The use of the term “innovation” has drastically increased in recent years, making it one of the buzzword of our decade. The overuse and generalization of the word and its application to different contexts have led to a loss of understanding and meaning. Different companies and individuals have developed their own ideas on innovations and how to achieve it. However, to measure a company or product by its “innovativeness” and to manage innovation, we need to have a widely understood definition of innovation.
Webster’s dictionary generically defines innovation as “a new idea, a novelty”, as “the introduction of something new”. In economic and management science, this definition is applied to the study of practical solutions to meet specific market and social needs.
The problem with defining innovation as a novelty is that it can lead us to confuse the concept of innovation with another important one: the one of invention. So what is innovation really? Check out the full article here.
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