Innovation Definition
Innovation is often described as ‘the process of bringing new ideas to life.’ But what does that really mean?
At its core, innovation is about creating something new and different that has value. It can be a new product, a new service, a new business model, or a new way of doing things. It doesn’t necessarily have to be completely ground-breaking – sometimes, it can simply be an improvement on something that already exists.
Innovation isn’t just about coming up with brilliant new ideas; it’s also about turning those ideas into reality. That’s why the best innovators are often those who are not only creative, but also good at problem solving and execution.
There are many different types of innovation, but some of the most common include:
Product Innovation: This is when a company creates a new product or service that offers customers something different from what they’re currently using. For example, Apple’s iPhone was a product innovation because it offered consumers a completely new way to use a phone.
Process Innovation: This is when a company creates a new way of doing things that offers improved efficiency or effectiveness. For example, Google’s search algorithms are a type of process innovation because they offer users a more efficient way to find the information they’re looking for.
Business Model Innovation: This is when a company creates a new way of doing business that offers improved profitability or sustainability. For example, Netflix’s subscription-based
