innovation applies not only to new business and product ideas, but also to the internal workings of a company. Successful business owners continually innovate with regards to internal systems and processes in order to create and sustain a source of competitive advantage. "The global economy requires that companies generate an unending stream of new products, systems, technologies, and services," Claus Weyrich wrote in Electronic News. "And innovation has to be applied to things other than products."

According to Weyrich, sustaining innovation in a business organization requires an understanding of the company's core competencies, an innovative corporate culture, and a systematic approach. He described three phases in the innovation process: 1) the invention phase, in which ideas are generated; 2) the implementation phase, in which the best ideas are selected and developed further; and 3) the market penetration phase, in which ideas are exploited for commercial gain. This process is an ongoing one, with feedback used to close the loop.

Analysts agree that companies of all sizes need to place innovation in a broader context than just traditional research and development and manage the process of innovation in a structured way. "Companies need to establish a seamless innovation process—an enterprise-wide exchange of ideas that will ensure that the information and expertise required to create, market, and service breakthrough products is available and accessible to those who need it," Chemical Week contributor Ken Cottrill explained. "If all the people able to extract value from a new product or technology are in the information loop, there is a smaller chance that opportunities will be squandered." Making use of the information resources available within a company allows employees to benefit from "corporate memory." They are better able to focus on innovation because they know where others have been before them.

It is important to include the whole company in the innovation process, because the germ of idea can come from anywhere, and the best ideas often grow out of a combination of functional areas. Establishment of a network structure can provide a framework for this desired innovation. A network structure includes cross-functional groups within the company, cross-links between the various groups, and can even include linkages with external parties such as customers and suppliers. "Companies of all sizes can adopt this approach to innovation," said Cottrill. "There is no standard blueprint for these networks, because they are shaped by a company's business goals and organizational structure. However, the individuals who make up these groups are unified by a common mission and are in regular communication."

Small businesses face a number of obstacles to effective innovation, the most obvious being limited financial, knowledge, and manpower resources. But studies suggest that a lack of strategic alignment and well-defined processes, which can be addressed and overcome by talented, determined entrepreneurs, can be even greater obstacles to innovation. In fact, one of the most important factors in promoting company-wide innovation is the support of the small business owner. "A corporation's synapses may be buzzing with creative ideas and initiatives, but without support from the top echelons, this effort can lose momentum, and innovation becomes stifled," Cottrill stated.

http://www.answers.com/topic/innovation

Answer 2

It's a new way of doing something that hasn't been tried before.