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Innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.[1] ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value".[2] Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Innovation often takes place through the development of more-effective products, processes, services, technologies, art works[3] or business models that innovators make available to markets, governments and society.
Innovation is related to, but not the same as, invention:[4] innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society,[5] and not all innovations require a new invention.[6]
Technical innovation often manifests itself via the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
- ^ Schumpeter, Joseph A., 1883–1950 (1983). The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Opie, Redvers,, Elliott, John E. New Brunswick, New Jersey. ISBN 0-87855-698-2. OCLC 8493721.
{{cite book}}: CS1 maint: location missing publisher (link) CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link) - ^ "ISO 56000:2020(en)Innovation management — Fundamentals and vocabulary". ISO. 2020.
- ^ Lijster, Thijs, ed. (2018). The Future of the New: Artistic Innovation in Times of Social Acceleration. Arts in society. Valiz. ISBN 978-94-92095-58-9. Retrieved 10 September 2020.
- ^ Bhasin, Kim (2 April 2012). "This Is The Difference Between 'Invention' And 'Innovation'". Business Insider.
- ^ "What's the Difference Between Invention and Innovation?", Forbes, 10 September 2015
- ^
Schumpeter, Joseph Alois (1939). Business Cycles. Vol. 1. p. 84.
Innovation is possible without anything we should identify as invention, and invention does not necessarily induce innovation.
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